In August 2001, the Mineworkers’ Investment Company (MIC) and WDB Investment Holdings (Pty) Ltd (WDBIH) accepted an equity stake in BP’s South African operations, giving them an immediate three seats on the board of BP Southern Africa (Pty) Limited and 25% shareholder voting rights.
As part of the transaction, MIC and WDBIH will exclusively service BP’s existing and future commercial and industrial clients. A series of cross-postings will see MIC and WDBIH staff working for the joint venture and BP. The joint venture will eventually be majority owned and operated by empowerment partners.
BP’s Regional President, Fred Phaswana, says, “The joint venture, which will carry the BP brand, is a significant milestone along the road to achieving significant and sustainable levels of empowerment. We selected MIC and WDBIIH as our preferred partners to help accelerate the overall BP empowerment programme because they have both demonstrated a track record of engaging strategically and operationally in their investments. In their short history they have both repatriated value to their controlling trusts and contributed significantly towards empowering historically disadvantaged people.”