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In 2005 Graceful Equity Two, a Western Cape black economic empowerment investment company, acquired a 30% share in Barloworld Equipment subsidiary Umndeni Circon. The company has an option to increase its share to 44% in the future.
Umndeni Circon’s manufacturing facility is regarded as the best in the country in its field. At least 80% of its staff complement is black and Graceful Equity is committed to implementing the skills transfer and transformation needed to create a truly representative management structure.
Graceful Equity directors Fakhri Shamsodien (CEO) and Makkie Isaacs have been appointed as executive directors on the Umndeni Circon board. Their involvement includes exploring new business opportunities, particularly within the parastatals, as well as growing a strong marketing arm in the Western Cape.
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