Synergy Freight concludes BEE deal

IN A deal finalised last month, Synergy Freight International has sold an effective 26% equity stake in the business to Black Economic Empowerment partner Nozala Investments. “This confirms our status as a level three BEE contributor and value add supplier,” managing director Trevor Wishart told FTW. A recent internal audit of its B-BBEE status recorded the highest scores in ownership, employment equity, skills development and preferential procurement. Nozala was formed in 1996 by its founding members and the Nozala Trust. It is the first broad-based women’s empowerment group, with its shareholders comprising a number of female empowerment groups, representing more than 500 000 previously disadvantaged female individuals in South Africa. The deal was financed from Nozala’s own internal resources with the backing of a financial institution, placing no reliance on Synergy’s balance sheet, Wishart said. “Synergy’s gearing therefore remained unchanged following the transaction. Fair value was paid by all the BEE shareholders with Synergy shareholders being paid true value for their shares in the form of cash. “Synergy’s shareholders believe in the transformation process and are committed to securing the right strategic shareholders for the business, which they believe will benefit all stakeholders,” Wishart said of the deal. “For customers looking for a legitimatelystructured empowered company we believe our value proposition is hard to beat,” he said.