Alcatel broadens local ownership base

JOHANNESBURG (11/26/2003) - Alcatel SA announced Wednesday that an agreement has been signed to sell a 30 percent stake of the company to a new local partner, as part of the Black Economic Empowerment (BEE) program.

This black-owned partner is led by Peter Vundla of New Seasons, and includes a group of black investors, telecommunications professionals and an educational trust focusing on previously disadvantaged students in ICT.

This agreement exceeds the requirements proposed by SA's draft ICT Charter.

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