Multidisciplinary engineering and management company BKS Group is now 51% black-owned, after it reached a black economic-empowerment (BEE) milestone with the sale of a 40% stake to Bacacarac Trading, a professional black empowerment group. Black staff has taken a further 11% of equity.

“The transaction is not a drive in the vacuum to attain transformation imperatives, but to enhance the company’s commitment to the country’s broad-based BEE,” said BKS CEO Danai Magugumela.

“The infrastructure development in the country has netted us a profit R400-million ahead of our competitors,” said Magugumela.

She told Engineering News Online that, although the firm continued to enjoy buoyant demand, the retention of human capital remained a challenge.

“Even with nurturing and attracting black skills, the demand for people is unlike before as the public sector and the financial sector are looking for the same resources. BKS have to be vigilant to explore an arena of retention of skills in the human capital age of choice.”

BKS chairperson Kessie Naidu said that the transaction was a significant milestone in the life of the group and a testimony that the company was committed to meaningful transformation.

“Currently, we have six black directors from 12. The issue of increasing the two female directors is receiving our attention and we will continue to raise the bar as far as transformation is concerned,” affirmed Naidu.

PUBLICATION: Engineering News
AUTHOR: Dennis Ndaba
DATED: 2nd October 2007