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African Equity Empowerment Investments (AEEI), the diversified majority black-owned investment group, yesterday denied that a call option claimed by investee partner company BT Communications Services South Africa was capable of being exercised.
African Equity Empowerment Investments (AEEI), the investment group controlled by Iqbal Survé’s Sekunjalo Group, has told Britain’s BT Group that it can’t exercise a call option to terminate its agreements with the company.
This comes a week after BT formerly British Telecom said it would terminate its relationship with Sekunjalo. The UK firm said it made the decision after what it called the “misrepresentation of facts to parliament’s standing committee on finance made by representatives of Sekunjalo Group”.
“We are in the process of terminating all relationships with the Sekunjalo group of companies. We remain committed to the South African market and supporting our customers here and the spirit and purpose of South Africa’s black economic empowerment (policies),” the BT spokeswoman said. “BT will be exploring alternative options to meet its black economy empowerment obligations.”
Global giant BT can t ditch us, says Iqbal Surve s AEEI
News24
10 Jun 2021, 04:10 GMT+10
African Equity Empowerment Investments (AEEI) claims that global telecoms group BT won t be able to end its relationship.
AEEI is a subsidiary of Iqbal Surve s Sekunjalo Group.
Fin24 previously reported about BT s intensions to split from Sekunjalo. BT (formerly British Telecom) is the UK s biggest fixed-voice and broadband provider.
In 2008, BT sold a 30% stake in its BT Communications Services South Africa (BTSA) to Sekunjalo as part of a black empowerment deal.
But the global giant announced last week that it will cut its ties with Sekunjalo, and will explore alternative options to meet its BEE obligations.