National African Women’s Alliance (Nawa) has acquired a 26 per cent stake in aggregate quarrying company South Coast Stone Crushers for an undisclosed sum, effectively launching the black economic empowerment investment company in the local mining arena (reports Business Day, South Africa). Nawa, which is wholly owned, controlled and managed by black women from various professions, businesses and industries, has 1000 direct women shareholders and more than 4000 direct beneficiaries.
Cement company Natal Portland Cement’s (NPC’s) aggregate and concrete division had earlier acquired South Coast Stone Crushers as part of its diversification strategy last year. The company now trades under the name NPC Aggregates. NPC, a wholly owned subsidiary of Portuguese cement group Cimpor-Cimentos de Portugal, is the province’s premier cement manufacturing company with factories at the Oribi Gorge, Durban and Newcastle.
NPC MD Piet Strauss said that although the negotiations had taken almost a year, management welcomed having a black economic empowerment partner with national representation. The move also involved training one of the Nawa members as the future Margate Quarry GM.
Nawa’s KwaZulu-Natal CEO, Noluthando Langeni, said the company had been formed by black women in business from across SA for the specific purpose of facilitating their advancement, promotion and empowerment. "(The) investment in NCP is a victory for all the previously disadvantaged women throughout SA," she said. Nawa has previously made investments in the petroleum, shipping and construction industries.