Creda Communications Concludes Black Economic
Empowerment Deal
Creda Communications has for some time now been actively looking for a Black Empowerment Partnership which would benefit all stakeholders. In their efforts to find an investor which would meet all the criteria for a successful partnership, the directors have turned away many suitors over the last few years.
Creda is delighted to announce that we have now found such a partner in MBTI and that an empowerment deal has been concluded.
Effective from the 11th of December, 2006 Creda Communications will be a fully black empowered company with our partners holding the majority of the shares. The effect of this will be that Creda, which already had a BB rating from Empowerdex, will now be rated amongst the best in the country.
This deal has been very carefully put together to ensure that whilst the ownership changes, the day to day operations will not be affected. Succession management planning has been a high priority in the company over the last few years in effort to ensure that as senior directors reached retirement age, there would be no effect within the company, or to our clients and suppliers.
Bulldog Charton and Stan Hannath now reach retirement age and in order to facilitate the new shareholding required for this deal, they will both be retiring at the end of this year. The remaining directors and senior management will not only maintain the continuity, but also play a vital role in Creda's ongoing growth and success. They are all delighted to welcome our new partners on board.
Creda has been one of the most successful companies in the printing industry for the last 54 years. The conclusion of this new partnership guarantees continued growth for employees, suppliers and clients as it enters a new era. In addition the very strong "Creda" brand will now be able to continue it's penetration of new and existing markets.
Bulldog and Stan will be taking some time during December to say their farewells to the many friends and colleagues they have made over the 20 years they have been part of the Creda Team. We are sure you will join with us in wishing them well.
