Phembani ups stake in TBWA\South Africa
Industrial holding company, Phembani Group, has upped its stake in TBWA\South Africa by 5%, taking its total holding to 25%. TBWA\SA, which is headquartered in Johannesburg and has six offices with over 550 employees, now has 30% black ownership, with employees retaining a significant minority stake in the firm.
TBWA\SA has also announced that Prishani Sahibdeen, group human resources director, will join Donovan and Siphokazi Chivizhe, group CFO, on the exco.
According to Sean Donovan, TBWA group CEO, the Phembani deal forms part of a multi-pronged approach towards transformation within the group. “In 2016, we set a target to increase the direct black ownership at holding company level, TBWA\South Africa, to 30%. The move supliments our broader transformation strategy that sees, for example, 60% black employment at TBWA\SA — 84% of whom are female. It also has a cascading effect on group companies. With this transaction, TBWA\Hunt Lascaris improves its overall representation of black interest in the business, enhancing its broad-based black economic empowerment (B-BBEE) credentials to Level 1.”
Together with a staff share-trust, the move has seen black ownership at Hunt Lascaris increase to 44%.