Johannesburg - Kwezi Investments, the black empowerment group, has bought a 10 percent stake in Aberdare Cables, the R2 billion-a-year cable maker, for R160 million, said Robert Venter, the chief executive of Power Technologies, yesterday.
Aberdare Cables, part of the JSE-listed Power Technologies (Powertech), was rated among the world's top 25 cable manufacturers.
Kwezi Investments is led by seven black professionals and has interests in telecommunications, information technology and financial services.
It already holds 50 percent of Fleming Martin Asset Management and is Lucent Technologies' African partner.
"Our group supports economic and employment equity and affirmative action, not only because it constitutes a moral stance but because developing a stable society is sound business sense," Venter said.
Kwezi was expecting to add value to Aberdare's sales and marketing and boost business opportunities in parastatals.
Sipho Mahamba, the acting chairman and chief executive officer, said Kwezi was keen to help Aberdare expand in southern Africa as some of its members had extensive experience and contacts in other African countries.
Powertech's share price closed at R3,75 yesterday, up 4c.