Electrical, instrumentation and control engineering firm Proconics has concluded a deal that will see private equity newcomer Dlondlobala Capital taking up a 26% stake in the 19-year-old company. “Proconics is committed to meeting the compliance and legislative requirements as laid out by the government’s broad-based black economic-empowerment requirements.
“As a transformed and inclusive company, [the transaction] will further [bolster] the platform that is driving Proconics’ growth, and allow us to bring our unique service offering to new industries,” Proconics CEO Melvin Jones said in a statement on Monday. In a bid to further strengthen the board, Professor Wiseman Nkuhlu had replaced Roland Matthysen as Proconics chairperson, while Dlondlobala Capital MD Fundiswa Roji-Maplanka was appointed nonexecutive director. Source: Engineering News