At the ninth annual Metropolitan Oliver Empowerment Awards ceremony held on the 25th March 2010, Dimension Data was awarded the prestigious most empowered ICT company award.  The award recognised the significant strides taken by DiData in demonstrating its commitment to black economic empowerment, reflected in both its shareholding and employment equity practices. The chairman of Convergence Partners, Andile Ngcaba, is actively involved in driving the black economic empowerment strategy of the company in his role as executive chairman of Dimension Data Middle East and Africa. Convergence Partners, as the lead participant in the black economic empowerment consortium that partnered DiData, is proud to be associated with this achievement.

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The funders, Nedbank Capital and Makalani Holdings Limited, have committed to contribute R125m and R75m respectively. This brings Convergence Partners’ total capitalisation value to around R600m.

The funding has been structured by way of a drawdown facility in the form of redeemable preference shares repayable in seven years. This allows Convergence Partners to invest equity into new projects and transactions but also into the refinancing of existing transaction structures. Convergence Partners will continue to leverage further on its equity injections into future transactions on a deal by deal basis.

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