Elster Kent Metering Ltd Sells 25.1 Percent Stake to Lily of the Valley Endeavour TrustBy Elster, PRNE
Tuesday, December 14, 2010
Sale to black economic empowerment (BEE) compliant fund expands Elster's opportunity to participate in South African Tenders -
JOHANNESBURG, December 15, 2010 - Elster (NYSE: ELT) announced today that the company has sold a 25.1
percent stake in Elster Kent Metering Ltd to a black economic empowerment
(BEE) compliant investment company held by Lily of the Valley Endeavour
With this investment, Elster has now obtained a BEE rating from the South
African government which expands the opportunity for the company to
participate in public tenders.
The LOVE trust is a non-profit organisation established in early 2009 to
serve vulnerable children and communities in South Africa. The trust grew out
of two initiatives dating back to 1993 when Lily of the Valley was founded in
response to the AIDS pandemic and children affected by HIV and AIDS. The LOVE
trust has created a model for focusing on vulnerable children and providing
"The proceeds from Elster Kent will significantly assist us in developing
self- sustainable projects around the country," said Martin Morrison, Trustee
of LOVE trust (Gauteng).
"What is key about this BEE investment is that absolutely all the
proceeds from Elster Kent will be channeled to assist vulnerable and
disadvantaged children and communities," Morrison added.
"South African Black Economic Empowerment legislation (BEE) privileges
companies with (partial) black ownership in public tenders. Participation of
LOVE trust will give Elster Kent a BEE rating which expands the opportunity
for the company to participate in South African tenders," said Mark Shamley,
managing director for Elster Kent Metering (Pty) Ltd.
Elster (NYSE: ELT) is one of the world's largest electricity, gas and
water measurement and control providers. Our offerings include distribution
monitoring and control, advanced smart metering, demand response, networking
and software solutions, and numerous related communications and services -
key components for enabling consumer choice, operational efficiency and
conservation. Our products and solutions are widely used by utilities in the
traditional and emerging Smart Grid markets.
Elster has one of the most extensive installed revenue measurement bases
in the world, with more than 200 million metering devices deployed over the
course of the last 10 years. It sells its products and services in more than
130 countries across electricity, gas, water and multi-utility applications
for residential, commercial and industrial, and transmission and distribution
For more information about Elster, please visit www.elster.com.
About Elster Metering Limited
Elster Metering Limited is a world leader in providing innovative water
metering solutions, including low flow and leakage detection applications.
Elster Metering Limited manufactures water meters for utility, commercial and
domestic use at its factories worldwide and offers a complete water metering
portfolio including solutions for revenue metering, cost allocation, network
monitoring, distribution and industrial applications.
For more information about Elster Metering, please visit
Rainer Mueller-Mueffelmann, Corporate Communications Europe/RoW, +49-6134-605-213, rainer.mueller-mueffelmann at elster.com; or Perry Shead, Marketing Communications, Elster Metering Limited, +44-1582-846400, perry.shead at gb.elster.com
Tags: Africa, December 15, Elster, Johannesburg