Ascension Snaps Up MIC’s BEE Stake in Westcon SA

MIC Investment Holdings (MIC) has disposed of its empowerment shareholding in Westcon Southern Africa (Westcon SA).

MIC is an investment company and is a wholly-owned subsidiary of the Mineworkers Investment Company.

The Mineworker’s Investment Company is a 100% black-owned broad-based investment holding company that was established by the Mineworkers Investment Trust (MIT) to provide ongoing funding for the Trust’s social and educational projects.

MIC has sold off its 40% stake to Ascension Capital Partners, a private equity investor.

“I am delighted to welcome Ascension as our new BEE partner in Westcon SA and thank the MIC for its valued contributions during its nine years as a shareholder of Westcon SA” Jens Montanana, Datatec’s CEO, said.

“As a South African company, Datatec strongly supports the BEE programme and we are very proud of the level 1 BEE rating achieved by Westcon SA.”

Ascension Capital Partners is a black-owned private equity firm that commenced operations in June 2018.

The Centurion-based company is also invested in Atterbury Property Fund, ATTBuild Construction Materials and Divercity Property Fund.

The company is led by Kabelo Moja, a seasoned dealmaker, with significant experience in deal origination and execution. Moja, the CEO of Ascension, is also a qualified and admitted attorney of the High Court of South Africa.

In his prior position as a senior legal advisor to the Public Investment Corporation SOC Limited, Moja was principally involved in the structuring of commercial and private equity transactions, negotiating and preparation of transaction agreements, and the provision of legal advisory services within the unlisted and listed investments space.