ICL has gained majority control of its South African joint venture, ICL (SA), by purchasing the 42 per cent stake held by local conglomerate Malbak.
The purchase, which was made after beating off several competing bids, gives ICL the controlling interest in the company, although two South African investment companies hold 16 per cent between them.
ICL plans to structure its stake to support a "substantial" Black Empowerment Shareholding, a method introduced recently to ensure involvement of black South Africans in businesses and to encourage multi-racial companies.
The main growth areas for ICL in the country, in which it is a top five IT supplier, are networking and outsourcing, said ICL chief executive Keith Todd.
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