This third-most empowered ICT company on the JSE is aiming to up its black empowerment credentials. Faritec is not satisfied with being 32,5% black-owned and deputy CEO Hasmukh Gajjar has said the aim is to at least get to 50,1%. Faritec concluded its empowerment transaction in 2003 when it sold a stake to a consortium involving strategic investment and management company J&J Group and trade union Numsa's investment arm Lesaka Holdings. To date, 55,6% of its board members are black, with 59% of its staff being female. In the six months to December 31 2008, its revenue declined by about 19% from R502m to R414m. The decline can be attributed to decreased spending from its customers.
