Johannesburg - The education foundation of former South African president Nelson Mandela obtained a 25-per-cent share in Oxford University Press (OUP), the publishing arm of the prestigious British university, on Tuesday. OUP's transfer of 25.1 per cent of its shares to the Mandela Rhodes Foundation (MRF) would fund third-level scholarships for at least 18 scholars over the next five years as well as secure the foundation's finances in the years to come, the foundation and OUP said in a press release.
The transaction is what is called in South Africa a black economic empowerment (BEE) deal, according to which companies are encouraged to hand over a stake in their business to the historically disadvantaged black majority.
"We truly believe this partnership goes right to the heart of what BBBEE (broad-based black economic empowerment) stands for - it's not just about black ownership, but about investing in people who will be our future leaders in order to create an even better South Africa," Dr Henry Reece, head of OUP's worldwide operation said.
Mandela, who celebrated his 90th birthday in July, attended the signing ceremony in Johannesburg.
Since stepping down after a single term as president in 1999, the anti-apartheid icon has campaigned vigorously on behalf of his children's, HIV/AIDS and education charities.
The Mandela Rhodes Foundation offers scholarships for African children to study at third-level institutions in South Africa and draws on Mandela's own legacy in assisting them to develop leadership qualities.
