JOHANNESBURG, December 15, 2010 /PRNewswire/ -- Elster 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 (LOVE) trust.

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 excellent education.

"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.