SAB’s BBBEE scheme disburses R2.6bn over 7 years
CREAMER MEDIA / 16 NOVEMBER 2017 - 04.15 / NATASHA ODENDAAL
Since its establishment in 2010, South African Breweries’ (SAB’s) broad-based black economic empowerment (BBBEE) scheme SAB Zenzele has disbursed R2.6-billion to its three shareholder groups.
About 40 000 black shareholders hold a collective 8.45% in the company through the R7.3-billion SAB Zenzele, which benefits SAB employees under the SAB Zenzele Employee Trust, qualifying black-owned liquor and soft drink retailersthrough the SAB Zenzele Holdings for Retailers, and the SAB Foundation for the broader South African society.
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“In designing the SAB Zenzele transaction, SAB was determined to look beyond traditional business approaches and search for pioneering solutions to black economic empowerment that would deliver real benefits to the lives of many thousands of South Africans,” said SAB Zenzele chairperson Dr Penuell Maduna.
Further, the scheme was “enhanced” when SABMiller and AB InBev merged at the end of 2016, which resulted in the introduction of a R10.3-billion guaranteed minimum value in 2020 for its more than 40 000 beneficiaries.
LINK - http://engineeringnews.co.za/article/sabs-bbbee-scheme-disburses-r26bn-over-7-years-2017-11-15
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER