http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.87Change: 0.01
R/$ = 13.30Change: 0.00
Au 1133.54 $/ozChange: -1.31
Pt 1018.00 $/ozChange: -2.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 31, 2007

Barloworld says it is well advanced with empowerment for its SA units

Back
Africa|Concrete|Industrial|Africa|Equipment|Logistics
Africa|Concrete|Industrial|Africa|Equipment|Logistics
africa-company|concrete|industrial|africa|equipment|logistics
© Reuse this Industrial group Barloworld, which has come in for heavy criticism over a perceived lack of urgency regarding empowerment and transformation, says it is positioning itself to be an industry leader on both fronts.

“Personally, this is a key strategic business imperative and we have already made headway along this trail. The Barloworld black economic-empowerment (BEE) deal will be implemented at holding company level after the coatings business is listed on the JSE,” CE Clive Thomson said during a Barloworld media site visit last week.

He added that the deal had to wait because “only then will the Barloworld group have a clean share price on which to base the BEE transaction”.

“We are at an advanced stage in the process and we have already identified black partners in our motor and equipment businesses and we already have an existing partner on the logistics side.”

The company has also identified strategic equity partners that will be brought into the transaction, which will include employees from South Africa, as well as current and future black management.

“I am convinced that this will be a leading transaction in the industry and will provide Barloworld with a 25%-plus equity empowerment structure. “We are also not only focused on meeting the minimum requirement of the BEE codes, but will make sure that we lead in corporate transformation in the country,” affirmed Thomson.

The company appointed Isaac Shongwe as an executive director on the Barloworld board.

“I have tasked Shongwe with putting forward a concrete plan in terms of our transformation pro-cess within the group. “We believe that once we implement our broad-based BEE equity transaction, we will be classified as a level five contributor to BEE. “And we aim to improve on that thereafter. “This will position us among the top listed companies on the JSE in terms of our empowerment and transformation credentials.”

The company has also appointed two black executives, Dominic Sewela, as the CEO of the South African equipment business, and Sibani Mngomezulu, as the head of investor relations and corporate affairs.

“Between Sewela and Shongwe, there will be over R600-million of the group’s operating profit, which is directly under their accountability and responsibility. “Our goal is to also recruit an additional black executive to join our executive committee, and an announcement will be made shortly.”

The company has also made good progress with regard to an enterprise development fund called Barloworld Siyakhula, through which the company intends to allocate R20-million a year to fund emerging black businesses in South Africa.

“We already have 708 parties which have been identified and funded by way of loan and equity contribution and the intention is that companies get up to speed to establish themselves to repay the loans, which will be used to fund other new emerging black entrepreneurs in the country. “I am very confident that we will position ourselves at the leading edge of enterprise development in South Africa,” concluded Thomson.
Edited by: Martin Zhuwakinyu
Creamer Media Senior Deputy Editor
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other News This Week News
Training company The Intelligence Transfer Centre will host the fourth yearly Environmental Crimes Conference at the Indaba Hotel, in Fourways, Johannesburg between September 9 and 10. Confirmed key regulatory bodies that will attend the event include the Department...
The government of Egypt has said it is ready to provide technical assistance to Malawi in the development of the Shire–Zambezi waterway, which is designed to link landlocked Malawi to the Indian Ocean by opening the two rivers for navigation. Egyptian ambassador to...
Kenya is finally set to start building a new multipurpose petroleum pipeline, after securing a $350-loan from a consortium of banks, including South Africa's Rand Merchant Bank. The other banks in the consortium are the Cooperative Bank of Kenya, Citibank's Kenya...
More
 
 
Latest News
A preliminary investigation by the Railway Safety Regulator (RSR) into the derailment of a Shosholoza Meyl train in Kimberley earlier this month, found that Transnet Freight Rail (TFR) had failed to communicate with the Passenger Rail Agency of South Africa (PRASA)...
Three of home improvement company Illiad’s major shareholders – Sanlam, Visio and Coronation, which held 69.25% – have agreed to vote in favour of a takeover by Steinhoff, with the company’s remaining shareholders to vote on the deal on September 29. Seventy-five per...
Government should face the fact that South Africa’s full-blown jobs crisis is a matter of urgent public importance, the Democratic Alliance (DA) said on Friday. MP James Vos, the DA shadow minister of tourism, was responding to a letter by Baleka Mbete, the Speaker...
More
 
 
Recent Research Reports
Defence 2015: A review of South Africa's defence sector (PDF Report)
Creamer Media’s Coal 2015 report examines South Africa’s coal industry with regards to the business environment, the key participants in the sector, local demand, export sales and coal logistics, projects being undertaken by the large and smaller participants in the...
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
Training company The Intelligence Transfer Centre will host the fourth yearly Environmental Crimes Conference at the Indaba Hotel, in Fourways, Johannesburg between September 9 and 10. Confirmed key regulatory bodies that will attend the event include the Department...
The government of Egypt has said it is ready to provide technical assistance to Malawi in the development of the Shire–Zambezi waterway, which is designed to link landlocked Malawi to the Indian Ocean by opening the two rivers for navigation. Egyptian ambassador to...
Kenya is finally set to start building a new multipurpose petroleum pipeline, after securing a $350-loan from a consortium of banks, including South Africa's Rand Merchant Bank. The other banks in the consortium are the Cooperative Bank of Kenya, Citibank's Kenya...
MARAIS VAN HEERDEN The owner/operator should be able to view the overall project design and progress made at any time
Three-dimensional (3D) engineering design models can now be viewed on tablets, which enable stakeholders to view the design without having to buy the design software used to create it, says engineering design firm 3DDraughting executive Marais van Heerden. The...
Ford’s newest offering in a long list of newcomers to the local market in the last two years is the B-Max multi-activity vehicle (MAV). The B-Max will play in the so called B-MAV segment, or the small MAV segment, currently dominated by Toyota’s Avanza, which sells...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96