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Freedom Property Fund will undertake an assessment and the adoption of a share participation scheme to increase the ownership of its shares by previously disadvantaged individuals through a black economic-empowerment (BEE) structure.
“Our investment model thrives on empowering stakeholders in a meaningful way and is strongly influenced by BEE. It’s a commercial imperative for Freedom,” commented CEO Tyrone Govender.
While details of the scheme were still to be announced, he said it would be based on best practice models.
Freedom believed strenghtened BEE credentials would support its business strategies, as well as ensure its competitiveness in both the residential and commercial property space.
“We believe enhanced BEE credentials are relevant for our business. It supports Freedom’s strategies [of delivering] sustainable value and growth prospects for all our shareholders. This transaction will assist Freedom to attract capital at competitive rates,” stated Govender.