Barloworld shareholders approve BEE share scheme Khula Sizwe
JSE-listed Barloworld Group shareholders have voted in favour of the company's broad-based black economic empowerment (BBBEE) share scheme, Khula Sizwe, following an extraordinary general meeting.
The industrial brand management group on Friday, said this transaction will pave the way for it to increase its BBBEE ownership contribution by 14 percent, improving overall ownership to around 48%, excluding mandated investments.
The transaction will come into effect later this year on 1 October 2019. Its two main structural components, the Barloworld Empowerment Foundation and the Property Company (PropCo).
The Foundation will have a three percent stake directly in Barloworld Limited and will focus on education, youth development and poverty alleviation.
PropCo will sell certain operating property portfolio to a black-owned consortium, Main Street, for R2.7-billion, with employees, management and the black public owning shares in PropCo.
Barloworld said the Black Public Scheme public offering will launch in April 2019 and this will allow black South Africans to subscribe to the shares in PropCo.
Dominic Sewela, Barloworld chief executive, said this was affirmation from their shareholders that the group was on the right track.
"We have been mandated to execute on our strategy as we pursue our growth ambition. Importantly this is also a commitment by Barloworld to continue playing an active role in South African corporate entities’ clarion call to create an inclusive economy," Sewela said.
"Khula Sizwe gives us an opportunity to leave a lasting socioeconomic legacy as we address our country’s national priorities."
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation