Specialist marine solutions provider African Marine Solutions’ (Amsol’s) employee share ownership scheme has benefited about 370 employees, who own shares for the first time.
The scheme was introduced in 2016 and has developed into a catalyst for economic empowerment and shared value creation within the maritime industry, with around 84% of beneficiaries being black employees, says Amsol.
CEO Paul Maclons says the company took great care in ensuring that employees at sea and ashore share equally in the company’s success.
He adds that the employee share scheme paid out dividends for the second time since Amsol acquired the business of SMIT Amandla Marine in December 2016.
“At the time we bought into the business, it was majority owned by foreign owners, and the staff owned around 12%. We decided to retain the employee’s trust at the same level of shareholding and we continued with the employees as a key component of our shareholder body,” says Maclons.
Amsol is 100% South African owned and 59% black owned.
Additionally, Maclons says more than 60% of the company’s procurement spend goes toward black-owned businesses.