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Cape Town - Amid all the turbulence at KWV, the company has received confirmation that it has been awarded Level 5 broad-based black empowerment status.
"This is good news for a company that has earnestly worked on transformation and empowerment since its 2004 pioneering black empowerment deal," declares Thys Loubser, chief executive of KWV Holdings.
The awarding of this high degree of compliance to KWV was done by AQRate, an accredited verification agency.
One of the most important aspects contributing to the company's receiving this rating was evidence submitted that the Phetogo consortium holds 25% of KWV's shares.
According to Loubser, KWV also scored well on issues such as preferential procurement, socio-economic advancement and small-business development.
He points out that during the unbundling of KWV there has been a strong commitment to ensure that the company's empowerment status is not prejudiced.
There are indications that Phetogo will retain its level of ownership in KWV Holdings, as well as in Capevin.
The KWV Employee Empowerment Trust (Keet), which owns shares in Capevin, also envisages increasing its stake in KWV Holdings.
- Sake24