Related Articles
Top Stories
Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Johannesburg - SABMiller's empowerment (BBBEE) transaction will enhance its
compliance with government's Codes of Good Practice on Broad-Based
Black Economic Empowerment, the group said on Tuesday.
The transaction - referred to as Zenzele - or "do it (for)
yourself" - would result in 8.45% of its South African
subsidiary, South African Breweries Limited, being held by a broad
base of black participants.
"Participants will include SAB's employees, black-owned licensed
liquor retailers and retail liquor licence applicants, as well as
registered black-owned customers of ABI, the soft drinks division
of SAB and the broader South African community through a newly
established SAB Foundation," the company said in a statement.
SABMiller first announced the empowerment transaction on July 1,
2009.
However, the transaction has increased in value from the initial
estimate of R6bn.
The total value of the transaction was now $988m (R7.3bn) based on a rand/dollar exchange rate of 7.39, the group
said.
"The transaction size was increased largely in response to the
recent rise of about 70% in SABMiller's US dollar share
price, and the inclusion of a greater number of participants,"
SABMiller said.
It said that several factors made the transaction distinctive,
including that the deal's benefits were targeted at major interest
groups who had played a meaningful role in SAB's long term business
success.
In addition no external bank funding was required.
SABMiller said a "meaningful" bi-annual cash dividend would be
paid from year one while the transaction was "affordable" and
"easily accessible" - employees and the SAB Foundation would make
no upfront cash payments while qualifying retailers would make only
a small cash investment.
"The group's broad-based black economic empowerment transaction
in South Africa further entrenches SABMiller's long standing
commitment to the country and its people, while at the same time
enhancing the growth and profitability of the company," Graham
Mackay, chief executive of SABMiller, said.
- Sapa