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One area that Mayibuye CEO Johan Meiring is particularly proud of is the black economic empowerment credentials of the group. “Mayibuye has excellent empowerment credentials and employs a high number of historically disadvantaged staff,” he says. The company employs roughly 2 000 people, with 1 300 being full-time salaried staff.
Asked for an example within the group where a staff member has been able to grow with the business he points to a cleaner who has subsequently risen through the ranks to become a branch manager. No mean feat in the world of credit lending.
Mayibuye has a 27% empowerment equity component and has been awarded a level four “contributor rating” in a rating exercise conducted in 2010 by BEE Rating Solutions and sources more than 70% of its procurement through empowerment suppliers.
One of the key focus areas is bringing Blue Financial Services’ credentials into line with the rest of the group. An empowerment structure has recently been put in place, whereby R50m of Blue’s debt will be converted into equity for a black empowerment shareholder.
Meiring is quick to point out this transaction isn’t a “disguised share buyback” as some in the market have intimated. “This will not only enhance the capital structure of Blue but will also be the start of the transformation process for Blue,” he says. n
Asked for an example within the group where a staff member has been able to grow with the business he points to a cleaner who has subsequently risen through the ranks to become a branch manager. No mean feat in the world of credit lending.
Mayibuye has a 27% empowerment equity component and has been awarded a level four “contributor rating” in a rating exercise conducted in 2010 by BEE Rating Solutions and sources more than 70% of its procurement through empowerment suppliers.
One of the key focus areas is bringing Blue Financial Services’ credentials into line with the rest of the group. An empowerment structure has recently been put in place, whereby R50m of Blue’s debt will be converted into equity for a black empowerment shareholder.
Meiring is quick to point out this transaction isn’t a “disguised share buyback” as some in the market have intimated. “This will not only enhance the capital structure of Blue but will also be the start of the transformation process for Blue,” he says. n
