The JSE Securities Exchange (JSE) and the National African Federated Chamber of Commerce and Industry (Nafcoc) formed a partnership on Tuesday to promote black economic empowerment (BEE) through small- and medium-sized enterprises.
The intention is to assist these concerns to gain access to — and understand the workings of — the stock market. The parties signed a memorandum of understanding to this effect at the JSE in Sandton on Tuesday.
The partners will undertake joint education programmes to promote the JSE and particularly its new Alt X market as a means of capital raising for BEE. Alt X is a market for smaller companies and has less onerous listing requirements than the main board of the JSE.
JSE chief executive Russell Loubser described the partnership as a ”meeting of the minds” between organised business and the JSE.
He said 90% of Nafcoc’s members are small- to medium-sized enterprises and Alt X is tailor-made for them.
”Although we work at the JSE and we’re passionate about the JSE, we have to recognise that not everyone knows about the JSE,” Loubser said. The partnership could spread the word about the stock exchange.
Also speaking at the signing, Nafcoc president Patrice Motsepe said: ”We are living in a period of extreme urgency with regard to
making things happen.”
The business magnate said it was vital ”to grow the economy” in order to assist the poor and help the jobless find work. While emphasising the urgency of that task, Motsepe said he was ”excited and confident” about the ”talent among our people” and the ”wealth of opportunities” in South Africa.
He was confident Tuesday’s agreement will help in that process, and that ”we can make this country a good place to live in”. — Sapa