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12 Jun 2008 09:41
South African industrial group Barloworld will sell a 10% stake worth R2,4-billion to black investors as part of its black economic empowerment drive.
Strategic black partners will be allocated 5,88% of Barloworld’s ordinary issued share capital, while 2,39% will be held by employees, black management and black non-executive directors, Barloworld said on Thursday.
An additional 0,78% will be held by an educational trust and 0,95% by community service groups.
“All participants will benefit from Barloworld’s growth both locally and internationally as the shareholding is at the listed company level,” Clive Thomson, Barloworld’s chief executive, said in a statement.
The industrial group said the deal would include three internal and three external strategic black partner groups.
The internal partners will include Gandaganda Empowerment Trust, Zwavhudi Investment Holdings and the Y and J Family Trusts. External partners will consist of Ayavuna Women’s Investment, Izingwe and Moty Capital Partners Consortium.
Black economic empowerment is a South African government programme designed to widen ownership of the economy, which is still mainly in white hands 14 years after the end of apartheid.—Reuters
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