The SAB Zenzele board has decided to to delay the shareholder vote and implementation of SAB Zenzele Kabili by up to one year
SPONSORED
The South African Breweries (SAB) is delighted to announce the coming of age of its B-BBEE scheme, SAB Zenzele. Launched in 2010, the landmark ownership transaction endeavoured to give our retailer partners — tavern and bottle store owners, retailer customers and our employees, the life blood of our business — an opportunity of real ownership in a company that has brought South Africans together for over 125 years.
At a time when we are forced apart due to this global pandemic, #TogetherAtaDistance, we look forward to the day when we can once again come together, raise our glasses and says cheers to the success of the SAB Zenzele scheme.
Today marks the payout on maturity to shareholders, following the decade-long success of the SAB Zenzele scheme, which, upon maturity, will have delivered approximately R14-billion in value to its more than 40 000 beneficiaries. This makes SAB Zenzele the largest B-BBEE scheme in the history of South Africa in the fast-moving consumer goods sector.
Now more than ever, the economic empowerment delivered by the SAB Zenzele scheme will provide financial resources that can be used to manage the challenges faced by the beneficiaries, as the nation feels the pressure the Covid-19 pandemic. SAB is proud to share with SAB Zenzele’s beneficiaries the value that together has been created and hopes that this payout will allow employees and partners the opportunity to realise continued success when the country can be one again after the lockdown.
“As we look back on SAB Zenzele’s achievements over the last decade, our proudest achievement remains how we have managed to truly empower all of the partners, staff, retailers and beneficiaries of the SAB Foundation. These people have in turn, been able to pay it forward and build lasting legacies for themselves and their families,” says Richard Rivett-Carnac, director M&A and treasury, SAB. “People like Mam’ Jane from Getty’s Tavern, who have weathered the storms and shown true entrepreneurial spirit, are our inspiration as we look forward to our new B-BBEE scheme.”
Earlier this year, SAB announced its intention to create a new R5.4-billion broad-based BEE ownership scheme, SAB Zenzele Kabili, with the aim of generating meaningful wealth for existing and new BEE investors. Utilising a scheme of arrangement, which requires 75% approval from SAB Zenzele shareholders, these shareholders would have voted on the scheme at the scheme’s annual general meeting, which was to be held in Johannesburg on March 19 2020.
However, with the onset of the Covid-19 pandemic and subsequent restrictions placed on mass gatherings, this meeting had to be postponed.
“We are still looking forward to bringing SAB Zenzele Kabili, the exciting new investment opportunity, to the market in the near future. Right now we are focused on heeding the president’s call to safeguard the health and safety of all South Africans. However, we look forward to the day we can hold the special meeting to vote on our retailers’ inclusion in the new SAB Zenzele Kabili transaction when the time is appropriate,” Rivett-Carnac concluded.
All shareholders are encouraged to join the SAB Zenzele retailers Facebook group: https://www.facebook.com/groups/181049256534071/ or to dial *120*1138# or visit www.investecsps.co.za for more information.