SAB shareholders ready to vote on Zenzele Kabili scheme | 10
THE SOUTH African Breweries (SAB) said yesterday that Zenzele shareholders would vote on its new broadbased black economic empowerment (B-BBEE) scheme – Zenzele Kabili – until next Monday.
The group said voting on the new scheme had already been opened and would continue until May 10.
This comes after the SAB Zenzele, implemented in 2010, reached the maturity value of R9.7 billion in May, and that a new scheme, SAB Zenzele Kabili, is planned to launch later this month to continue creating value for beneficiaries.
Through the SAB Zenzele transaction the group endeavoured to give its retailer partners, taverners, bottle store owners, retailer customers and employees an opportunity for ownership of the company.
SAB Zenzele Kabili will be listed on the B-BBEE Segment of the JSE at R40 a share on listing to facilitate liquidity and broaden ownership to other B-BBEE investors, including qualifying SAB employees through a new employee stock ownership plan.
The group said the qualifying public would be able to trade from the listing on May 28 through a JSE broker or existing trading platform.
SAB has been encouraged by the success of Zenzele Kabili as retailer shareholders who invested R100 in 2010 would have received a total pretax payout of R77 518 when the transaction fully unwinds.
The group said it planned to continue this trajectory of empowerment and wealth creation for staff, retailers and beneficiaries of the SAB Foundation.
“The company is offering SAB Zenzele retailer shareholders the opportunity to reinvest a portion of their remaining proceeds into a replacement B-BBEE ownership transaction through the SAB Zenzele Kabili scheme that will own R5.4bn worth of AB InBev shares.
SAB Zenzele chairperson Dr Penuell Maduna said the scheme meeting would be in a digital environment where beneficiaries will vote regarding reinvestment of this portion.
“We all want to build a prosperous future for ourselves and our families. At SAB, we understand that this takes hard work and good partnerships. SAB Zenzele Kabili is set to be our biggest success yet … it is time for a new scheme for new dreams and ownership for all,” Maduna said.