BEE News Durban harbour has a new support vessel, or “tug”, which arrived in the port city today and will be named on Thursday Empowerment company SMIT Amandla Marine (Pty) Ltd says the new support vessel or “tug” cost around R160 million. According to a spokesman from Smit Amandla, the new services vessel will has been bought in partnership with Client SAPREF.
Bidvest’s BEE partner clears all debt incurred from a company purchase eight years ago.
BIDVEST ’s black economic empowerment partner Dinatla has managed to clear all the debt it incurred from its purchase into the catering and packaging company eight years ago, but in that time its shareholding has shrunk to 4,5% from 15% in 2003. The dilution is typical of most of these empowerment transactions because of funding constraints, Ajay Lalu, MD of Black Lite Consulting, said in an interview yesterday. The dividend yield on average on the local bourse at its peak over the past 10 years was 5%, but the interest rate’s average was 10%, he said. "So there’s already a shortfall ... this is typical of what one would expect," Mr Lalu said. Bidvest bought back 12-million of its shares from Dinatla in a deal worth R1,6bn , it said in a statement to the JSE yesterday. The deal "leaves our (empowerment) partners totally unencumbered, and they can receive the full benefit from dividends", Bidvest financial director David Cleasby said.
JSE-listed Allied Technologies Limited (Altech) today announced a 25% plus 1 share Black Economic Empowerment (BEE) transaction in relation to Altech UEC. Altech UEC’s primary business focus is the manufacture and provision of satellite and terrestrial digital set-top box (STB) decoders. The transaction has been entered into with a consortium of BEE partners consisting of Power Matla (the lead BEE partner), Epiworx Investment (Epiworx) and Empower a Thousand Holdings (EaT). “These diversified black investment companies have an established history of adding value to their underlying investments whilst promoting the social and economic development of black people and black women,” Altech said in a press statement. According to Craig Venter, Altech CEO, the transaction is evidence of Altech’s commitment to transformation and empowerment.
Apr 2, 2011 10:31 AM | By HARARE CORRESPONDENT Renewed panic has gripped Zimbabwe's mining sector after the government last week gazetted new stringent regulations compelling foreign-owned firms to surrender a 51% shareholding to indigenous Zimbabweans.#socialMediaBar { padding: 5px; }#socialMediaBar ul { list-style-type: none; margin: 0pt; padding: 0pt; vertical-align: middle; }#socialMediaBar ul li { display: inline; } The new regulations give black Zimbabweans linked to Zanu-PF carte blanche to seize foreign-owned mining companies, some listed on the Zimbabwe Stock Exchange. Youth Development, Indigenisation and Economic Empowerment Minister, Saviours Kasukuwere, gazetted General Notice 114 of 2011. Under new regulations, all foreign-owned mining companies with a net asset value of $1 would have to cede controlling stakes to indigenous Zimbabweans by September 25 this year. This is a change from the net value of $500000 gazetted last year. This is essentially means every foreign-owned mining firm should be sold to "designated" entities. There are fears "designated" means Zanu-PF officials or supporters as President Robert Mugabe is using seizure of foreign-owned mines as his campaign gimmick for fresh polls. The shares are to be disposed to a "designated entity" within six months which may, in certain circumstances, be extended by a further period of not more than three months.
Denel training courses aimed at ‘transformation Saturday, 29 January 2011 14:32 |  Written by AdministratorRethink on BEEWritten by Administrator
Mar 31 2010 10:52 Jana Marais Cape Town – Government departments will increasingly make black economic empowerment (BEE) an essential component of their operations by including, for instance, strict requirements for ownership and staff composition in industry-specific legislation, rather than making companies adopt voluntary industrial codes as is currently the case, reckon empowerment consultants.
Accountants, agencies to be targeted for BEE fronting |
