Chemicals and explosives group AECI has concluded a R1,2bn black economic empowerment deal which will transfer 11,5% of the company to its employees and a community trust.
In announcing t
his deal AECI said it supports South Africa’s broad based BEE initiatives and recognises the importance of this policy in achieving a sustainable economic and political environment in South Africa through meaningful participation by black people in the mainstream economy.
The group added that it is committed to the implementation and success of broad-based empowerment throughout its operations and has already implemented a number of initiatives relating to employment equity, skills development, preferential procurement, enterprise development and corporate social investment including the initial empowerment of AEL Mining Services Limited.
The New BBBEE Transaction will advance AECI`s empowerment objective of increasing black participation in the Group by providing long-term economic benefits of its success to a broad spread of black South Africans.
Furthermore, the new BBBEE transaction will complement the KTH Transaction and will ensure that AECI maximises its equity ownership scorecard in terms of the Codes and the Amended Broad-Based Socio-Economic Empowerment Charter for the South African Mining and Minerals Industry, to the benefit of AECI`s businesses.