By Nsuku Rikhotso
Coca-cola Beverages South Africa (CCBSA) has increased its Broad-Based Black Economic Empowerment (B-BBEE) ownership. CCBSA will be helping the government to rebuild the economy by contributing R80 Million per year for three years. This include the creation of localization platform that sit at the heart of government’s economic recovery.
CCBSA, the Department of Trade, Industry and Competition and the Competition Authorities has announced the agreement condition on the updated CCBSA B-BBEE ownership on Friday. “This updated agreement will result in employees increasing their current holding of around 5% in CCBSA to an approximate 15% shareholding in CCBSA,” said CCBSA Managing Director, Velaphi Ratshefola in the statement.
Minister of the Department of Trade, Industry and Competition, Ebrahim Patel said the commitment from CCBSA to increase the level of worker ownership in the company deepens the level of transformation in the sugar value chain and support the broader localization driver in the economy.
“It’s an example of what companies can do, and we look forward to others following their lead, can we drive an enhanced model of broad-black transformation, through their work empowerment in our country,” said Patel.
CCBSA Managing Director Ratshefola said the decision to increase B-BBEE ownership is important in the country’s efforts to create more inclusive money. “We look forward to the strengthening of our partnership with government in this way and it underscores our commitment to doing business the right way by creating a better, more inclusive future for all,” said Ratshefola