Ccbsa triples the shareholding of employees
The Group collaborates with the Government for a more inclusive economy in South Africa
Coca-Cola Beverages South Africa (Ccbsa) announced a 20% increase in the stake held by employees and black empowerment investors in the company. "This agreement will lead employees to increase their current stake of approximately 5% in CBSA to approximately 15%", said Velaphi Ratshefola, MD of the company. The Group has made additional commitments that will have a positive impact on employees, current shareholders and South African localization initiatives.
Ccbsa will also assist the government with the creation of a localization platform, the focal point of the South African economic recovery plan, contributing £ 80 million a year for three years to the localization initiatives that are part of national efforts to rebuild the economy. "We are also committed to partnering with our sugar suppliers to increase the volume of sugarcane purchased by black farmers", added Ratshefola.
"Ccbsa's commitment to increase the level of worker participation in the company, deepen the level of transformation in the sugar value chain and support the broader localization drive in the economy, are important steps towards the goal of creating a more inclusive economy in South Africa", said Ebrahim Patel, Minister of Trade, Industry and Competition. "It is an example of what companies can do and we look forward to others following this model as we lead an advanced large-scale transformation plan through worker empowerment in our country", said Patel.
EFA News - European Food Agency