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E-Malt.com News article: South Africa: South African Breweries to launch a new empowerment scheme
Brewery news

Beermaker South African Breweries (SAB) has announced that its broad-based black economic empowerment (B-BBEE) scheme SAB Zenzele, will be replaced by the new 'Zenzele Kabili', once it reaches maturity in May, the Engineering News reported on April 7.

SAB Zenzele, which was launched in 2010, will have reached a maturation value of R9.7 billion in May, and shareholders who invested R100 at the scheme’s inception, will receive a R77 518 pre-tax pay out when it unwinds next month.

The new scheme will give taverners, bottle store owners, retailers and SAB employees an opportunity to own stakes in the world's largest beermaker.

“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 R5.4 billion worth of AB InBev Shares,” said SAB in a statement.

Zenzele Kabili shareholders will collectively own R5.4 billion of the beermaker’s Belgium based parent, AB InBev and will be listed on the JSE’s B-BBEE segment to open up ownership to other B-BBEE investors including SAB employees.

SAB said the old scheme was meant to unwind in March 2020 but had been delayed by Covid-19 restrictions, that resulted in the company not being able to hold its shareholder scheme meeting. However, the company decided that each Zenzele retailer shareholder would receive a pay-out that amounted to 77.4% of the calculation of their right and entitlement from the unwinding, in April 2020.

In an address to shareholders, Zenzele chairperson Penuell Maduna said the new scheme, Zenzele Kabili, will allow shareholders who reinvest to receive 25% in annual dividends and not have to wait for a pay-out after 10 years.


07 April, 2021

   
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