Call for taverners to participate in new SAB share scheme
JOBURG – A new SAB empowerment scheme is set to launch to replace the SAB Zenzele scheme that has reached maturity.
The South African Breweries (SAB) has urged tavern owners who are shareholders of its B-BBEE listed share scheme SAB Zenzele to vote for the establishment of a new scheme following the maturity of the current scheme.
The new scheme, SAB Zenzele Kabili, is planned to launch later this month to continue creating value for beneficiaries at a special virtual AGM that has been called for SAB Zenzele shareholders to vote in the new scheme on 10 May.
The virtual AGM event will be live-streamed on the SAB Zenzele Kabili app and broadcast live on Soweto TV (DStv 251) from 10 am to 12 pm and SAB Zenzele shareholders are asked to download the SAB Zenzele mobile app on either the Apple iStore or the Android store and cast their votes for the new scheme on this platform.
Voting has already opened and will continue until 12pm on 10 May.
Speaking in a virtual meeting, SAB Zenzele chairman Dr. Penuell Maduna, who is also a former cabinet minister, said the new scheme was designed to continue in the footsteps of the previous matured scheme.
“SAB Zenzele Kabili will endeavor to follow in the footsteps of the previous scheme which has reached a total maturation value of R9.7 billion since its launch in 2010. We want the new scheme to continue to give our retailer partners in the form of taverners, bottle store owners, retailer customers, and our employees – all of whom are the lifeblood of our business – an opportunity at real ownership in a company that has brought South Africans together for 125 years,” Maduna said.
He said retailer shareholders who invested R100 in 2010 will have received a total pre-tax payout of R77 518 when the transaction fully unwinds later this month and ‘we plan to continue on this trajectory of empowerment and wealth creation for staff, retailers and beneficiaries of the SAB Foundation’.
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, the former minister of justice said.
The new SAB Zenzele Kabili will be listed on the B-BBEE segment of the Johannesburg Stock Exchange (JSE) to facilitate liquidity and broaden ownership to other B-BBEE investors. The qualifying public will be able to trade from the listing post on 28 May.
