BP concludes new SA empowerment deal
by SAVIOUS KWINIKA
JOHANNESBURG – BP Southern Africa (BPSA) has completed a major Broad Based Black Economic Empowerment (B-BBEE) transaction with two new local BEE investors.
BPSA has sold 25 percent + 1 share to Kapela and the BPSA Education Foundation, a Broad Based Black Economic Empowerment Trust.
Kapela acquired a 20 percent +1 share and the BPSA Education Foundation acquired 5 percent of BPSA’s shares. Officials sid this was part of its continued commitment to meaningful transformation in the country.
Thandi Orleyn, BPSA Chairman, said BPSA had a measurable track record in Broad Based Black Economic Empowerment.
“The announcement shows our continued commitment to South Africa’s transformation agenda and progress made in deepening various parts of our transformation,” Orleyn said.
BPSA is one of the oldest companies in South Africa where it has operated for over 90 years.
In 2001 it became one of the first companies in the petroleum sector in South Africa to implement a BEE transaction with the Mineworkers Investment Company (MIC) and WDB Investment Holdings/WDB Fuel (WDB).
– CAJ News
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