Zimplats announces employee share ownership scheme
From MARCUS MUSHONGA in Harare, Zimbabwe
HARARE, (CAJ News) – ZIMBABWE Platinum Mines (Zimplats) has issued a 10 percent stake, valued at US$95 000, to its Employee Share Ownership Trust (ESOT).
The ESOT’s beneficiaries are the permanent employees of the operating subsidiary.
Executive directors and the company secretary are excluded.
“The ESOT will be beneficial to Zimplats in that it will secure and retain key skills and experience among the operating subsidiary’s employees to ensure continued long-term operational and production success,” the company stated through its Chief Executive Officer, Alex Mhembere.
The company said the $95 000 was vendor -financed through a loan advanced by the operating subsidiary to the ESOT.
The ESOT will repay the loan from dividends declared by the operating subsidiary.
A member of South Africa’s Implats Group, Zimplats is among mining firms impacted by government regulations that foreign-owned firms cede a majority state to locals.
It is set to object a fresh take-over bid by the government of 28 000 hectares of platinum claims.
– CAJ News
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