Oceana Empowerment Trust changes lives in SA through transformation
SA's largest black-owned fishing entity is driving economic inclusivity and sustaining livelihoods
More than 2,400 previously disadvantaged SA beneficiaries hold 13.3m shares in the Oceana Group through the Ocean Empowerment Trust (OET), translating into more than 10% of the group's total issued shares.
This makes the trust the largest, fully black-owned fishing entity in SA, with a market value of just less than R1bn.
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OET chair Jayesh Jaga says: “The trust was created as a platform for black beneficiaries to become financially empowered and active participants in SA's formal economy. It’s a legacy we're proud of.”
In 2006, the group established the OET to transform the lives of its employees, their families and their communities. It has distributed about R477m to the beneficiaries.
The additional value delivered on vesting this year is about R465m before tax, bringing its full value to beneficiaries to just less than R1bn. The average aggregate benefit to each trust beneficiary is about R400,000 before tax. This equates to a projected cash benefit of more than R69 per right for each beneficiary before tax.
Two beneficiaries have shared how the payouts improved their lives. Jennifer Mathaise bought a new house, created a comfortable home for her son and settled her debts. Khimishi Tukutezi was also able to settle his debt, save, buy a home and pay for the education of his children and another family member. He also invested in livestock, fulfilling a lifelong dream.
The OET also offers its members aid with financial literacy.
Oceana Group CEO Imraan Soomra says: “The new democratic dispensation in SA pushed the country towards economic inclusivity, social justice and a level playing field by ensuring that the majority black population become players in the mainstream economy.
“The OET is an expression of what Oceana is about — a company with a clear purpose to positively affect people's lives. Through the OET, the Oceana Group is creating sustainable value as a leading global fish and commercial cold-storage company.”
Transformation and empowerment underpin the group's business operations, making it a standard-bearer for companies in SA and Africa.
This article was paid for by Oceana Group.