CHEMICALS GROUP
Omnia buys back shares in equity scheme
Omnia Holdings has bought back part of the shares in the second phase of a broad-based black economic empowerment (B-BBEE) employee ownership scheme that has benefited 65 staff members. The chemicals group bought 38.9% of the issued ordinary shares of the scheme on July 31. It also exercised a call option in respect of participants who retired, were retrenched or had died from 2011 to end-July 2017. "Omnia believes that significant management and emplo-yee ownership participation within the group is essential," group MD Adriaan de Lange said on Wednesday. "It believes that the group’s success arises from the excellence and long-term dedication of its people who create customer wealth through leveraging their knowledge of customer requirements and solutions." A separate legal entity, the Sakhile Initiative, was incorporated in 2007 to serve as a vehicle to implement a scheme for permanent staff. A second phase was launched during 2010 — Sakhile 2. This was used to attract, retain, de...
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