Coca-Cola SA triples employee stake in business in boost to BEE status
A total of 8,000 employees who already held 5% of the private company will now own 15% and, along with other partners, will be 20% black-owned
Coca-Cola Beverages SA (CCBSA) on Friday announced that it would transfer an additional 10% of shares to its employees, in a move to enhance its black economic empowerment (BEE) status and meet its revised merger conditions.
The announcement means that 8,000 employees who already held 5% of the private company will now own 15% and, along with other partners, the company will be 20% black-owned. The value of the transaction was not disclosed. It will be vendor financed and run for 10 years. Employees will receive trickle dividends from day one...