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Listed distribution group Barloworld launched Khula Sizwe broad-based BEE to black South Africans to buy shares in Khula Sizwe Property Holdings, a new black-owned commercial property company, with a minimum R2,500 investment, or 250 shares at R10 per share. The share scheme involves the sale of R2.9bn of its properties to Khula Sizwe Khula Sizwe’s properties include motor retail properties with a market value of R1.68bn, industrial properties worth R914m, commercial properties worth R95m, mixed commercial and industrial properties worth R13m, residential properties worth R29m and development properties worth R130m. This is being funded 80% through an external loan and subscriptions for Khula Sizwe shares via the public offer, as well as from separate management and employee share trusts. Barloworld shareholders approved the empowerment scheme, which will lift Barloworld overall black empowerment to 48 percent, at a general meeting on February 15. According to the prospectus publish...

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