S AFRICA: Distell announces transformation plans
Distell today announced its broad-based transformation plans between a black economic empowerment group, certain employees and a corporate social investment trust (CSI Trust).
These three groupings have formed a company known as WIP Beverages that will hold an effective 15% share in South African Distilleries and Wines Limited (SADW), the subsidiary company in which all Distell's operations are held.
The three constituents of this consortium are an Employee Share Ownership Plan (ESOP), which will have a 45% stake, WIPHOLD, an investment group dedicated to women's empowerment, with a 40% stake and the CSI Trust the remaining 15%. The Trust, which is still being finalised, will represent disadvantaged communities in which Distell operates.
WIPHOLD will nominate two directors to the Distell board. Its CEO, Louisa Mojela, said women owned more than 60% of the company.
The BEE initiative is part of an ANC-led government drive to integrate more black people into business and economic power sharing in South Africa.
Distell, which has a turnover of ZAR5,9 billion, has a workforce of 4000, 67% of whom are from a previously disadvantaged background. The shares to employees will be to all those who do not already have a share option.
South African wine and spirits group Distell has posted a rise in half-year sales and volumes....
South African wine and spirit group Distell has been ordered to honour a contract it cancelled with a local grape farmer, according to reports....
Distell's broad-based black economic empowerment deal will cost about R870m (US$137m), but the new partners will be locked into an eight to 10 year agreement before any dividends are realised....
KWV International has launched the second phase of its assault on the South African market with the introduction of its KWV 3-year-old brandy and Cathedral Cellar and KWV Classic ranges as it expands ...
Distell has appointed Don Gallow as its new director of international operations, in place of Etienne Heyns who left the company two weeks ago. ...
The Brown-Forman Corporation has added the Durbanville Hills range of wines from South Africa to its US portfolio....
Distell's headline earnings have rocketed by 34.5% to ZAR482.2m (US$75.2m) for the year to 30 June, thanks to improved performance from all the company's assets....
The Distell Group has advised its investors on the JSE Securities Exchange that, compared to 2003/4, its earnings per share and headline earnings would increase by between 25% and 35% for the year to ...
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