SOUTH AFRICA: KWV seals black empowerment deal
KWV Limited today confirmed the successful conclusion of its black economic empowerment (BEE) deal, with many shareholders divesting a portion, or all of their shares so that the required 25.1% stake could be attained.
This negated the company's need to issue additional shares and so dilute its share price.
The broad-based BEE initiative involving Phetogo, a consortium of black companies and organisations, and the KWV Employee Empowerment Trust (KEET), acquired its stake at R1.85 a share, the highest price realised for shares since the company converted from a co-operative in 1997.
VinPro, established to look after primary wine producer interests, after KWV became a company, offered just over 9.5m shares of its 10% shareholding in the company. It now has an 8% stake.
KWV announced that the share payment would be on 3 September.
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