Business / Companies
BAT shareholders unanimously approve Zim indigenisation transaction
26 Oct 2012 at 08:14hrs | Views
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British American Tobacco Zimbabwe Holdings Ltd shareholders unanimously voted in favour of the proposed indigenisation transaction at an EGM, which saw the authorised share capital increased to 20.63 million from 17.38 million.
Of the 3.252 million shares to be issued, 1.032 million would go towards the Employee Share Ownership Trust and 2.22 million to Corporate Social Investment Tool. An 85% majority was required to pass this resolution. 5% of the 1.031 million in the ESOT are earmarked for management.
The balance of the unissued ordinary shares were placed under the control of directors.
Chairman Kennedy Mandevani noted that in terms of the indigenisation legislation, manufacturing companies had to be 26% indigenous by October 28 this year, 36% by the same date in 2013, 46% in 2014 and 51% by Oct 28, 2015. Currently BAT was 6.22% indigenous.
BAT Plc are to render financial assistance to the ESOT. The trust would be worth $3 million, meaning each employee would get around $20 000 each.
Of the 3.252 million shares to be issued, 1.032 million would go towards the Employee Share Ownership Trust and 2.22 million to Corporate Social Investment Tool. An 85% majority was required to pass this resolution. 5% of the 1.031 million in the ESOT are earmarked for management.
The balance of the unissued ordinary shares were placed under the control of directors.
Chairman Kennedy Mandevani noted that in terms of the indigenisation legislation, manufacturing companies had to be 26% indigenous by October 28 this year, 36% by the same date in 2013, 46% in 2014 and 51% by Oct 28, 2015. Currently BAT was 6.22% indigenous.
BAT Plc are to render financial assistance to the ESOT. The trust would be worth $3 million, meaning each employee would get around $20 000 each.
Source - zfn
