SGS GROUP CONCLUDES ITS BROAD-BASED BLACK ECONOMIC EMPOWERMENT TRANSACTION
SGS, the world’s leading inspection, verification, testing and certification company today announced the implementation of a Broad-Based Black Economic Empowerment Transaction (B-BBEE Transaction) through its subsidiary SGS South Africa Proprietary Limited. To carry out this transaction a broad-based trust called the SGS Group Community Trust has been created to act as the B-BBEE partner.
The beneficiaries of the trust include SGS South Africa employees, educational establishments and emerging entrepreneurs and/or suppliers, amongst others.
B-BBEE was initiated by the South African government in 2003 with a fundamental objective to advance economic transformation and enhance the economic participation of black people in the South African economy.
The objective of the B-BBEE Transaction for SGS is to:
- Empower previously disadvantaged stakeholders with a focus on broad-based groupings
- Create a sustainable funding structure, not reliant on external banking funds, share price appreciation or dividend payments
- Materially improve SGS’ B-BBEE ownership credentials
- Complement SGS’ existing B-BBEE initiatives
For more information, please contact:
SGS South Africa (Pty)Ltd
t: +27 11 800 1000
SGS is the world’s leading inspection, verification, testing and certification company. SGS is recognised as the global benchmark for quality and integrity. With more than 80,000 employees, SGS operates a network of over 1,650 offices and laboratories around the world.