Banking group Absa has finalised a R11.2 billion empowerment deal that will see 7% of its shares in the hands of its black employees. Moneyweb NtandoThukwana
Banking group Absa has finalised a R11.2 billion empowerment deal that will see 7% of its shares in the hands of its black employees. The bank said that after the transaction, which remains subject to shareholder approval and effectively increases black ownership, Absa’s black ownership will exceed the 25% threshold set out in the Financial Sector Charter.
“The transaction is the next big step in our broader transformation journey and, at the same time, recognises the role that our staff and communities play by giving them the opportunity to benefit from the value generated by the group,” Rautenbach said. The transaction comprises a Corporate Social Investment trust which will also benefit black communities who will indirectly own a 4% shareholding.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cape Town Mayor tables record R11 billion infrastructure development budget - SABC NewsCape Town Mayor Geordin Hill-Lewis has tabled what he says is a record near R11 billion infrastructure development budget for the City. It surpasses the 2010 World Cup spending.
Read more »
STUART THEOBALD: Absa, Nedbank and Growthpoint shine at investor relations awardsAmong midcaps, resources company Afrimat, Vukile Property Fund and Transaction Capital took top honours
Read more »
Standard Bank, Absa lend Zimbabwe $193m for hospitalsZimbabwe has raised a $193.3 million loan from South Africa’s StandardBank, its Zimbabwean unit and Absa Group, to finance public hospitals and clinics, Finance Minister Mthuli Ncube said. Moneyweb
Read more »
Harsh cold treatments remain a threat citrus sector: Absa AgribusinessSA’s citrus growers emerged from the annus horribilis that was 2022, the tides began to turn, the elevated risk of more stringent cold treatment regulations implemented by the EU, has brought some new challenges for the sector in 2023 NtandoThukwana
Read more »
Standard Bank and Absa lend Zimbabwe $193m for hospitalsZimbabwe has been locked out of international capital markets since defaulting on payments more than two decades ago
Read more »
Nigerian Govt Approves N24.2bn for Free Internet Facilities in Airports, MarketsThe government also said 43 higher institutions of learning in the country would be linked to the Internet facility.
Read more »