Zimbabwe: PPC to empower community, workers

Zimbabwe: PPC to empower community, workers
13 February 2012

Pretoria Portland Cement (PPC) has agreed to transfer 10% of its shareholding to the Community Share Ownership Scheme to comply with the indigenisation and empowerment laws. The indigenisation and empowerment laws require foreign-owned firms to sell at least 51% of their shareholding to indigenous people.

Informed sources say that PPC, in its plan to government, said it would also extend a cumulative 5% shareholding of the company to its workers. Workers owned 1.3% of the company before the initiation of the empowerment plan.

PPC recently submitted a progressive plan to government and the two schemes would be launched during the first quarter of the year, it was disclosed.

Proceeds accruing to the Community Share Ownership Trust from its equity participation in the business would be used for the provision of socio-economic infrastructure in line with the community's priorities.?

In terms of the Indigenisation and Economic Empowerment Act, firms are required to set aside a 5% stake for ordinary workers and 3% for management.

Published under Cement News