JOHANNESBURG - JSE-listed Barloworld Group shareholders have voted in favour of the company's B-BBEE share scheme, Khula Sizwe, following an extraordinary general meeting.
The industrial brand management group on Friday, said this transaction will pave the way for it to increase its B-BBEE ownership contribution by 14 percent, improving overall ownership to around 48 percent, excluding mandated investments.
The transaction will come into effect later this year on 1 October 2019. Its two main structural components, the Barloworld Empowerment Foundation and the Property Company (PropCo).
The Foundation will have a three percent stake directly in Barloworld Limited and will focus on education, youth development and poverty alleviation.
PropCo will sell certain operating property portfolio to a black-owned consortium, Main Street, for R2.7 billion, with employees, management and the black public owning shares in PropCo.