SAP South Africa lifts broad-based black ownership to 30%
Information technology (IT) company SAP South Africa plans to increase its broad-based black ownership to 30%, announcing this month that it will issue 19.5% of its shares to a broad-based black economic-empowerment (BBBEE) trust that will distribute dividends to beneficiaries to cover education costs at accredited institutions.
Empowered IT organisation BLITEC already holds a 10.5% stake in SAP South Africa.
SAP will, thus, meet the 30% ownership target set out in the BBBEE codes for IT companies.
It will issue 19.5% of its shares to the SAP South Africa Empowerment Trust, which benefits black students. These beneficiaries will use the dividends received from SAP South Africa to pay for studies facilitated by the nonprofit Maharishi Institute, which provides tertiary education in the areas of finance and technology infrastructure, besides others, and including life skills.
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