EMPOWERMENT: Pioneer Launches Education And Community Trust
Recent Western Cape Business News
Pioneer Foods, one of South Africa’s leading food manufacturers, has established an independent education and community trust as part of its broad based black economic empowerment initiatives.
The expanded empowerment scheme came into being when the Group issued some 10, 6 million listed shares to the Pioneer Foods Broad-Based BEE Trust (the PF BEE Trust). As part of the transaction, the Pioneer Foods Education and Community Trust (PFECT), has been formed to serve as the only beneficiary of the PF BEE Trust. The newly established trust is to receive 20% of all dividends declared on these shares.
“Focusing mainly on education initiatives, the entity aims to uplift communities in the immediate surrounding areas of Pioneer Foods subsidiaries throughout South Africa,” says André Hanekom, Managing Director of Pioneer Foods.
The aims of the Trust will be to assist in the provision of school buildings or equipment for public schools and educational institutions, as well as the provision of scholarships, bursaries and study loans.
“Over the past five years, Pioneer Foods has invested more than R76 million in numerous community upliftment projects, ranging from flood relief efforts and food security to education and sports development. This was through traditional CSI and Enterprise Development funding. The Trust will also manage the CSI funds going forward.
“The Pioneer Foods Education and Community Trust will give further impetus to the Group’s broad based black economic empowerment aims,” says Hanekom.
The five trustees are Prof Eltie Links, Chairman of Doing Business in Africa (University of Stellenbosch Business School), Ms Sharron Marco-Thyse, Chairperson of the SA Wine Industry Trust; Mr Monde Mpongoshe, CEO of Velokhaya Life Cycling Academy; Mr Leon Cronjé, Financial Director of Pioneer Foods; and Ms Lulu Khumalo, Corporate Affairs and Sustainability Executive for Pioneer Foods.
The Trust will be based in Paarl, and managed by Ms Ellen Odendaal, a chartered accountant whose portfolio includes managing the Group’s Enterprise Development projects.
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