EMPOWERMENT: Empowerment Progress At KWV
Recent Western Cape Business News
KWV has received confirmation that its Broad Based Black Economic Empowerment rating has improved to a Level 5 contributor - one of the highest in the liquor industry. This is good news for a company that has been putting serious effort into transformation and empowerment since its pioneering BBBEE ownership transaction in 2004.
KWV's BBBEE rating has been done by AQRate, an accredited BBBEE verification agency. KWV's previous rating (completed in 2007) confirmed the company as a Level 7 contributor.
The main improvement since the previous rating was the full verification - as part of the ownership element - of the Phetogo consortium, which owns 25,1% of the shares in KWV Ltd. The company has also performed well in the areas of preferential procurement, social economic development and enterprise development.
With the current unbundling of KWV, there has been a committed effort to ensure that the company's BBBEE status remains intact. All indications are that Phetogo will maintain its level of ownership in both Capevin Holdings (previously KWV Ltd), which holds the indirect shareholding in Distell Group, and in KWV Holdings, the new operational company that owns all the KWV wine and brandy brands and assets. The KWV Employee Empowerment Trust (KEET), whom holds shares in Capevin Holdings, also intends to further increase its stake in KWV Holdings. In doing so it will also contribute positively to KWV's BBBEE status.
"This positive BBBEE rating supports KWV's strategic objective to showcase South Africa", said KWV CEO Thys Loubser. "It will be challenging to maintain and improve on this rating going forward, but we are fully committed to find innovative ways to further empower all KWV's stakeholders. It is part of our current vision to create prosperity for all.
"Going forward, we shall focus on employment equity and skills development, as those two elements could potentially impact positively on KWV's score."
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