Businesses have great potential to transform people’s lives and to alleviate poverty through generating economic growth. They produce goods and services that customers want and they create jobs. Through paying taxes, they contribute to government revenue that can finance schools, hospitals and other public services.
The current South Africa government has a policy of transferring a share of the ownership, management and benefits of the country’s many industries to people previously excluded from the economy. Southey is part of this process and is supportive of black economic empowerment deals.
BLACK PARTICIPATION IN SOUTHEY
The black ownership in Southey Holdings is substantial. The nature of the relationship with Southey allows these shareholders the incentive and the opportunity to contribute operationally and strategically in the business.
The groups BBBEE effective ownership credentials were strengthened in March 2013 when a restructure occurred. Management and various BBBEE structures acquired the 49% stake held by Aureos Capital. This resulted in a 31.94% black ownership, which exceeds the target set for ownership in the Construction Charter.
SOCIAL AND ECONOMIC ISSUES
A business must interact with the societies it serves or it may face the alienation of its shareholders, stakeholders and customers. Governments in Africa need companies that are ready to face the many social and economic problems in the continent.
Southey is backing the South African government in this process and believes that it can support governments in reducing poverty and inequality and in improving health and welfare. In South Africa, Southey has been a major campaigner for skills development.
Since 2005 Southey has trained the highest number of black artisans through the Merseta learnership program. The various trades include welders, boilermakers, fitters, turners, electricians, scaffolders and painters.
Southey Holdings has adopted an integrated approach which encourages the meaningful and sustained participation of black people at all operations in the group. See below BEE Certificates for Southey Contracting, Kwenza Industrial Contractors (Pty) Ltd, Gascon t/a Southey Holdings (Pty) Ltd, Parkhome Modular Units, Dormac and Rudnev.
Click below to view our B-BBEE Verification Certificates.