Black Economic Empowerment.

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. Currently Southey Holdings is 25.1% black owned.