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Investigations into a transaction to facilitate a black ownership initiative in AECI’s ordinary shares are at an advanced stage. Such a transaction would complement the Group’s other, well established Broad-Based Black Economic Empowerment (BBBEE) strategies. One such long-standing strategy is to involve historically disadvantaged South Africans as equity partners in Group businesses, or as preferred suppliers to Group companies, to the extent that they are the true beneficiaries of such initiatives, without undue disadvantage to shareholders of the Company.
The BBBEE transaction under investigation comprises two elements, the first being the empowerment of permanent South African employees of the AECI Group through an employee share trust and the second being the creation of a perpetual community service trust promoting education and development in areas immediately adjacent to the factories and operations of the AECI Group in South Africa.
It is contemplated that the transaction will be finalised and implemented in 2009.
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