JSE-listed share ownership scheme, SAB Zenzele Kabili to hold first AGM
On 28 May 2021, The South African Breweries (SAB) listed its B-BBEE share scheme on the Johannesburg Stock Exchange (JSE). On 10 May 2022, the SAB Zenzele Kabili scheme is hosting its first Annual General Meeting (AGM) and will be inviting all its shareholders to understand the scheme’s performance over the last year and engage with fund managers.
As one of the largest B- BBEE transactions of its kind in the country, the SAB Zenzele Kabili scheme owns R5.4bn worth of shares in the world’s largest beer maker, SAB’s parent company, AB InBev. The scheme was listed on the B-BBEE Segment of the JSE to facilitate liquidity and broaden ownership to other B-BBEE investors, including qualifying SAB employees through a new employee stock ownership plan.
CEO of SAB, Richard Rivett-Carnac believes SAB Zenzele Kabili is a catalyst for economic recovery. “This scheme proves our commitment to transforming this country from the ground up by helping thousands of our stakeholders build a financial legacy for their families and their communities.
One year down the line, Rivett-Carnac says shareholders should be uplifted by the performance of the global business despite global and local economic challenges and interruptions.
“At this point in the scheme, share price value for shareholders should not be a focal point. This is about long-term value creation activity.”
While Rivett-Carnac says SAB has very little control over macro-economic circumstances, he says SAB can control the performance of the business, which he believes should give shareholders hope. “As is with all long-term investments, short-term fluctuations shouldn’t play on the minds of those with long-term goals. We are in this for the long-term and believe that this SAB Zenzele Kabili will deliver above and beyond expectations.”
The previous scheme, SAB Zenzele, reached maturity in May 2021, is the largest B-BBEE scheme in the history of South Africa in the fast-moving consumer goods sector, having reached a total maturation value of R9.7 billion.
As the biggest transaction of its kind in South Africa, falling completely in line with B-BBEE regulations as set out by the South African government, Rivett-Carnac says this scheme was always meant to help direct economic transformation forward.
“We are proud to play a part in this economic transformation that so many South Africans still stand to benefit from. Of course, this is but a steppingstone in the SAB/AB InBev journey in this country. We are five years into our merger, and we know there are many more steps to be taken to achieve true transformation,” concludes Rivett-Carnac.
As a publicly listed share ownership scheme, the SAB Zenzele Kabili AGM will be hosted at 56 Grosvenor Place, Bryanston, on 10 May 2022 at 09:00-10:00.