We’ve been trailblazers in equal opportunity since 1971

When we say “Transformation”, what we mean is creating opportunities for tangible empowerment for our stakeholders. At our core, we’ve committed ourselves to leaving South African communities better off, by building a legacy of real empowerment that lasts for generations to come.


We created Zenzele in 2010 – our trailblazing B-BBEE project. If we’re going to talk real transformation, we’ve got to walk that talk. SAB Zenzele was the platform that allowed us to do it, with around 42 000 shareholders as direct beneficiaries of the progamme, along with the SAB Foundation.

Scheme beneficiaries

  • 01

    The SAB Zenzele Employee Trust.

  • 02

    SAB Zenzele Holdings Limited, which holds shares for the benefit of black-owned beer and soft drink retailers.

  • 03

    The SAB Foundation Trust, which supports entrepreneurship projects with the aim of benefiting low-income communities.

Some defining characteristics

01The benefits of the transaction are specifically targeted at the major stakeholder groups who have played a profound role in SAB’s long-term business success.
02The transaction was made affordable and easily accessible for targeted stakeholders. Employees and the SAB Foundation are not required to pay for their shares, and retailers make a nominal cash investment.
03There was no external bank funding required, contributing significantly to the sustainability of the transaction.
04Through the SAB Foundation, many historically disadvantaged South Africans benefit from sustainable, ongoing investment, aimed at fostering entrepreneurship.
05A meaningful cash dividend stream was paid to all participants from year one, delivering a significant economic benefit.
Since the launch of Zenzele, the SAB Foundation Trust has received a total of R471.3-million in dividends. In turn, we’vesupported over 400 enterprises which offer products and services for the benefit of women, youth, people living with disabilities and rural communities.
A total of
29 543 retailers
have received a total pay-out of
in dividends through SAB Zenzele Holdings (RF) Limited.
A cumulative
in dividends has been paid out to the SAB Zenzele Employee Trust over the past five years. The 10-year duration of the transaction means that it will reach maturity in 2020, at which time SAB Zenzele shares will be exchanged for tradable SABMiller PLC shares
For more information call 0861 900 903


The South African Breweries (SAB) today announced the creation of their new R5.4 billion broad-based BEE ownership scheme, SAB Zenzele Kabili. SAB Zenzele Kabili follows the decade-long success of the SAB Zenzele scheme, which will have delivered approximately R14 billion in value for its beneficiaries, including SAB Zenzele’s 29,000 retailer shareholders, 13,000 current and former SAB employees and the SAB Foundation when it unwinds in April 2020. This is the largest and most prolific broad-based BEE transaction concluded in the South African FMCG industry. The SAB Zenzele Kabili scheme, which remains subject to shareholder approval, will replace and build on the success of SAB Zenzele with the intention of generating value for existing and new BEE investors.

The over 40,000 shareholders who invested in SAB Zenzele will receive R9.7 billion in value when the transaction unwinds in April 2020 and will elect to receive this value in either AB InBev JSE-listed shares or cash proceeds from the sale of these shares. SAB has received consistent feedback from SAB Zenzele shareholders that they want the opportunity to re-invest part of the value from the unwind of SAB Zenzele into a new empowerment scheme that will hold shares directly in AB InBev. Accordingly, the new scheme will allow SAB Zenzele shareholders the opportunity to re-invest.

The R5.4 billion SAB Zenzele Kabili transaction will be funded through a combination of R678 million equity contribution from existing SAB Zenzele shareholders, R600 million equity contribution from a new broad-based ESOP funded by SAB, R344 million reinvestment by the SAB Foundation, R811 million of AB InBev discounted shares from SAB and R2 973 million of 10 year preference share vendor funding from SAB.

“SAB is committed to contributing to long term economic growth and development in South Africa” said Andrew Murray, Vice President Finance, SAB. “With empowerment and ownership as key imperatives and core beliefs of the business, SAB intends to list the SAB Zenzele Kabili scheme on the JSE on Wednesday, 15 April 2020” Murray concluded.