Fifteen thousand current and former IMPERIAL employees received an average of R23 000 per employee through the Ukhamba empowerment scheme at the end of 2011.
A total of R350 million was distributed in terms of the Ukhamba schemewhich was launched in 2004 as an empowerment vehicle for IMPERIAL’s previously disadvantaged employees. Employees paid a nominal fee for participation.
This payout is only part of the value which members hold in the scheme. Ukhamba owns 10,1% of Imperial, as well as 31% of Distribution and Warehousing Network (Dawn), a listed company operating in the building supplies industry, as well as a few smaller investments.
Thembisa Dingaan, Chairman of Ukhamba Holdings said, “Ukhamba is now ready to share the wealth that has been generated over the years, with its shareholders and the members of the trust, many of whom are employees of IMPERIAL Holdings.”
On 5 March 2004 all previously disadvantaged IMPERIAL employees received units based on their respective length of service. Even those who have left the company have retained these units and will continue to receive future payouts.
Hubert Brody, CEO of Imperial said, “IMPERIAL is delighted that the trust could make the payout and that long serving previously disadvantaged staff are now able to benefit.“
Four years ago, Ukhamba paid out an amount of R51m to employees of IMPERIAL in terms of a previous black empowerment scheme. Participating employees contributed to that scheme, and made a very rewarding return on their investment.
About IMPERIAL Holdings
IMPERIAL is a diversified industrial services and retail group with activities spanning logistics, car rental and tourism, distributorships, automotive retail and related financial services. IMPERIAL operates in South Africa, Africa, Europe and Australia.
IMPERIAL is listed on the Johannesburg Stock Exchange, and is run on a decentralised management structure that actively encourages entrepreneurship, innovation and best practice. The company employs 34 500 people, who are responsible for the growth and continued success of the group that began as a motor dealer in downtown Johannesburg in 1948.
About Ukhamba Trust
Ukhamba Holdings is an empowerment company held as to 47% by the Ukhamba Trust, a trust established for the benefit of approximately 15 000 previously disadvantaged employees of the Imperial Group during March 2004, 6% by the Ukhamba Community Development Trust and 47% by Imperial Holdings Ukhamba owns 10,1% of Imperial, as well as 31% of Distribution and Warehousing Network (Dawn), a listed company operating in the building supplies industry, as well as a few smaller investments.