Remgro said it will ‘unwind’ its 2014 black economic empowerment (BEE) transaction at a total cost to shareholders of R230 million. Read the full story ➡️BEE
, majority owned by Remgro, has said it will ‘unwind’ its 2014 black economic empowerment transaction at a total cost to shareholders of R230 million.
At that time, shares were trading at around the R17 level. In May this year, RCL shares were just above R10. On Friday, its thinly-traded shares closed at R11.The shareholders of SPV 2 are the Imbewu Consortium , Ikamva Labantu Empowerment Trust and businesswoman Manana Nhlanhla . At the time, RCL Foods said the former “BEE structure is considered unlikely to deliver any equity value to the BEE parties and as such, RCL Foods and the BEE parties have agreed to unwind” it and “implement a new BEE ownership transaction in order for RCL Foods to sustain its BEE ownership and to create value for the BEE parties”.
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