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Chief Reporter
Anglo American Company BAT Zimbabwe says it is taking the Indigenisation and Economic Empowerment Act seriously, making it the first firm to comply with the law.
Government has set a compliance deadline of March 31, 2016.
Compliance by companies like BAT are proof that the law and related regulations are reasonable and market friendly.
Responding to questions from The Sunday Mail, BAT managing director Mr Lovemore Manatsa said the implementation matrix for compliance was principally premised on setting up a vibrant employee ownership scheme and establishing the BAT Zimbabwe Tobacco Empowerment Trust.
“The company has already attained full indigenisation compliance and has been certified as such by the National Indigenisation and Economic Empowerment Board and the ministry.
“Indigenous Zimbabweans now constitute more than 51 percent of the company’s share register. The compliance was achieved through two phases namely; The issuance, allotment and transfer of ordinary shares to the Empowerment Trusts – the BAT Zimbabwe Employee Share Ownership Trust 10 percent and the BAT Zimbabwe Tobacco Empowerment Trust 10.76 percent.
“There were also pre-existing indigenous Zimbabwean shareholders on the company’s share register.”
BAT Zimbabwe is a subsidiary of multinational company, British America Tobacco.
Online Reporter