South Africa: Black Empowerment Broadens Its Reach

Sasol, South Africa’s energy and mining giant, recently announced that it would sell 63.1 shares worth 25.9bn rand ($3.19bn; £1.6bn) to black staff and black investors, in the country's largest ever Black Economic Empowerment (BEE) deal. The deal represents a sale of a 10% stake in the energy giant’s business. The government-backed BEE scheme aims to increase black economic ownership encouraging broad based economic empowerment. Sasol’s Chief Executive Pat Davies says the company’s move…“will make a difference by creating significant economic opportunity for more than one million potential beneficiaries ranging from individuals to rural women's groups who can invest in Sasol.” Sasol’s deal is particularly significant as the company has had long-held reputation for being a white, male-dominated corporation that struck it rich during the apartheid years.

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