Two new projects were announced last week.
Liebherr Africa (Pty) Ltd, a Swiss multinational operating in the manufacturing industry, will partner with Ikhaya Fundisa Techniskills Academy (Pty) Ltd (IFTA) to form the Liebherr Training Academy which will train 75 students per annum over a six year period, where the students will then be placed in gainful employment within the engineering field following completion of the relevant training programmes.
Hansen Transmissions (Pty) Ltd will establish the Ulwazi Express, which is to deliver knowledge and information to people in disadvantaged communities in both rural and underdeveloped urban areas (particularly the youth) by providing them, amongst other things, access to educational material with a special focus on mathematics, science and life skills, as well as facilitating youth participation for creative industries. More importantly, by enhancing the digital infrastructure in underdeveloped areas, the Ulwazi Express will be making the delivery of other media content possible thus going a long way in bridging the digital divide.
These projects will entitle both multinationals to 20 points under the ownership element of code 100 of the Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice.
What is worth noting is that "the initiatives will be monitored by the Department of Trade and Industry on a quarterly, bi-annual and annual basis, through the Equity Equivalent Investment Committee."
I was unaware that such a committe exists.
If you want to know more about the subject I found Hennie Uys' blog - he's put up a good write up on equity equivalents. I didn't know about this blog - it looks quite good.
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