Emira's R364-million BEE transaction a major milestone
The Emira Property Fund said its recently completed R364-million BEE transaction was further evidence that the company remained committed to the transformation of the South African economy.
Emira said the new strategic partners would ensure that there is sustainable transformation in the South African economy, and add considerable value to Emira itself.
So, what do these numbers actually mean for the fund and the industry.
Well, the transaction will mean that five percent of the REIT's shares are held by said strategic black partners. Letsema Holdings and Tamela Holdings will each hold 2.5 percent of Emira shares through their 100 percent owned subsidiaries.
The term 'watershed moment' is bandied about with reckless abandon in the South African context, but the executive team at Emira said this was truly a landmark transaction, in almost every respect.
Geoff Jennett, CEO of Emira, created some clarity on this.
"Transformation is a priority for Emira. We identified this transaction as an exciting opportunity to action our commitment to achieving the sustainable BEE ownership of Emira. Both BEE parties have the expertise, experience, relationships and credibility to make significant contributions to Emira," said Jennett.
"We are introducing BEE partners who are influential role players and we are confident that this transaction strengthens Emira in many ways for the benefit of all our stakeholders," added an excited Jennett.
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