A Barloworld Logistics truck. Picture: MOTOR NEWS
Black investors and about 14,000 of Barloworld’s management and employees will own shares in Khula Sizwe, which was established for the empowerment scheme. With i R174.3m from the employees trust and R207m raised from the management trust, the money raised through the public offer will partly fund the acquisitions of the property portfolio, which comprises motor retail, industrial and residential properties.Tantaswa Fubu, Barloworld’s group executive for human capital, said the scheme will boost Barloworld’s empowerment credentials.
As part of the transaction, Barloworld SA and Barloworld Logistics will enter into a 10-year lease agreement with Khula Sizwe. According to a prospectus on the scheme, Barloworld and Khula Sizwe might extend the lease for five more years.
Source: Real Estate Daily Report (realestatedailyreport.net)
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