Heineken Beverages South Africa on Wednesday confirmed that its almost 5 000 employees will jointly own a stake in the company through an employee share ownership plan called Bokamoso.
The empowerment scheme, which was one of the conditions of ownership imposed on the Dutch brewer by local competition authorities, will see Heineken South Africa employees holding a 6% share in the company.
“Our people are at the heart of our business, and we consider our employees partners on our growth journey, geared towards our future together,” the group’s corporate affairs director Millicent Maroga said in a statement.
News of Heineken’s move to buy South African wine and spirits maker Distell Group for over R38 billion first broke in November 2021. The transaction, however, only received approval from local competition authorities earlier this year.
Heineken pledged R15.5 billion towards the expansion of the company’s breweries and beverages manufacturing lines in South Africa at the fifth South African Investment Conference.
Read: Heineken to invest over R15bn in SA beverages and breweries sector
According to Heineken, the perpetual employee share ownership scheme will also be open to future South African full-time employees and fixed-term contractors within the South African operations.
“As a company, we recognise that our success is dependent on having the very best talent, highly motivated employees who are all guided by a strong sense of purpose,” HR director Enid Lizamore said.
“Having a scheme with no defined end date or fixed term allows benefits, in the form of dividends, to flow to both present and future employees indefinitely,” Lizamore added.
The company says it expects to pay dividends twice a year, subject to performance.
Read: Heineken, Distell deal passes all regulatory hurdles
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