Admire Moyo | 15 November 2024
Fintech group Lesaka Technologies is offering shares worth R215 million to its employees, in an effort to boost its broad-based black economic empowerment (BBBEE) rating.
Formerly known as Net1 UPS, Lesaka is listed on the Johannesburg Stock Exchange as well as the Nasdaq.
BBBEE levels are a measure of a company’s compliance with black empowerment in terms of ownership, management control, skills development, enterprise and supplier development, and socio-economic development.
Compliance with BBBEE can provide a range of benefits for businesses, including improved access to various business opportunities, enhanced reputation, increased competitiveness, access to funding and tax benefits, as well as the empowerment of black people in South Africa.
Lesaka shareholders recently voted on and approved the funding and issuance of shares to the Lesaka Employee Share Ownership Plan (ESOP) Trust at its annual general meeting.
Lincoln Mali, CEO of Lesaka Southern Africa, says: “We are very proud of the launch of our broad-based employee share ownership plan. Lesaka has been on a far-reaching transformation journey and our employees becoming shareholders is a significant and an important milestone for us.”
‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’.