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January 21, 2008
City Lodge BEE deal on track
Hotel chain City Lodge said on Friday it had made considerable progress regarding the introduction of 15% direct black shareholdings in the ordinary share capital of the company.
"By excluding mandated investments, as defined in the Department of Trade and Industry's draft amended Codes of Good Practice on BEE from the company's existing shareholding structure, it is envisaged that the transaction will result in City Lodge achieving effective direct black shareholdings in excess of the Tourism BEE Charter 2009 target requirement of 21%," it said.
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Posted by StaffWriter at January 21, 2008 7:34 AM