First empowerment deal for Western Cape's marine sector

February 22, 2007

Marine and offshore mooring equipment supplier Anchor Industries has concluded the first broad-based black economic-empowerment (BBBEE) deal, in conjunction with Old Mutual Investment Group South Africa (Omigsa), in the Western Cape marine industry...

Anchor Industries MD Dale Hutcheson says that this agreement, which is the first of its kind in the local marine industry, involves Anchor Industries staff receiving 25,1% of the company’s equity in the form of a staff share trust. Hutcheson adds that the BBBEE deal is based on a management buy-out by the Anchor BBBEE Staff Trust, Anchor management and Omigsa.

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