Spar announces proposed broad-based BEE scheme

July 16, 2009

RETAIL group Spar (SPP) today announced its proposed broad-based black economic empowerment (BBBEE) scheme which would result in certain full-time employees of Spar and its member retailers' employees holding an effective 10% of the total issued share capital of the group.

For purposes of the scheme, Spar said it had created two trusts for each of the Spar Employees and the Retailer Employees, namely The Spar BBBEE Employee Trust and The Spar BBBEE Retailer Employee Trust.

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