Spar staff get R1bn BEE slice of group

July 17, 2009

GROCERY retailer Spar said yesterday it would sell 10% of its equity to staff and franchise employees in an empowerment deal valued at about R1bn.

The group said it would create two employee trusts, one for Spar employees and the other for the employees of retailer members, to issue 18,9-million redeemable preference shares to a majority of its black employees for its broad-based empowerment scheme.

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