High BEE rating for unbundled Tongaat Hulett

2007-12-07 00:00

The rating entitles Tongaat Hulett customers to recognise 110% of procurement spent through purchases made from the company. This award follows on the corporate restructuring transactions completed earlier in the year, which included the listing and unbundling of Hulett Aluminium (Hulamin) out of the Tongaat-Hulett Group; the creation of two separate, focused listed entities in Tongaat Hulett and Hulamin and the introduction of 25% BEE participation in Tongaat Hulett.

CEO Peter Staude said that Tongaat Hulett have always viewed Broad-Based BEE as an opportunity to make a positive contribution towards transformation in South Africa. “Confirmation of our status as a Level Three Contributor is a reflection of our progress in the areas of BEE equity participation, employment equity, preferential procurement, enterprise development, corporate social responsibility and training and development,” he said. Highlights of the Nera accreditation included:

• Confirmation that Tongaat Hulett had achieved a score of 21,63 points (including two bonus points) out of 20 for the ownership element of the scorecard.

• A score of five points out of five for the area of corporate social responsibility re-enforced Tongaat Hulett’s continued commitment to building and enhancing the quality of life of people, with an emphasis on previously disadvantaged communities.

• The area of enterprise development yielded a score of 13,73 points out of a possible 15, and reflected the activities that Tongaat Hulett has undertaken in order to assist with the development of black-owned medium sized businesses.

Linda Ngcobo, CEO of Nera KZN, said, “Very few large companies have done as well as Tongaat Hulett in these early stages of BEE rating. This is an exceptional achievement, based on a challenging scorecard”.

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