Kapela
bp Southern Africa remains committed to meaningful transformation
bp Southern Africa has completed a major Broad-Based Black Economic Empowerment (B-BBEE) transaction with two new BEE investors, as part of its continued commitment to meaningful transformation in the country.
bp Southern Africa’s commitment to transformation dates back several years. In 2001 it became one of the first companies in the petroleum sector in South Africa to implement a BEE transaction with the Mineworkers Investment Company (MIC) and WDB Investment Holdings/WDB Fuel (WDB).
bp Southern Africa’s previous ownership structure was advantageous to both bp and the former BEE shareholders. However, consistent with BEE legislation changes, bp has deepened its equity ownership structure to ensure a greater balance between economic and voting interests, which bp believes provides a more sustainable transformation for the future.
bp Southern Africa has sold 25% + 1 share to two BEE partners, namely KAPELA and the bp Southern Africa Education Foundation, a Broad Based Black Economic Empowerment Trust.
The Kapela BEE consortium includes the Disability Empowerment Concerns Trust, which is a majority black broad-based trust with over two million people with disabilities as beneficiaries (at least 85% are black and 50% are women), as well as a majority black-owned and managed private equity firm. Kapela acquired a 20% +1 share and the bp Southern Africa Education Foundation acquired 5% of bp Southern Africa’s shares.
Mr Israel Skosana, Kapela Executive Chairman says:
The transaction was concluded after a competitive process where every bidder was treated in a fair and transparent manner. The partners (MIC and WDB) were invited to participate in this process and during this time elected to extract value from their existing investment, enabling bp Southern Africa’s new BEE structure.
Mary Bomela, Chief Executive Officer of the Mineworkers Investment Company (MIC), noted:
Thandi Orleyn, bp Southern Africa Chairman, says:
Through the bp Southern Africa Education Foundation, bp Southern Africa will contribute in meaningful and sustainable ways to enhance the standard of living and improve the well-being of previously disadvantaged, specifically black women and people with disabilities, through education and skills development. This aligns with bp Southern Africa’s existing Community, Social Investment (CSI) as well as Skills Development programme.
Within Skills Development bp Southern Africa has established a progressive partnership with Wits on a Targeted Talent Program (TTP) and is investing R105 million over five years with R15 million spent in 2014 alone to enrich the lives of just under 1,000 students. At its core, this enrichment program identifies talented pupils in underprivileged rural areas and guides them through specially developed engagements over a long-term period (2 - 3 years) to prepare them for their final matric exams and for transition into the University environment. The program has already produced some of South Africa’s top matriculants with 900 more pupils expected over the program’s 6-year run.
Through the bp Southern Africa Education Foundation, bp Southern Africa will contribute in meaningful and sustainable ways to enhance the standard of living and improve the well-being of previously disadvantaged, specifically black women and people with disabilities, through education and skills development. This aligns with bp Southern Africa’s existing Community, Social Investment (CSI) as well as Skills Development programme.
Within Skills Development bp Southern Africa has established a progressive partnership with Wits on a Targeted Talent Program (TTP) and is investing R105 million over five years with R15 million spent in 2014 alone to enrich the lives of just under 1,000 students.
At its core, this enrichment program identifies talented pupils in underprivileged rural areas and guides them through specially developed engagements over a long-term period (2 - 3 years) to prepare them for their final matric exams and for transition into the University environment.
The program has already produced some of South Africa’s top matriculants with 900 more pupils expected over the program’s 6-year run.
