SENS

17-12-2010

B-BBEE Level 2 Contributor


TONGAAT HULETT - B-BBEE LEVEL 2 CONTRIBUTOR

 

Tongaat Hulett announced the achievement of an important milestone in the area of transformation when it was confirmed that the company had attained a Level 2 contributor status in terms of the Broad Based Black Economic Empowerment (B-BBEE) Codes of Good Practice. This status will ensure that Tongaat Hulett customers are able to claim 156% (Level 2 weighting of 125% x 1,25% for achieving a value adding status as a company) of spend with the company towards their own empowerment rating.

 

Commenting on the achievement, CEO, Peter Staude said, “I am particularly pleased that after a number of years of high scoring in the areas of Equity Ownership, Management Control, Employment Equity, Enterprise Development and Socio-Economic Development we have significantly improved in the areas of Skills Development and Preferential Procurement.”

 

AQRate (KZN) Verification Agency CEO, Linda Ngcobo said, “I would like to take this opportunity to congratulate Peter Staude and the Tongaat Hulett team on achieving this milestone especially in light of the fact that so few JSE listed companies have attained the Level 2 contributor status.”

 

Peter Staude concludes, “Tongaat Hulett is committed to the principles enshrined in the Codes of Good Practice and we will continue to identify other areas of improvement that will further facilitate the company’s contribution towards the transformation of South Africa.”

 

Amanzimnyama, Tongaat

17 December 2010