| Wed 5 Dec 2007, 15:50 | | TON - Tongaat Hulett: Media release - high BEE scorecard rating |
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TON - Tongaat Hulett: Media release - high BEE scorecard rating
Tongaat Hulett Limited
(formerly The Tongaat-Hulett Group Limited)
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541
TONGAAT HULETT: MEDIA RELEASE -HIGH BEE SCORECARD RATING
Tongaat Hulett confirmed its position as a top performer in the area of
transformation when it was awarded a Level Three Contributor status in terms of
the Broad-Based BEE Scorecard by an independent verification agency, National
Empowerment Rating Agency KZN (NERA KZN). BEE partners and other invited guests
were present at NERA`s official presentation of its certificate of recognition
to Tongaat Hulett CEO Peter Staude.
The rating entitles Tongaat Hulett customers to recognise 110% of procurement
spend 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, focussed listed entities -
Tongaat Hulett and Hulamin and the introduction of 25% BEE equity participation
in Tongaat Hulett.
CEO Peter Staude says, "Tongaat Hulett has always viewed Broad-Based BEE as an
opportunity to make a positive contribution towards transformation in South
Africa to the benefit of all our stakeholders. 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."
Highlights of the NERA accreditation included:
* Confirmation that Tongaat Hulett had achieved a score of 21.63 points
(including 2 bonus points) out of 20 for the ownership element of the
scorecard.
* A score of 5 points out of 5 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 within which the company operates.
* 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. Tongaat Hulett`s Medium Scale Farm Program resulted in the
transfer of 98 farms, comprising 11 871 hectares of land, to previously
disadvantaged emerging farmers.
Linda Ngcobo, CEO of NERA KZN says, "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."
Peter Staude concludes, "We are delighted by our 2007 accreditation and see it
as an excellent foundation upon which to build for the future. Going forward, we
will particularly focus on making further improvements to our employment equity
profile with increased resources being directed at skills development."
About Tongaat Hulett
Tongaat Hulett is an agri-processing business which includes the integrated
components of land management, property development and agriculture. Through its
sugar and starch operations in Southern Africa, Tongaat Hulett produces a range
of refined carbohydrate products from sugar cane and maize. It has considerable
expertise in downstream agricultural products, bio-fuel production and
electricity co-generation. Competition for alternative land usages is increasing
rapidly. Tongaat Hulett balances the operational requirement for cane supplies
to its sugar operations with the transition to property development. It is well
positioned to benefit from the changing world of agriculture/agri-processing and
the increasing demand for land.
About NERA
NERA is a national concern that has positioned itself as a service provider in
BEE verification and related areas. The organisation, which evaluates companies
against DTI codes, as well as various sector charters, includes Shell, IBM, Old
Mutual, Sanlam, Holcim and Santam among its prestigious client base.
Tongaat
5 December 2007
Sponsor
INVESTEC BANK LIMITED
Date: 05/12/2007 15:50:10 Produced by the JSE SENS Department.
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