As part of its efforts to comply with Zimbabwe’s indigenization policy, BAT Zimbabweis planning to sell a 21 per cent stake in the company, according to a Business Day (South Africa) story relayed by the TMA.
The policy compels foreign-owned companies to empower the country’s citizens by transferring majority shareholdings to locals.
BATZimbabwesaid it was planning to sell a 21 per cent stake by creating an employee share ownership trust (ESOT) that would hold 10 per cent and a corporate social investment trust that would hold 11 per cent.
A circular signed by company secretary, Shungu Chirinda, said the move was expected to make the company compliant with the indigenization policy.
Full compliance is expected to be finalized over the next three years, the circular said.