Primedia is fully committed to black economic empowerment. Primedia is both a product of black economic empowerment (BEE) and a catalyst for its advancement. As a result, BEE is one of our core business imperatives: it is driven and directed by our Board which has appointed the Transformation Committee to oversee the implementation of empowerment within the group, to monitor its progress and to evaluate new opportunities.
Following the delisting transaction, broad-based BEE investment groups will together effectively direct the voting of approximately 49.1% of our ordinary shares, entrenching our position as the most transformed company in the South African media sector. MIC, Primedia’s long standing strategic BEE partner which has become a significant shareholder of the group, has consistently demonstrated its ability as one of South Africa’s pioneering BEE investments companies. This ability is rooted in the active role the company takes in business transformation.
In addition Primedia continues to work hard on being representative of the demographics of this country through sound employment equity principles; the development of its employees; entrenching affirmative procurement; supporting enterprise development initiatives and developing communities through its corporate social investment initiatives. Our success in transformation has resulted in Primedia been acknowledged as South Africa's most transformed media company for 3 consecutive years through the Financial Mail Empowerdex Top Empowerment Companies survey.