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In a move to further boost local empowerment , Continental, the tyre manufacturing giant, has announced that its local subsidiary, ContiTech South Africa, has increased its local empowerment ownership in South Africa, through the transformation of its shareholding to a 51 per cent black and 31 per cent black female South African ownership.
“As a company, we recognise that transformation is not only a moral imperative but a pragmatic growth strategy that aims to realise the country’s full economic potential while helping to bring the black majority into the economic mainstream. Our focus, in terms of BBBEE, is to make a meaningful difference which is why in this transaction we included a Broad-Based trust that will be for the benefit of female entrepreneurs and the education of young females,” the company said in a statement.
“In terms of our focus on people development the ContiTech Africa Group has also engaged 34 black youths in January 2019 in terms of the Youth Employment Service program to further illustrate our commitment towards the development of skills amongst previously disadvantaged youth.
“This transformation of ownership illustrates Continental’s commitment to a long-term partnership to support inclusive economic growth and empowerment of previously disadvantage individuals,” it added.
Continental started its BEE transition in 2006 to support the growth strategy of the country and to actively engage with the previously disadvantaged communities to contribute to the realisation of the full economic potential of South Africa.
“These Continental’s BBBEE commitment credentials will not only enable our customers to maximise their BEE score but is evidence of our commitment to transformation in South Africa,” the company further stressed.
