Shoprite Checkers employees across the country will get the opportunity to own part of the giant retailer. Over 120,000 employees will have direct access to a portion of 40 million Shoprite Checkers shares.
The company says that this will increase their Black Empowerment Ownership to 19.2 percent. The shares have an estimated value of R8.9-billion.
Shoprite Checkers says that the issuance is for the benefit of its employees in recognition of their contribution and continued participation in the Shoprite Group’s success.
The retailer has 126,000 employees in South Africa and all of them are set to benefit through the Shoprite Employee Trust.
Non-South African employees — of which there are currently 16,000 — will receive equivalent benefits through their wages.
Source:: eNCA
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