Civil engineering consulting firm UWP Consulting has announced that it is now wholly owned by its employees, with 51% of shares held by black employees at all levels.
“A milestone has been achieved in UWP’s transformation journey with the formation of the UWP Black Employees Trust (Ubet), which owns a 25% share of the company. All South African black employees of UWP are beneficiaries of Ubet,” CEO Nonkululeko Sindane says.A further 26% stake is already held by black executive shareholders.
Sindane says the company took its first significant step towards transforming its ownership structure in 2004 when the Congress of Traditional Leaders of South Africa (Contralesa) acquired 25% of the company.Contralesa’s investment took the black shareholding in UWP Consulting to 33.69% by 2015.
Early in 2016, the company achieved majority black ownership of 51%, facilitated by the internal sale and transfer of about 17% shares from white to black shareholders.Following extensive negotiations, Contralesa divested its 25% stake in UWP in late 2016.
“This development gave us an opportunity to realise our long-term vision of empowering our own black employees,” notes Sindane.She adds that the board and management of UWP will work closely with Ubet to realise the benefits of this milestone in its transformation journey.
