At Amalgamated Pumping Supplies,
black economic empowerment (BEE) is embraced as
a value creating strategy, designed to create realistic,
meaningful and enduring partnerships with those
previously denied them.
Amalgamated Pumping Supplies strategy has the aim
of capacity building, job creation and economic
growth. There are four main focus areas:
Shareholding and equity participation –
with focus on seeking value added partnerships
and making the shareholder base representative
Employees - with focus on training, employment
equity, capacity building, training and development
Business Partners - with focus on value creating
opportunities
The wider community - with focus on nation
building.
The BBBEE Act of 2003 establishes
a legislative framework for the promotion of black
economic empowerment within South African industries.
We the directors of Amalgamated Pumping Supplies
(SA) (Pty) Ltd. accept the aims of the Act and
as such want to align our Company with its requirements
and guidelines. This will be done as planned below.
Amalgamated Pumping Supplies
(SA) (Pty) Ltd. Black Economic Empowerment plan
of action and timeframe.
The first step in the area of shareholding
and equity participation has been to draft a
plan to attract a “value adding”
BEE equity partner.
We want to sell a share of our business to
the correct BEE equity partner sometime between
March 2006 – March 2007. We cannot specify
an exact date as it is a complex process but
negotiations are currently taking place with
a prospective BEE equity partner.
Our end goal at Amalgamated Pumping Supplies
(SA) (Pty) Ltd. is for an active and value adding
BEE partner with an initial 26- 30% ownership.
This partner will be either an African, Indian
or Coloured South African citizen by birth or
descent. Once this point of transition is reached
we will qualify for classification as BEE. The
aim is for the BEE partnership to be “Broad
Based”.
Employees enjoy an integrated
yet rigorous program of capacity building with long-term
sustainability. Policies and procedures have been
documented, approved and implemented to ensure this.
Amalgamated Pumping Supplies ultimate goal is that
the company’s employee profile will match
the economically active national demographic profile.
In keeping with its partnership philosophy, Amalgamated
Pumping Supplies’ strategy has been to support
Black Companies.
In selecting business partners and suppliers,
Amalgamated Pumping Supplies gives preference
to those who have HDSA ownership. Ideally, shareholders
will be taking an active part in the running of
the business and ensuring that there is a transfer
of skills to HDSA employees. Where possible, preference
is given to companies that satisfy the above criteria
and are also Small, Medium and Micro Enterprises
(SMEs).
Amalgamated Pumping Supplies BEE Procurement
Program was initiated in January 2006 and since
then, the company has shown a 100% per annum growth
in the value of business done with BEE companies.
Amalgamated Pumping Supplies commitment to this
charter underpins all its activities and ensures
that the company continues to lead the industry
in delivering sustainable value-creating opportunities
for HDSAs.
