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Da Gama Textiles finalizes R45 mn empowering pact
19 Apr '06
1 min read
Da Gama Textiles at Zwelitsha, South Africa has signed a R45 million empowerment deal that involves about 1600 employees.
KAP Beteiligungs, led by Claas Daun, has sold 60 percent of its interest in business.
This Da Gama Employee Trust a 45 percent stake in the business, with 15 percent held by management.
Daun believes that this project is the company's way to contribute to the black economic empowerment (BEE) program and says that empowering the workers will inturn benefit any project that is undertaken by the firm.
Department of Trade and Industry implemented BEE so as to end uncertainty over empowerment deals boost South Africa's economic growth.
Da Gama Managing Director, Bob Funnell, said that the first step to build a sustainable, transformed, community-owned company will be to provide facilities to further develop the skills of the employees.
Company's BEE status will also aid it in retaining government contracts.
It supplies workwear to the SANDF and the correctional services department.
KAP Beteiligungs, led by Claas Daun, has sold 60 percent of its interest in business.
This Da Gama Employee Trust a 45 percent stake in the business, with 15 percent held by management.
Daun believes that this project is the company's way to contribute to the black economic empowerment (BEE) program and says that empowering the workers will inturn benefit any project that is undertaken by the firm.
Department of Trade and Industry implemented BEE so as to end uncertainty over empowerment deals boost South Africa's economic growth.
Da Gama Managing Director, Bob Funnell, said that the first step to build a sustainable, transformed, community-owned company will be to provide facilities to further develop the skills of the employees.
Company's BEE status will also aid it in retaining government contracts.
It supplies workwear to the SANDF and the correctional services department.
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