Freedom to unveil a landmark BEE Scheme

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The fact that Black Economic Empowerment (BEE) share scheme launches are few and far between these days mirrors low corporate confidence in the area as a lucrative growth vehicle more than anything else. Little wonder, Freedom Property Fund, the newly JSE listed move’s to swim against the tide has caught analysts by surprise.

Bravely, Freedom Property Fund has decided to establish a BEE share scheme valued atR1.56 billion to boost ownership of the company by previously disadvantaged individuals, according to the CEO, Tyrone Govender.

When persuaded to comment why his company had taken such a ‘risky’ move when other organisations were overly cautious, Govender explicitly said, “We are doing it because we believe it is good business.”

The scheme will help the company attract capital at competitive rates, he explained. It will open up some of the doors in terms of the number of deals we will participate on. It will create more transparency from a company operations view.”

Govender added: “Freedom plans to outperform when it comes to BEE in terms of the property sector charter…It (BEE scheme) supports Freedom’s strategies to deliver sustainable value and growth prospects for all our shareholders.” He was no-committal on the shape the BEE scheme would take before the eggs had hatched, only saying: “It would be market related.”

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