The real value of the Imvula Education Empowerment Trust’s acquisition of 23 percent shares of JSE-listed Electronics group, Ellies Holdings, lies in skills development.
Black economic empowerment deals involving some listed multinational and a consortium with a high profile, already empowered person at the helm, elicit a lot of attention and media glitz. While, arguably, there is a feel-good factor amongst black South Africans seeing transfer of wealth to their own kind, in most cases, the tangible trickle down effect of such transactions cannot be measured.
It is from this perspective that the real value of the Imvula Education Empowerment Trust’s acquisition of 23 percent shares of JSE-listed Electronics group, Ellies Holdings, under a Broad-based Black Economic Empowerment (B-BBEE) agreement, can be better appreciated. Coincidentally, taking place at a time when South Africa’s economy is experiencing it’s lowest point with record unemployment, the real value of the transaction lies in skills development. The R18.5 million transaction will improve the group’s empowerment credentials to a Level 4 B-BBEE status.
Access to quality education and employment opportunities
Imvula was established in 2009 by the Maharishi Invincibility Institute, an organisation whose purpose it is to provide talented but historically marginalised black youth access to quality education and employment opportunities. The ultimate objective of this initiative is contributing to the economy in a meaningful and sustainable way over the longer term.
The beneficiaries of Imvula are 100% black South Africans. The youth are selected by the Maharishi Invincibility Institute based on genuine financial needs amongst other considerations.
Uplifting more South African youth
Imvula’s aims at uplifting more South African youth by enabling many to escape the cycle of poverty. Maharishi Invincibility Institute has successfully transitioned nearly 20 000 individuals into meaningful employment, earning combined annual salaries exceeding R1.45 billion, with conservatively estimated career earnings of R41.85 billion. These individuals support over 150 000 family members. This is significant in improving unemployment and enriching communities,” says Dr Taddy Blecher, CEO of Imvula.
A basket of services
Imvula provides access to a basket of services, such as education, training, accredited qualifications and industry designations, work-experience and jobs, financial support, nutritional and psycho-social support. This ensures that the youth are successfully integrated into the job market and are given a head start towards building their own successful businesses or careers in future.