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Other Useful Information

BLACK ECONOMIC EMPOWERMENT POLICY
 
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.
 
  1. 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.
  2. 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.
  3. 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.