Melco announces BB-BEE transaction

Melco is pleased to announce a 25% +1 share Black Economic Empowerment (BEE) transaction in relation to its South African operations.

Melco managing director Gavin Hall highlights the fact that transformation has always been a focus area for the company.

"Melco has participated and will continue to participate in opportunities to facilitate significant and sustainable growth for the business, as well as for individuals in the surrounding communities of Melco’s operations. Melco acknowledges the importance of maintaining its competitive edge with customers by ensuring that it can assist them in reaching their procurement compliance targets set out in the Broad-Based Socio-Economic Charter for the South African Mining and Minerals Industry, introduced by the custodian of all minerals in the South African State," he explains.

Rulmeca Group managing director and Melco chairman Carsten Spanggaard adds that Melco is committed to complying with the ownership requirements of the Department of Trade and Industry BEE Codes of Good Practice, published on 9 February 2007. He says: "In this context, Melco has established a broad based community trust, the Dukathole Community Trust which became a 25% plus 1 share shareholder in Melco on 4 March 2013.”

The participation in the equity of Melco is aimed at expanding opportunities in the community, and in particular individuals in the community." Melco looks forward to partnering with the Dukathole Community Trust in furthering its objective of development of the community and its business," Hall concludes.