Black Economic Empowerment
Peermont is one of South Africa's most empowered hospitality and gaming Groups and won The Barloworld Wits Business School BEE Awards for 2008 (previously the BusinessMap BEE Awards) in which the Mineworkers Investment Company (MIC) led buyout of Peermont, concluded in 2007 was awarded the BEE Deal of the Year Award. This was even more special since one of the most important criterion which were considered by Provincial Gambling Boards in South Africa in the evaluation of casino licence applications was Black Economic Empowerment ("BEE"). To this end Peermont's casino licence applications included strong commitments to make significant contributions towards broad based BEE in South Africa in the form of ownership opportunities, transfer of skills, job creation, training, sub-contracting to and procurement from BEE entities and executive development and advancement programmes. As a result, every property has a very strong local BEE shareholding and management representation that meets the stringent conditions by regional gaming jurisdictions.
The MIC led BEE transaction effectively gave broad based BEE investment Groups and BEE individuals an effective 80% voting right of our ordinary shares. This, therefore, gives us the highest level of BEE control of any casino operator in South Africa.
Of the 11 Peermont Global (Pty) Ltd directors, appointed to the Board, six are are black, with two black female representatives and one is Indian.
Peermont's BEE partners in its South African operations are:
National BEE Partners:
- MIC Leisure (Pty) Ltd, a wholly owned subsidiary of the MIC.
- Various community trusts.
- Selected Individuals.
Local BEE Partners:
- Various Local Trusts in each property location.
- Various Local Consortia.
- Various Local BEE Individuals.