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Boosting Coronation's BBBEE competitiveness
Discover the impact of Coronation’s BBBEE deal on Black ownership and economic growth for long-term success
Since 2021 Coronation Fund Managers Limited has maintained Level 1 contributor status, with verified 31% effective Black ownership and R278 billion (42% of total assets under management) managed by black employees. Its South African-based employees are 64% black, of which 57% are black women.
As a natural progression in its transformational journey, Coronation embarked on a Black ownership transaction to enhance its effective Black ownership to at least 51%.
Nedbank Corporate Finance was appointed as Coronation’s corporate adviser and transaction sponsor in respect of the transaction.
Understanding the Imbewu Trust and Ho Jala Community Trust
The transaction was structured as an issue of Coronation shares to 2 newly established trusts:
- Imbewu Trust:
This trust will enable qualifying Coronation black staff to participate in an employee share ownership plan, facilitating ownership and aligning employees’ interests with those of shareholders.
- Ho Jala Community Trust:
This trust will support qualifying public benefit organisations (PBOs) for the benefit of black people, ensuring that the transaction's benefits extend to the broader community.
Nedbank Corporate Finance’s role in the transaction
Nedbank Corporate Finance played a crucial role in the transaction by providing strategic corporate advice and transaction sponsor services to satisfy a range of clients, BBBEE, financial and regulatory objectives and requirements.
The transaction will assist Coronation in maintaining its position as a leading fund management firm, while simultaneously promoting the objectives of BBBEE.
How the BBBEE transaction benefits Coronation
This broad-based transaction contributes meaningfully to the objectives of BBBEE while simultaneously enhancing Coronation’s competitiveness and sustainability in the asset management sector. Key benefits include the following:
- Long-term growth:
The transaction provides Coronation with a robust platform to defend and expand its client base and revenue streams, whilst also providing potential upside through access to opportunities which would otherwise not be available, thereby reinforcing its position in the asset management sector.
- Attracting talent:
By aligning the interests of black staff with those of shareholders, Coronation can attract and retain top talent, fostering a diverse and inclusive workplace that reflects its commitment to corporate social responsibility.
- Mutual benefits:
Enhancing Coronation’s competitiveness and sustainability while simultaneously seeking to benefit and uplift a broad-base of beneficiaries and, therefore, meaningfully contributing to the objectives of BBBEE.
Economic growth and innovation in South Africa
As a leading manager of institutional and retail assets in southern Africa, Coronation significantly influences economic growth in South Africa.
While the transaction is not the first of its kind, it is structured to provide substantial benefits to many participants, including Coronation employees, shareholders, and various potential PBOs.
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Published 10 Dec 2024 in nedbank:cib/deals
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Published 23 Jul 2024 in nedbank:cib/deals
Strategic partnership secures R4.5 billion for Limpopo's water infrastructure
In a landmark move to address South Africa’s escalating water crisis, Nedbank Corporate and Investment Banking (CIB) has successfully closed a R4.5 billion term loan facility to the Trans-Caledon Tunnel Authority (TCTA) for the Mokolo-Crocodile River Water Augmentation Project Phase 2A (MCWAP-2A). This financial collaboration underscores Nedbank’s unwavering commitment to sustainable development and critical infrastructure projects.
Published 23 Jul 2024
Nedbank CIB arranges landmark auction for Stor-Age
As a leading debt capital market arranger in the property sector, Nedbank CIB is proud to announce its role in assisting Stor-Age with the establishment of its Domestic Medium-Term Note (DMTN) Programme and executing its inaugural public bond auction as the sole lead arranger. Stor-Age raised R500 million across two notes of offer, which listed on the JSE on the 18th of April 2024. Nedbank was also appointed in various agency roles on the programme, including the debt sponsor and paying, settlement, transfer, calculation and issuer agent.
Published 04 Aug 2024 in nedbank:cib/deals
Nedbank CIB arranges landmark auction for Stor-Age
As a leading debt capital market arranger in the property sector, Nedbank CIB is proud to announce its role in assisting Stor-Age with the establishment of its Domestic Medium-Term Note (DMTN) Programme and executing its inaugural public bond auction as the sole lead arranger. Stor-Age raised R500 million across two notes of offer, which listed on the JSE on the 18th of April 2024. Nedbank was also appointed in various agency roles on the programme, including the debt sponsor and paying, settlement, transfer, calculation and issuer agent.
Published 04 Aug 2024
