First black firm to list on JSE

Sneeky

Sneeky

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Good news, any ideas who the company is?

Johannesburg - Senior GM of marketing and new business development at the JSE, Noah Greenhill, told I-Net Bridge in an exclusive interview that South Africa's first majority-owned listed black business is due to hit the market in the next month-and-a-half to two months.

"We are listing lots of empowered companies - but that's easy. What we're not listing is a black business where empowerment is not an issue. And that's a big challenge and we're working hard on that. We don't have any companies in that genre," explained Greenhill.

"We're listing one in the near future where the majority shareholder is black, so you could probably say that is going to be our first one because he's the guy who started the business and he owns 51% of the business. So empowerment is not even a discussion point because there is no necessity to talk about it. That's where we want to go and we need more of those guys," he added.

"It should be great and hopefully that acts as a catalyst for others," concluded Greenhill.
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http://www.fin24.co.za/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-24_2194247
 
Anybody listing is great news be they pink, purple or black!
 
@Sneeky: I hope others do not interpret this in the same way you have.

1) The listing of a company of the JSE is positive because it strengthens our economy whether the shareholders are white, black, pink-with-purple-spots, etc.

2) Read closely:
What we're not listing is a black business where empowerment is not an issue.
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i.e. They have yet to list a company that is "black run" instead of "black owned"
This is an illustration of how BEE continues to fail to do what politicians say it is intended to do.

I can, as a white person, form a company with my white friends. I can then add a few token positions of no great importance and fill them with people of colour. After which I will be approached by Sipho...a wealthy black man who sits on a number of boards and he will buy 51% of my company. Thus my company is "empowered", myself and Sipho will remain rich and those who are "previously disadvantaged" will remain so while we are praised for promoting transformation when in fact only a single, already wealthy person of colour became richer.
 
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Iwojima said:
i.e. They have yet to list a company that is "black run" instead of "black owned"
This is an illustration of how BEE continues to fail to do what politicians say it is intended to do.
Click to expand...
Hi Iwojima
I think my interpretation is fine.
Yes they have not listed any yet but the thrust of the article is that they 'will indeed' list one very soon.
This is very positive as it shows there is some progress in diversifying our economy.
A step forward, not back in other words.
"We're listing one in the near future where the majority shareholder is black, so you could probably say that is going to be our first one because he's the guy who started the business and he owns 51% of the business.
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You can start your own company and window dress it how you see fit, this company on the other hand, was started by a person of colour and he is listing it with him still as the majority shareholder, different from your hypothetical scenario completely don't you think?
 
I could be mistaken but they could be talking about 2 different companies to be quite honest.
What we're not listing is a black business where empowerment is not an issue.We don't have any companies in that genre," explained Greenhill.
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"We're listing one in the near future where the majority shareholder is black, so you could probably say that is going to be our first one because he's the guy who started the business and he owns 51% of the business. So empowerment is not even a discussion point because there is no necessity to talk about it
Click to expand...
Not very clear at all imo. Poorly worded.
 
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He is saying that there are many companies that have black representation/ownership that have listed in the past and that continue to do so, these companies however have been transformed through empowerment vehicles, BEE etc and were not necessarily black owned at startup.

He then implies that they will be listing one company very soon that has always been majority black owned, hence empowerment as such was never really a factor or a discussion point which is what makes this somewhat unique when the company lists.
If I interpret the article correctly, this is good news and hopefully the first of many.
 
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Would have been impressive if they had actually worked for what they had achieved not simply gotten everything handed to them because of racist/corrupt goverment policies.

How do I know they don't deserve what they get? I don't but that is the perception created by racist laws ensuring a unbalanced playing field that priviliges 1 race of people.
 
A decade later and with all the help of racist laws?
 
Congratulations to them i say! Let's hope for more of the same.
 
Well I hope they succeed and I can buy stock to become filthy rich and live on cigars and virgins all day
 
Jozi101 said:
Congratulations to them i say! Let's hope for more of the same.
Click to expand...

Agree entirely with that and if the naysayers opened their eyes they might also benefit through stock holding.
The more of these companies that surface the sooner we can all move on in this country with a vibrant and representative economy.
 
Sneeky said:
He is saying that there are many companies that have black representation/ownership that have listed in the past and that continue to do so, these companies however have been transformed through empowerment vehicles, BEE etc and were not necessarily black owned at startup.

He then implies that they will be listing one company very soon that has always been majority black owned, hence empowerment as such was never really a factor or a discussion point which is what makes this somewhat unique when the company lists.
If I interpret the article correctly, this is good news and hopefully the first of many.
Click to expand...

Mvela was started off with Tokyo Sexwale as a majority shareholder. The company was never "transformed" by BEE. Benefitted greatly due to BEE deals maybe, but then I'm sure exactly the same can be said from this mysterious new upstart
 
You can bee 100% sure that Mvela's first foray into business was to get a stake in some already running business.
 
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