Gauteng Business News

Send  Share  RSS  Twitter  20 Nov 2008

Finance: Corobrik form Employee Share Trust


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Corobrik is proud to announce an Employee Share Trust has been formed
and that staff that qualify in terms of years of service will receive
shares in Corobrik (Pty) Ltd.

Peter du Trevou, Chairman of Corobrik says, “Issues pertaining to the
re-organisation of Corobrik’s business pursuant to the share
allocation to staff have been completed and each qualifying employee
has received confirmation of their share allocation and a share

“The placement of 26% of Corobrik (Pty) Ltd into our employees’ hands through the Corobrik Share Trust is a landmark occasion. The transaction involves all employees of Corobrik with more than a year’s service and provides for two employee nominated trustees to be voted onto the Board of Corobrik.”

“This share allocation effectively raises the control of the company in previously disadvantages person’s hands, to 51% adding further to Corobrik’s current Level Seven Contributor BEE status. Today Corobrik is a truly Broad Based Black Economic Empowered company.”

Dirk Meyer, Corobrik’s newly appointed Managing Director fills in some details. “The company has flourished for more than 106 years and now staff own 26% of the company. During the past 10 years I have visited many clay brick companies around the world. I can confidently say that our people, our business processes and our factories are amongst the best in the world. It is particularly gratifying therefore that the owners of Corobrik should choose to afford all Corobrik’s employees this wonderful opportunity to share directly in the future wealth creation of the company.”

We spoke with a few of the staff at the Avoca factory who commented:

Petros Thusi, Yard Checker at the Avoca Distribution Centre says, “He needs to make something of his shares, and on his retirement, plans to use the rewards he may receive to build a house”.

Abdul Mahomed Technical Representative says, “This is an intelligent way forward and creates a feeling of belonging for employees. I am sure it will make all of us more productive which in turn will foster a winning environment. The shares will invigorate staff, and this in turn will underpin the future success of the company.”

Dawood Bayat, Field Sales Representative adds, “Offering shares to staff affords us all an opportunity of growth. It also gives employees partnership benefits within an already successful business that has stood the test of time.

Douglas Moodley, Administration Controller at the Corobrik Concrete factory at Avoca, has worked at Corobrik for twenty years and says, “I am really grateful that many long serving employees, particularly those working in the Corobrik factories now have a share in the business and the opportunity for greater future rewards.”

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