White Shark Projects transfers 25% ownership to employees in a BEE transaction

In a move to synergize its vision and mission for the future – a white shark diving and viewing company based in Gansbaai in the Western Cape Region of South Africa – White Shark Projects announced the transfer of 25% ownership of White Shark Projects CC to Black Economic Empowerment (BEE) partners.

The new partnership will see the White Shark Projects Employees Trust (hereafter referred to as “WSP Employees Trust”) acquiring 25% of White Shark Projects CC.  The deal puts White Shark Projects CC firmly on the road to full BEE compliance.

White Shark Projects CC has for some time stated its intention to introduce a BEE shareholder and to this end has held discussions with various parties.

The WSP Employees Trust was set up by White Shark Projects in 2009.  The WSP Employees Trust was established to provide assistance to previously disadvantaged employees at White Shark Projects CC;  and to provide the WSP Employees Trust with a sustainable source of income in order to fulfil its objectives. The ultimate beneficiaries of the WSP Employees Trust are the previously disadvantaged employees at the company, their families and the communities that it supports.

Charmaine Beukes, Owner and Director of White Shark Projects, said:  “Central to all initiatives is our emphasis on people being our greatest asset. This is reflected in our choice of our black economic empowerment partner (The WSP Employees Trust), the diversity of our staff, our capacity-building social investment programmes and in our preferential procurement and enterprise development achievements.

Abraham Newman, an employee at White Shark Projects and trustee-holder in the WSP Employees Trust commented as follows:  “The owners and management team at White Shark Projects has not only showed the way by empowering others – but also empowering our business in the true sense.  I am smiling – because I know that I am working at a company that values people centredness, integrity, performance and overall sustainability in a very exciting and challenging South African environment.  Surely, this is the start of new beginnings – and has ignited a renewed fire of passion for sharks and service amongst the “Shark Team”!”

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