Somta Workers get 7.5% stake

Somta Tools, has launched an empowerment initiative through the establishment of the Somta Employees’ Trust, which will give the company’s 500 employees a collective 7,5% stake in the company.

The aim of the Somta Employees’ Trust is to provide employees with a sense of real ownership of the company. This all transpired when through a management buyout, the company was purchased from its main shareholder, SCMB (Standard Corporate Merchant Bank) by the Somta management team.

The employees trust scheme was part of the company’s broad-based black economic empowerment strategy in which part ownership is placed in the hands of the staff, with the aim of making employees understand that they determine their own economic future.  This has been one of the factors in the successful BEE accreditation of Somta Tools.

The Witness: “Somta workers get a stake”

Allan Conolly (Managing Director) and Nishani Parshad (Inventory & Outsourcing Manager) with the share certificate