South Africa’s larges fuel retailer, Engen, and a member of the Vivo Energy Group, is proud to announce the launch of its first-ever Employee Share Ownership Plan (ESOP).
This landmark initiative marks a significant milestone in Engen’s history, reflecting the company’s unwavering commitment to employee empowerment and transformation through broad-based black economic empowerment (B-BBEE).
The Engen ESOP will be managed by the Engen Employee Trust, through which employees will initially own 5% of Engen Petroleum (Pty) Ltd. This ensures that through the Engen Employee Trust, employees have a direct financial stake in the company’s success.
It also supplements the existing 21% ownership held by Phembani Group, a black-owned South African company and long-standing shareholder of Engen, such that today 26% of Engen is owned by historically disadvantaged persons. Vivo Energy owns the remaining 74%.
Full story Engen Empowers its Workforce by Launching Historic Employee Share Ownership Plan
Share this:
