The South African Breweries (SAB) said on Wednesday that its new SAB Foundation would be aimed at fostering entrepreneurship, with a priority on women and youth.

The Foundation is part of a proposed Broad-Based Black Economic Empowerment (BBBEE) transaction worth about R6-billion, which will place about 10 percent of the company's shares under black ownership.

"We did not simply want to 'tick the box'", said Norman Adami, MD of SAB Ltd. "We were determined to design a transaction that would work in delivering real benefits to genuinely broad-based constituencies."

"Our aspiration is to be a model corporate citizen in 21st-century South Africa and this transaction represents an important step in that direction. We're proud of our track record as a long-standing supporter of black empowerment in South Africa, but this ownership initiative takes our commitment to a whole new level," he said.

SAB said that through a Board of Trustees and an independent Chairperson, the SAB Foundation would focus on entrepreneurship amongst historically disadvantaged people, with priority given women and youth.

"SAB understands that the privilege to operate as one of South Africa's leading companies carries an inherent obligation to demonstrate leadership in every dimension of our business ... including the role we must play in supporting the progress of South African society," Adami said.

The transaction will target an estimated 60 000 new shareholders, of whom over 95 percent are estimated to be black individuals or black majority-owned enterprises, and will hold SAB Ltd shares through separate investment entities.

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