On hold, not felled
The Forest Sector Transformation Charter, initially scheduled for implementation in December last year, has been put on hold until February or March next year, to ensure that it meets certain empowerment objectives, including facilitating the entry of women into the industry.
The Charter aims to achieve broad-based black economic-empowerment (BEE) in the forestry sector.
It calls for an increase in the number of black people, particularly women, who own, manage and control enterprises and productive assets, facilitating ownership and management of enterprises and productive assets by communities, workers, cooperatives and other collective enterprises.
“Forestry is a complicated industry and Water Affairs and Forestry Minister Lindiwe Hendricks wants to be satisfied with certain aspects of the Charter before it is launched and implemented,” says Department of Water Affairs and Forestry spokesperson Themba Khumalo, who adds that Hendricks’s core priority is to facilitate the entry of women into the sector and to make sure that they are well represented in the industry. “And that is why the Charter had to be put on hold.” Meanwhile, forest-products group Yorkcor says it is not daunted by the still-to-be-implemented Charter.
CEO Ivor Tucker tells Engin- eering News that although the Charter is still in the ‘melting pot’ and not formalised yet, it is unlikely to have a negative effect on the company, which completed a BEE transaction recently. Yorkcor has announced that the Tucker family, which has exercised control of the group for almost a century, is to sell its majority ownership to Luxembourg-based Blackstar Investors, with a further 26% earmarked for BEE shareholder Silulu Investment Services.
Blackstar is an investment company listed on London’s Alternative Investment Market. Its focus is largely on BEE opportunities in South Africa. In terms of the transaction, the Tucker family will dispose of its entire 84,75% interest in Yorkcor. Blackstar and Yorkcor will make a joint cash offer to acquire 100% of Yorkcor’s issued share capital at R9,80 a share, with Yorkcor undertaking to acquire 26% of this on behalf of Sisulu Investments, and Blackstar the balance. Blackstar, which will initially own 58,75% of Yorkcor, intends to place 10% to 15% of Yorkcor’s entire issued share capital with other investors and/or institutions over a period of time in order to increase the free float and to take its investment below 50%.
The new BEE shareholders comprise a range of staff and community trusts, which will acquire their shares through two special-purpose vehicles in fulfilment of the group’s BEE objective. Link
The Charter aims to achieve broad-based black economic-empowerment (BEE) in the forestry sector.
It calls for an increase in the number of black people, particularly women, who own, manage and control enterprises and productive assets, facilitating ownership and management of enterprises and productive assets by communities, workers, cooperatives and other collective enterprises.
“Forestry is a complicated industry and Water Affairs and Forestry Minister Lindiwe Hendricks wants to be satisfied with certain aspects of the Charter before it is launched and implemented,” says Department of Water Affairs and Forestry spokesperson Themba Khumalo, who adds that Hendricks’s core priority is to facilitate the entry of women into the sector and to make sure that they are well represented in the industry. “And that is why the Charter had to be put on hold.” Meanwhile, forest-products group Yorkcor says it is not daunted by the still-to-be-implemented Charter.
CEO Ivor Tucker tells Engin- eering News that although the Charter is still in the ‘melting pot’ and not formalised yet, it is unlikely to have a negative effect on the company, which completed a BEE transaction recently. Yorkcor has announced that the Tucker family, which has exercised control of the group for almost a century, is to sell its majority ownership to Luxembourg-based Blackstar Investors, with a further 26% earmarked for BEE shareholder Silulu Investment Services.
Blackstar is an investment company listed on London’s Alternative Investment Market. Its focus is largely on BEE opportunities in South Africa. In terms of the transaction, the Tucker family will dispose of its entire 84,75% interest in Yorkcor. Blackstar and Yorkcor will make a joint cash offer to acquire 100% of Yorkcor’s issued share capital at R9,80 a share, with Yorkcor undertaking to acquire 26% of this on behalf of Sisulu Investments, and Blackstar the balance. Blackstar, which will initially own 58,75% of Yorkcor, intends to place 10% to 15% of Yorkcor’s entire issued share capital with other investors and/or institutions over a period of time in order to increase the free float and to take its investment below 50%.
The new BEE shareholders comprise a range of staff and community trusts, which will acquire their shares through two special-purpose vehicles in fulfilment of the group’s BEE objective. Link

