Hester Davis – Chairperson of the Desk of Expertise, AHI, wants to inform the businesses and corporate companies of the following information regarding Ownership transactions. Please read the following notice of the latest Gazette no 40898. For more clarity you can contact Hester Davis at 0834578929. We seem to be in a season of BEE Gazettes and Guidance notes. The latest Gazette No. 40898 published recently requires all organisations who undertake a BEE ownership transaction of R25m or more to register it with the BEE Commissioner. Such ownership transactions that have taken place since 24 October 2014 must be registered within 60 calendar days from today.
The requirements include sales of Assets/Business /Equity Instrument under Statement 102 but excludes Equity Equivalents for Multinationals.
This Gazette implements clause 18 on Page 32 of Gazette No. 40053 published on 6 June 2016 and requires the completion of FORM: B-BBEE 18 (page 73). This form does not require precise details of the actual transaction but is used by the BEE Commissioner to register its existence. It may result in further enquiries by the Commissioner. The Commissioner is obliged to register the transaction within 10 days using FORM: B-BBEE 19.
It is important to note that the regulation does not constitute the requirement to obtain approval from the Commission before the transaction can be implemented.