Africa is forging a new economy with which
to earn its' rightful place in the global
market place. Farsighted strategies of Government
and the private sector are galvanizing the
process to redress past imbalances and synergise
the nation's determination to be world class.
East recognizes the burning desire of South
Africans to be masters of their own destinies
and to profit from the energy invested in
their endeavours. We believe that the company
will play a valuable role in helping to
build a thriving nation.
Economic Empowerment is a business imperative
for Mid East. It forms an integral part
of our business policies, practices and
procedures. We believe that the company
will only prosper if the community in which
we live and work is united in purpose and
shares in the benefits of an economy that
recognizes and nurtures talent, hard work
and a commitment to service excellence.
order to benefit people who were previously
denied education, opportunities and access
to fully participate in economic life, a
trust has been established, catering specifically
to this group of people. 26% of the companies'
shares have been allocated to this trust,
and will be managed by employee representatives.
The trust will carry voting power in any
shareholder meetings, and a portion of the
dividends will be utilized to recoup the
cost of these shares. The remainder of the
dividends will be divided up amongst the
staff, based on years service. These funds
can be utilized in any way deemed acceptable
by each individual, but the company places
special emphasis on education, development
and asset procurement. The aim of the trust
is to empower all previously disadvantaged
individuals economically, and to ensure
consistency in the labour force, along with
ensuring that each and every individual
remains focused on the most efficient service
alongside this economic empowerment is the
development strategy. This strategy focuses
on skills development and knowledge transfer.
In the medium to long term, this plan endeavours
to empower previously disadvantaged individuals
to the point where they can be in a position
to run their own contracting business. Selected
individuals will attend courses offered
through the ECA (Electrical Contractors
Association) to attain the correct qualifications
as stipulated for operation as a legal contractor.
Along with this is the sharing of knowledge
from Mid East with regards to the business
operation, ensuring a well rounded, economically
sustainable and individual training and
business plan. This strategy will ensure
that skills development and knowledge sharing
is a continuous and sustainable elevation
of the current knowledge base.