Mittal Steel keeps shareholders happy
While watched enviously by the wealthiest and most high-profile business personalities, Mittal Steel South Africa was awarded the title of top performing company at this year's Business Times Top 100 Companies awards banquet on Tuesday night.
The objective of the awards was to recognise the companies that have earned the most return for their shareholders, according to the event organisers, Sunday Times newspaper.
The top 100 companies were ranked on the performance of an initial investment of R10000, with all share earnings reinvested into the company, over a period of five years.
Winners, Mittal Steel, rewarded shareholders with R244871 for their initial investment.
"These awards recognise those companies which have over the years achieved significant and sustainable growth. Through their success they have contributed to the wealth of their shareholders, their broader stakeholders and the country as a whole," said Business Times editor Paul Stober.
Shipping and logistics group Grindrod, which took the first place in 2004 and last year, came in second this year, adding R229383 to shareholders' pockets. Investment company Brimstone Investment Corporation came in third, accumulating R226608.
Brand icon South African Breweries, the local arm of SABMiller, walked away with the Sunday Times Corporate Social Investment (CSI) leadership award. This was the first year that the award was given. SAB was congratulated for its role in uplifting South Africans through programmes such as the entrepreneurship focused Kickstart programme.
The business leader of the year award went to chief executive of SABMiller Graham Mackay, and telecommunications group Altron chairman Bill Venter was honoured with the lifetime achiever award for this year. - With I-Net Bridge