Spar offers stake to staffers

THE Spar group is selling a 10percent stake to staff and franchise employees in a R1billion deal to meet affirmative action targets.

THE Spar group is selling a 10percent stake to staff and franchise employees in a R1billion deal to meet affirmative action targets.

It plans to issue 18,9million convertible, redeemable preference shares representing 10percent of its total share capital after the deal.

Staff who join the scheme will be locked in for 7 years, providing an incentive to stay with the company. - Sapa

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