RAY SMUTS THE THIRD major black economic empowerment transaction in the wine and fruit sectors in as many months – and certainly the costliest to date at R869.4 million – was announced last week with the WIP Beverages consortium buying a 15% stake in South African Distilleries and Wines Limited, the company in which all Distell operations are held. WIP Beverages consists of Distell employees holding a 45% stake, the Wiphold Investment Group which focuses on empowerment of women (40%), and a corporate social investment trust established for the benefit of disadvantaged communities in areas where Distell is most active (15%). Established 11 years ago by four black women executives, Wiphold, one of the most genuinely broad-based black empowerment companies, is dedicated to women’s empowerment. With more than 50% of its shares held by black people, Wiphold is 60% owned by black women and has already distributed R46 million to its 270 000 direct and indirect beneficiaries. Louisa Mojela, Wiphold CEO, says while the South African government has made significant progress in terms of the inclusion of women in most arms of government and in terms of its gender policies, the South African private sector has been slow to include women in the running of companies. "The glass ceiling remains largely impenetrable."
