On listing at least 25,12% of Calgro M3 will be held directly by black shareholders comprising:

• Black-owned Mvua Property Partners (“Mvua”) who will hold 12,5% post-listing. A representative of Mvua, Hatla Ntene, sits on Calgro M3’s board;
• Khuselo Investments (Pty) Limited (“Khuselo”) whose existing shareholding will translate to 4,4% post-listing. Sonwabo Funde and Pumla Radebe from Khuselo serve as non-executive directors on the board of Calgro M3, with Pumla heading the board as Chairperson;
• Black management which owns 2,7%; and
• BEE investors who will be assigned shares in Calgro M3 in the course of the vendor placement.

Furthermore, the group is committed to a medium-term equity plan that will result in 30% black ownership by 2014 in line with the Construction Charter and possibly majority black ownership by 2018.

The company currently employs 69 permanent staff members of which 39% comprises black males and an additional 14% black females. 50% of the board of directors is black and Calgro M3 is currently consciously planning the succession of new black middle management. At the same time the company is implementing a detailed training and development plan to promote advancement.