Standard Bank Introduces Education Trust Fund

| May 22, 2015

Standard Chartered Bank has announced a citizen empowerment transaction through establishment of the standard chartered education trust fund.

Speaking at a press briefing held at Standard Chartered bank (SCB) in Gaborone, the bank’s chief executive officer, Mr Moatlhodi Lekaukau said, for some years the majority shareholder of the group had been brainstorming to find ways of introducing broader citizen participation into the shareholding of the company.

Mr Lekaukau said that after brainstorming, the decision was made to offload the shareholding in a way that it would show wide participation of Batswana in the shareholding structure.

“We also at the same time decided that we wanted to conclude a deal that would further our community investment agenda around education,” he said.

He stated that the trust is managed by an independent board of trustees, with primary objectives of conducting variety of public benefit activities entirely within the country and in a non-profit manner for the benefit of its beneficiaries being citizens of Botswana.

He said the trust would be able to benefit from dividends that are paid, as well as the rise in the shares of the company.

“There is going to be share appreciation for the trust and also dividends that will be flowing to the trust,” he said.

Mr Lekaukau said the main activities of the trust would include provision of funding, facilities and enabling environment necessary for education.

He stated that provision of financial assistance would be in the form of scholarships or bursaries, to beneficiaries for training and development of Botswana citizens for undergraduate and graduate studies in educational institutions.

He further stated that other activities would include promotion of financial literacy, on the job training and apprenticeship programs and promotion of business and entrepreneurial skills.

He said the Standard Chartered Education Trust was formed on December 4, 2014, to hold percentage equity in Standard Chartered Bank Botswana Limited.

Mr Lekaukau stated that the equity that the trust was planned to hold was 0.84 per cent of the shares.

He however indicated that the transaction was concluded earlier this year, stating that the Trust is now one of the larger shareholders in Standard Chartered Bank Botswana Limited holding 0.84 of the shares.

“It is one of the top 10 shareholders in the bank,” he said.

Mr Lekaukau said the deal was acquired in an off-market transaction, worth more than 30 million pula.

“It was entirely funded by the selling shareholder being Standard Chartered Holdings (Africa) BV which is the entity that holds the shares on behalf of standard chartered bank in group” he said.

Source : BOPA

Source : Botswana Daily News

Category: News

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