Stan Chart Trust on top 10 largest shareholders in SCB Limited
The newly announced Standard Chartered Education Trust, which its primary objectives are to conduct a variety of public benefit activities entirely within Botswana and in a non-profit manner for the benefit of Batswana, is amongst the top 10 largest shareholders of Standard Chartered Bank Botswana Limited.
The Trust, established on 4th December 2014, acquired a 0.84% shareholding in Standard Chartered Bank Botswana from Standard Chartered (Africa) Holdings B.V. The shares were acquired in an off market transaction and were fully funded by the Standard Chartered Bank group, in a deal worth over P30 million. It was established by deed of trust and it is independent of Standard Chartered Bank Botswana Limited. The trust will be managed by an independent Board of Trustees.
Chief Executive Officer of the Bank, Moatlhodi Lekaukau, told the media last week that through the Trust, they are promoting broader citizen participation in the shareholding structure of the company. Lekaukau said “it is the first of its kind…and it will benefit entirely citizens of Botswana,” noting that it will benefit from the dividends that arise as well as from share appreciation. He said this initiative is intended to support government’s education initiatives and will benefit mostly those individuals looking into getting into the banking sector and other financial institutions such as insurance.
Lekaukau said education is one of the key focus areas of their community investment agenda and the establishment of the Standard Chartered Education Trust further confirms the Bank’s commitment to ensuring that every Motswana is given the opportunity to enhance their skills through quality education.
The activities that Batswana will benefit from include.
Promotion of educational activities,
Provision of funding, resources, facilities and/or an enabling environment necessary for the education, academic, vocational or professional training, development, capacity-building and/or the advancement of citizens of Botswana
Offering of scholarships or bursaries for the purposes of education and maintenance during such education to beneficiaries
Provision of financial assistance or bursaries to beneficiaries for the training and development of citizens of Botswana for undergraduate and graduate studies in business and management studies, economics, asset management, private equity and venture capital, debt and capital raising, investment analysis, banking and finance
Support of basic, secondary and tertiary and/or vocational education programmes to enhance the number of the literate and educated in impoverished communities, and to enable individuals to gain access to skilled labour
Promotion of financial literacy, on-job training and apprenticeship programmes
Promotion of business and entrepreneurial skills