Now, as part of that transaction, the Pioneer Foods Education and Community Trust (PFECT), has been formed, as a sole beneficiary of 20% of all dividends declared on these shares. The Trust aims to assist in the provision of school buildings or equipment for public schools and educational institutions and the granting of scholarships, bursaries and study loans.
"Focusing mainly on education initiatives, the entity aims to uplift communities throughout South Africa," says André Hanekom, CEO of Pioneer Foods.
"Over the past five years, the group has invested over R76 million in numerous community upliftment projects, ranging from flood relief and food security initiatives to education, entrepreneurial and sports development. This new Trust will give further impetus to the group's BBBEE aims."
The trust has appointed five trustees - Prof Eltie Links of the University of Stellenbosch Business School; Sharron Marco-Thyse, chairperson of the SA Wine Industry Trust; Monde Mpongoshe, CEO of Velokhaya Life Cycling Academy; Leon Cronjé, financial director of Pioneer Foods; and Lulu Khumalo, corporate affairs executive for Pioneer Foods.
Ellen Odendaal, a chartered accountant who also manages the group's enterprise development projects will manage the trust, based in Paarl.
With an average annual turnover of R17 billion and more than 11 000 employees, it is the second largest food company in South Africa. Its divisions include Sasko, Bokomo Foods, Ceres Beverages, Nulaid, Tydstroom and Nova Feeds.
