Shareholding Structure and Empowerment Profile.
Advantage has a fully representative group of shareholders. Advantage’s leading shareholder is Momentum Group Limited, a subsidiary of the FirstRand Group. Although a subsidiary of the FirstRand Group, we remain completely independent in our decision making.
Momentum owns 85% of Advantage, with the balance owned 11.5% by WDB Investment
Holdings and 3.5% by the Advantage Black Employee Share Trust.
Collectively, via our 85% shareholder Momentum, Advantage’s broad based black economic shareholders have an effective shareholding of 28.6% and include WDB Investment Holdings, WDB Trust, Mineworkers Investment Trust, Kagiso Trust Investments, the FirstRand Black Employee Share Trust, and the Advantage Black Employee Share Trust.
Through the initiatives of our broad based black economic empowerment shareholders, the success of Advantage will translate into meaningful transformation of the lives of thousands of families, primarily in the poorest rural communities.
Actual Shareholding
Effective BEE Shareholding
As a wholly owned subsidiary of the FirstRand Group, Momentum is responsible for all the insurance activities of the group.
Momentum differentiates itself from its competitors through responsible product innovation, service excellence and partnerships.
While Momentum is currently our major shareholder and we leverage off the FirstRand group synergies, Advantage remains completely independent in our decisions.
WDBIH is the investment company for the WDB Trust. The Trust supports rural women by providing loans, enabling the establishment of micro business enterprises. In addition, the Trust provides training and computer literacy courses. WDBIH has a clear commitment to adding value to our business.
WDBIH is entitled to appoint two representatives to our board of directors.
Previously Disadvantaged Staff Share Trust
Advantage has created a staff shareholding scheme that allocates equity to previously disadvantaged staff.
Indirect BEE (via FirstRand Shareholding)
Indirect BEE shareholding through our shareholder, Momentum and the FirstRand
Group, is 13.6%.