ICON CONSTRUCTION – BBBEE

Broad-Based Black Economic Empowerment (“BBBEE”) is a central part of South Africa’s economic transformation strategy. A multi-faceted “broad-based” approach to BBBEE has been adopted by Icon Construction which aims to increase the number of previously disadvantaged individuals benefiting from the South African economy.

Under the BBBEE codes of practice issued by the Department of Trade and Industry, Icon Construction is compelled to comply with the Generic scorecard of the Construction Sector Charter. Under these codes, Icon Construction is certified as a ‘Level 3 contributor’ which has a BBBEE procurement recognition level of 110%. The Company has maintained this Level since 2012.

Imbewu Capital Partners (Pty) Ltd, a black-owned and controlled private equity and investment holding company, owns a 30% share of Icon Construction and holds two positions on the Board of Directors. This partnership adds enormous value by way of strategic business experience, an excellent business network and specialised investment banking skills.

The Company is committed to all elements of the scorecard and continues to implement formalised programmes with respect to skills development, enterprise development and socio-economic development aimed at uplifting staff, emerging contractors and the community within with the Company operates.

In addition, Icon Construction is committed to the sustainable development and economic transformation in our country through preferential procurement and the realigning of its supplier base to include black and female owned suppliers that fall within the EME/QSE levels of BBBEE certification. The Company actively engages with these companies to not only provide them with continued business opportunities but guidance and mentorship as well.