Harare — EMPLOYEES of Schweppes Zimbabwe Limited have expressed their gratitude to the Government and the Coca-Cola Company for facilitating their acquisition of a 51 percent stake in the beverages manufacturing company.

In what has been described as one of the biggest economic empowerment deals this year, the Schweppes workers and the management team formed a consortium and became the majority shareholder in the firm. Most of the regulatory approvals for the deal have since been granted and what remains is the exchange control approval. Delta Corporation is the strategic partner with the remaining 49 percent stake in the company.

Schweppes Zimbabwe Limited director for HR and public affairs, Mr Demos Mbauya said that the workers through a trust, would own 31 percent of SZL while the management would have a 20 percent stake. In the new structure, the workers would have a 60 percent stake while the management would own 40 percent. He said that the company would register a deed of trust that would warehouse the shares and efforts were underway to ensure that this became a real empowerment model that could be replicated elsewhere.

A sustained awareness and education programme was underway at the company to ensure that the workers were well appraised about the transaction and what it meant to them. Mr Mbauya described the deal as a giant step towards empowering the majority of Zimbabweans.

In interviews carried out with workers at the Schweppes plant yesterday, the employees could not hide their excitement about the pending turn of fortunes on their part.

"As workers, we are grateful for this development because we have been reading a lot about empowerment but now we are actually experiencing it. We are no long just mere workers, but owners of this company. We are happy that the Government has addressed the subject of empowerment effectively as this will be there for generations to come," said Mr Stanford Ruzengwe who has been with Schweppes for the past 11 years.

Mr Peter Wasiwo who has also been with the company for 11 years, was also upbeat about the unfolding events, saying that he had high expectations of the outcome.

"We never expected this company to take this route and it has been done in a transparent manner which left all of us satisfied. As shareholders, we are now waiting anxiously for the release of the company's results but given our experiences this year, they should make good reading," said Mr Stephen Neshamba.

Mr Panganai Jeje who has been at Schweppes for the past 19 years was expectant of his first ever dividend when the results will be released.

"This is good not only for the current employees but even for generations to come who can say this is our company. The benefits will continue to come and we appreciate the efforts of the Government in this initiative," he said. Besides the anticipated dividend payments, it is expected that the employees would utilise their shareholding as a bargaining chip for other investments via their trust.