Our Commitment to Empowering South Africans

At Subtropico Limited, we support the principles of Broad Based Black Economic Empowerment, and we take care to implement it in meaningful ways that achieve its true objective – empowering previously disadvantaged South Africans.

Here are some of our key contributions to strengthening Broad Based Black Economic Empowerment over the past two decades:

• We are proud to have facilitated the launch of Modise – the country’s first 100% black-owned fresh produce market agency – on the Bloemfontein fresh produce market. We provide administration and advertising assistance, trust fund management, training and marketing.
• In 2005, we worked together with previously disadvantaged individuals to establish Spes Bona, a company that operates on the Cape Town fresh produce market. These Individuals have a 40% equity interest in Spes Bona and have two directors on the Spes Bona board.
• In 2007 we appointed two black, independent, non-executive directors - S. Vil-Nkomo and T. Moyo - to our board, who chair and serve on the audit committee. We are privileged to have these high calibre individuals serving on our board.
• In 2014, following the acquisition of Wenpro Market Agents, Subtropico started providing administration and advertising assistance, trust fund management, training and marketing to Egoly Market Agents.
• In 2017, Subtropico Market Agents acquired DW Fresh Market Agents, a 51% black-owned company that operates on the Tshwane and Johannesburg fresh produce markets.
• In 2017, African Rainbow Capital Investments (ARC) acquired 25.1% in Subtropico. This investment will significantly enhance our BEE ownership credentials and will open the door to exciting opportunities in agriculture and related industries.
• In 2018, we provided financial assistance for a BEE partner to acquire 80% of a fresh produce market agency in Bloemfontein.
• The Amended Codes of Good Practice, gazette No 36928, came into effect on 1 May 2015. During 2019, the Subtropico Group obtained verifications for selected subsidiaries, ranging between Level 6 and Level 8. The 2019 verification will be completed during 2020 and will be in compliance with the new Code (in terms of the Broad-Based Black Economic Empowerment Act, 2015 (Act No. 46 of 2015)).