Murray & Roberts has engaged a comprehensive broad based black economic empowerment (BBBEE) strategy which aims to achieve: •  appropriate broad based empowerment ownership at the level of Murray & Roberts operating subsidiaries through a three-tiered approach at Murray & Roberts Holdings Limited, Murray & Roberts Limited and the operating subsidiaries •  a meaningful number of black senior executives in the Group •  an employee complement that reflects the diversity of South Africa’s demographic profile •  the development of a core complement of black professionals •  preferential procurement policies that recognise the broad based principles of black economic empowerment •  enterprise and social development programmes aimed at accelerating the development, empowerment and access to the economy of previously disadvantaged individuals The Letsema BBBEE shareholding transaction in which Murray & Roberts purchased 10% of its issued share capital on 19 December 2005, offers previously disadvantaged employees, their families and the communities in which Murray & Roberts operates, a stake in the company and its future. The shareholding initiative comprises four trusts: •  Letsema Sizwe Broad Based Community Trust to benefit disadvantaged community groupings •  Letsema Khanyisa Black Employee Benefits Trust to benefit current and future qualifying black employees and their immediate families •  Letsema Vulindlela Black Executives Trust to benefit qualifying current and future black executives •  Letsema Bokamoso General Staff Trust to assist qualifying employees to acquire shares in Murray & Roberts Since the initiative was launched, the Murray & Roberts share price has appreciated by more than 100%, creating wealth of R600 million for the participants, with more than R125 million attributable to the 14 000 participants in the General Staff Trust. Broad based black economic empowerment Murray & Roberts has launched the first truly broad based black economic empowerment initiative in the construction industry with the transfer of 10% of its issued share capital to employees and community organisations.