Government has been hailed for introducing the employee and management share ownership scheme in companies with a view to ensuring that locals own and control key productive sectors of the economy.
The move follows the launch of the SchweppesÂ ZimbabweÂ LimitedÂ Employee and Management Share OwnershipÂ SchemeÂ in the capitalÂ by the Head of State and GovernmentÂ and Commander-in -Chief of theÂ ZimbabweÂ DefenceÂ Forces,Â PresidentÂ Robert Mugabe.
In terms of the arrangementÂ Coca- Cola Limited, a foreign owned firm which used to have controlling shares in Schweppes Zimbabwe Limited, disposed off a 51% stake to employees, resulting in management getting a 20% equity while workers acquired a 31% stake in the beverages manufacturing company.
The Zimbabwe National Chamber of Commerce past president, Mr. Luxon Zembe said the introduction of the employee and management share ownership trusts is likely to increase output for key economic sectors.
â€œThis scheme is noble and we hope it will go a long way in restoring productivity,â€ said Mr. Zembe.
An employee for Schweppes, Mrs. Josephine Gurure expressed optimism that the scheme will motivate workers, while another employee, Mr. Ocean Chisungo said governmentâ€™s initiative towards empowering workers to own shares will in the future increase business confidence.
â€œIt is in the interests of workers that the initiative will boost productivity,â€ said Mrs. Gurure.
â€œIt is an important element and we expect it to boost output,â€ Mr. Chisunga said.
The Schweppes Zimbabwe Employee Share Ownership Trust which has emerged as the largest scheme so far, is being done when government is forging ahead with the indigenisation policy in various sectors of the economy in a move aimed at ensuring that local Zimbabweans own and control the means of production across the country.
Two weeks ago, Meikles Limited also launched the Meikles Limited Staff Ownership Trust which saw employees getting a 20% stake in the company.