Latest news with #ABHL
IOL News
24-04-2025
- Business
- IOL News
African Bank gives 10% stake to workers in inclusive employee ownership scheme
This initiative allocates a significant 10% ownership of African Bank Holdings Limited (ABHL) shares to its permanent employees, fostering a culture of inclusivity and shared responsibility among its workforce. African Bank has embarked on a new journey that empowers its own permanent workers with the launch of the iKamva Lethu (Our Future) Employee Share Ownership Scheme (ESOS) in 2024. The bank on Wednesday said this was a symbolic move towards realigning its mission of being a bank for the people, by the people, for the betterment of all South Africans. This initiative allocates a significant 10% ownership of African Bank Holdings Limited (ABHL) shares to its permanent employees, fostering a culture of inclusivity and shared responsibility among its workforce. In a bid to ensure equitable access to ownership, the ESOS provides all employees—regardless of race, age, tenure, or seniority—with a stake in the company's success. This significant decision aims not only to enhance employee retention and commitment but also to empower the workforce, giving them a vested interest in the bank's future growth and prosperity. As part of the scheme, executive directors, prescribed officers, and the company secretary of African Bank and ABHL have also been awarded conditional ESOS units, reflecting a cohesive commitment among the bank's leadership and staff. The awards come with an initial deemed value of R53 310, which will vest as ordinary shares upon meeting specified performance criteria set forth in the scheme. Each conditional award is governed by rigorous retention, forfeiture, and performance conditions, ensuring that awards are vested based on the achievement of key organisational objectives. This structural framework aims to incentivise employees and align their interests with the bank's long-term goals. According to Section 6.45 of the Debt and Specialist Securities Listings Requirements of the JSE Limited, the bank has duly received clearance for these off-market transactions, thus keeping shareholders informed and maintaining transparency regarding these pivotal moves. As African Bank embraces this innovative approach to employee engagement, its leadership envisions a future where both the bank and its employees thrive together, laying the groundwork for a sustainable banking model aimed at serving the community. BUSINESS REPORT
Morocco World
24-03-2025
- Climate
- Morocco World
Heavy Rain Brings Relief to Morocco's Dams Amid Ongoing Water Crisis
Rabat – The Oued El Makhazine dam has reached full capacity, bringing the total number of completely filled dams under the Loukkos Hydraulic Basin Agency (ABHL) to four. The latest report from the Directorate of Hydraulic Engineering at the Ministry of Equipment and Water attributes this to a recent rainfall. Water reserves in the region's main dams now stand at over 1.17 billion cubic meters, averaging a filling rate of 61.38%. Oued El Makhazine, the largest dam in the Tangier-Tetouan-Al Hoceima region, holds 672.86 million cubic meters. Charif Al Idrissi contains 121.65 million, Chefchaouen 12.24 million, and Nakhla 4.21 million. Some dams have surpassed the halfway mark but remain below full capacity. Tanger-Méditerranée has reached 69.33%, Smir 77.74%, Kharroub 54.91%, and Moulay El Hassan Ben El Mehdi 51.31%. Others still hold significantly less water. Ibn Battouta stands at 48.53%, Mohamed Ben Abdelkrim Al Khattabi at 35.37%, Joumoua at 24.82%, Dar Khrofa at 23.25%, and the April 9 dam at 23.08%. The recent rainfall has provided a much-needed boost to water reserves, though some dams still await higher inflows to meet growing demand. Morocco has endured six years of drought, straining its water supplies and raising alarm for long-term supply. Even this year's Eid Al-Adha sacrifice was canceled due to this water deficit. As reservoirs shrink and agricultural communities suffer, the country has turned temporarily to desalination as an option, opening new facilities along its coast to break the dependency on rainfall. However, despite these efforts, natural water sources remain critical. The recent heavy rains have come as a relief, filling large dams and providing hope for farmers and communities. Yet, the question remains, are these rains truly enough to reverse years of shortages, or will Morocco need to accelerate its search for more sustainable water management strategies? Tags: heavy rainsmorocco damswater deficitwater shortage
