As the remaining beneficiary, the trust which was originally established by ApexHi Properties Limited in 2006 prior to the merger with Redefine, was an innovative scheme that used market forces to raise funds for community service organisations. Five BEE beneficiaries were issued ApexHi C units, funded by a loan from ApexHi. As early as 2007, following strong capital growth of ApexHi C units, the trust sold 80% of the units to Clearwater Property Holdings, resulting in a net profit of R18,7-million for each of the four beneficiaries - CIDA Empowerment Fund, Ma-Afrika Tikkun, Makhulong a Matala Community Development Services, and the Soul City Broad Based Empowerment Company.

DEC CEO Mike du Toit says the DEC took a longer term view, and elected to remain the sole beneficiary of the trust. At the time of the merger in 2009, the trust exchanged its ApexHi C units for Redefine units, and in December 2010, the trustees resolved to terminate the trust in order to distribute the assets to the DEC.

Du Toit says this has been one of the most successful transactions the DEC has been involved in. “We are indebted to former ApexHi CEO Gerald Leissner for conceptualising  this innovative and successful scheme and for including the DEC in it ,” he says.

The DEC provides a financial sustainability strategy for seven underlying beneficiary NGOs and proceeds from investments are distributed to the NGOs and used to support their activities and services, promoting the economic empowerment of black South Africans with disabilities.