- July 20, 2004
- Posted by: admin
- Category: Transport
Hosken Consolidated Investments Limited (“HCI”) announced today that its acquisition of Golden Arrow Bus Services (Pty) Limited (“GABS”) has been finalised following the fulfillment of all relevant conditions precedent.
This results in GABS being placed under the control of a prominent black empowerment shareholder marking a new chapter in its long history.
Existing executive directors will remain on the GABS Board which will be bolstered with the appointments of Elias Mphande as chair and Marcel Golding (chairman of HCI) as deputy. Virginia Engel and Reyburn Hendricks have also been appointed as non-executive directors.
It is HCI’s intention to ensure the continued success of GABS in bringing reliable scheduled bus services to the Western Cape communities. HCI is cogniscant of the governments’ transformation policies in the transport industry and is committed to engaging with it on an ongoing basis.
Marcel Golding said that he was delighted that the transaction had been concluded and that HCI looked forward to playing a meaningful role in the Western Cape transport industry into the future.
Nic Cronje, the GABS CEO, says that Golden Arrow is pleased and excited at the prospect of having an empowerment shareholder of HCI’s standing. Having a shareholder with a large social base in the form of the investment arm of the SA Clothing and Textile Worker’s Union (the largest shareholder in HCI’s ownership structure) will align our bus service even more with its commuters. In addition, says Cronje, HCI’s financial and management acumen will be a significant asset to the organisation.
Marcel Golding says that the transaction affords HCI a unique opportunity to play a very active role in the development of the Western Cape . SACTWU has a significant presence in the Western Cape and its members rely heavily on public transport. This addition to HCI’s investment portfolio will enable us to ensure that an important driver of the economy continues to meet the needs of our constituency, he says.
For further information please contact:-
Marcel Golding – Hosken Consolidated Investments – (021) 426-2711