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BUS COMPANY DEAL

29 Sep Transport

The acquisition by Hosken Consoldiatd Investments Ltd (HCI) of Golden Arrow Bus Services (Pty) Ltd (GABS) has been finalised following the fulfillment of all relevant conditions, it was announced last week. This means that GABS has been 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 (chair of HCI) as deputy. Virginia Engel and Reyburn Hendricks have also been appointed as non-executive directors. The announcement stressed that it is HCI’s intention to ensure the continued success of GABS in bringing reliable scheduled bus services to the Western Cape Communiteis. HCI is cognizant of the government’s 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. GABS c.e.o. Nic Cronje said that Golden Arrow was excited at the prospect of having an empowerment shareholder of HCI’s standing.

Source: City Vision – own correspondent