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HCI BUYS GOLDEN ARROW FOR R250M

21 Jul Transport

Hosken Consolidated Investments (HCI) yesterday announced its acquisition of Golden Arrow Bus Services (GABS) for R250m had been finalised following the fulfilment of all relevant conditions precedent. HCI is best known as the main shareholder of free-to-air television station e.tv. This means that GABS will be placed under the control of a prominent black empowerment shareholder, “marking a new chapter in its long history”, HCI said. Golden Arrow has a sprawling business scope; it serves the entire metropolitan Cape Peninsula and Cape Flats area – including areas such as Belville, Milnerton, Durbanville, Kuilsriver, Mitchells Plain, Blue Downs, Atlantis, Langa, Nyanga, Crossroads and Khayelitsha. The bus company’s history stretches back to 1861 when it traded as the Cape Town and Greenpoint Tramway Company. HCI said the current executive directors would remain on the GABS board, which would be bolstered by the appointment of Elias Mphande as chairman and Marcel Golding (HCI chairman) as deputy. Virginia Engel and Reyburn Hendriks were appointed non executive directors. HCI is a major shareholder in financial structuring specialist Mettle.

Source: The Citizen – Chris Nthite