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HOSKEN BIDS FOR GOLDEN ARROW BUS SERVICES

04 Mar Transport

CAPE TOWN — Listed investment holding group Hosken Consolidated Investments (HCI) and its subsidiary, niche financial services group Mettle, have made a R270 million bid to acquire Golden Arrow Bus Services (GABS), HCI said yesterday. The cash offer, made via a company owned by HCI and Mettle, includes all of the shares in and claims against GABS, the sole provider of scheduled bus transport in the Western Cape metropole. The offer is set to close on Tuesday. HCI is best known as the principle shareholder in free-to-air television station e.tv. At the same time, HCI said its shareholders had approved the put and call option agreement with the Southern African Clothing and Textile Workers Union (Sactwu) regarding the 16 million Seardel (SER) `N` shares currently held by a wholly owned subsidiary of HCI. In terms of the agreement originally announced in December, Sactwu has a call option to purchase the shares from HCI for R47.4 million. Sactwu has 30 days to exercise the call option and HCI is entitled to exercise the put option during the 30-day period following its expiry. Seardel`s main business is manufacturing and distributing textiles and apparel. Other activities comprise the distribution of toys and consumer electronics as well as travel and property investment interests relating to its manufacturing divisions. HCI said in December that its investment in Seardel no longer fitted in with its core business-strategy and that the disposal would allow HCI to pursue other investment opportunities in line with its core business.

Source: This Day – Business