The Hosken Consolidated Investments (HCI) offer to buy beleaguered bus company Putco has come to naught. HCI announced yesterday that the offer had been withdrawn after the Putco board considered the proposal to be “defective”, and not capable of implementation. The controlling shareholder of Putco, Carleo Enterprises, also found the proposal unacceptable. Basil Holford, Putco financial Director, explained that the offer was defective and unpalatable to shareholders.

Source: The Citizen – Chris Nthite