| Mon 27 May 2002, 0:00 | | Unitrans - Fuel & Chemical Venture |
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Unitrans - Fuel & Chemical Venture
Press Release
May 24, 2002
Unitrans Freight Announces Newly Formed Unitrans Fuel & Chemical
BEE Investment Group, Mvelaphanda, Buys 25% Stake
Monday, May 27, 2002 - Johannesburg, South Africa - Unitrans Freight, the
freight subsidiary of diversified transport, distribution and logistics
group Unitrans Limited, today announced that leading black managed and owned
investment company, Mvelaphanda Strategic Investments (Mvelaphanda"), has
acquired a 25% stake in its subsidiary, Unitrans Fuel and Chemical (Pty)
Limited ("UFC"), a provider of transport and logistics services to the
liquid petroleum and chemical industries, for an undisclosed sum.
The southern African operation of Unitrans Freight`s fuel and chemical
division has been transferred into UFC with the stakeholdership to be
divided between Unitrans Freight (75%) and Mvelaphanda (25%). UFC will own
over 300 heavy bulk tankers with a turnover in excess of R300 million.
The investment by Mvelaphanda is expected to expand UFC`s business within
the industry and, at the same time, fulfill the company`s commitment to
Black Economic Empowerment (BEE) in South Africa.
"We believe Mvelaphanda to be a genuine BEE partner with a spread of
shareholding that represents financial stability, substantial critical mass
and is well respected as a true broad based empowerment operation," says
Roger Naisby, Managing Director of Unitrans Freight.
Limpho Hani, the to be appointed non executive chairperson of UFC (effective
01 July 2002) and a representative from Mvelaphanda, says: "Extensive
research into the industry showed Unitrans to be the leading logistics
company and a candidate for a significant black economic empowerment
transaction whereby a commercial return can be generated for all
stakeholders."
"This investment info UFC presents another opportunity for black-
empowerment groups to showcase their skills, talents and ability to manage
freight and logistics projects in the interest of growth, development and
job creation," she adds.
She says this deal is an investment in people and fundamental to the success
of the new company is the mentoring, training and skills transfer programmes
between the two partners. "The involvement of a broad stakeholder base via
Mvelaphanda will ensure that black economic empowerment is entrenched in
levels within Mvelaphanda and the new company," adds Hani.
Unitrans` Naisby says that this transformation will go deep and the
influences of Mvelaphanda on the business will positively affect the manner
in which the group operates in future. "We expect to introduce Mvelaphanda
to other subsidiaries of Unitrans Limited and benefit from their
contribution and relationships in the industry."
Ends
About Unitrans Freight
Unitrans Freight is a division of diversified transport, distribution and
logistics group, Unitrans Limited. Unitrans Freight focuses on the
provision of transport services, warehousing, ancillary services and supply
chain management in the sphere of fuel and chemicals, mining, forestry,
sugar and other commercial industries.
The Freight division offers more than traditional haulage and is able to
offer value added logistical services. The division is committed to world
class standards of operation and ISO accreditation is highly valued. The
management of health, safety and environmental issues is an ongoing major
priority.
About Mvelaphanda Strategic Investments
Mvelaphanda Strategic Investments is a wholly owned subsidiary of
Mvelaphanda Holdings (Mvela). Established in 1998, by Mr Tokyo Sexwale,
Mvela has emerged as a leading black owned and managed Investment Company.
Mvelaphanda Strategic Investments focuses on equity investment opportunities
in a number of industries including transport, healthcare, security,
information technology and telecommunications.
Mvela focus is on the resource and energy sectors with its primary assets in
the mining and energy sector. Mvela has a diverse shareholder participation
that enables it to contribute to the benefit of a constituency previously
excluded from the business sector. Mvela has an inclusive philosophy
towards empowerment and believes that community participation is critical to
it future success.
Issued on behalf of Unitrans Freight: Nico Olwagen
Tin Can Communications
Tel: +27 11 340 5230
Cell: +27 82 492 4281
E-mail: nico@tincan.co.za
For more information, contact: Roger Naisby
Unitrans Freight
Tel: +27 11 442 8551
Cell: +27 83 308 5627
E-mail: roger.naisby@unitrans.co.za
Or contact: Limpho Hani or Craig Lyons
Mvelaphanda Strategic Investments
Tel: +27 11 327 5430
Cell: +27 83 307 3265
E-mail: craig@mvelaphanda.co.za
Date: 27/05/2002 08:00:16 AM Produced by the SENS Department
