Cargo Carriers and Eyethu in Innovative Empowermen
Cargo Carriers Limited
Registration number: 1959/003254/06
Incorporated in the Republic of South Africa
("Cargo Carriers" or "the company")
JSE share code: CRG
ISIN code: ZAE000001764
Cargo Carriers has recently announced a key empowerment initiative in the form
of Ezethu Logistics (Pty) Ltd. This is a joint venture company to bid for
transportation and specialised logistics business in those industry sectors in
which Cargo Carriers is currently a major player.
Ezethu Logistics is a proactive response to the country"s BEE imperatives. Cargo
Carriers Limited hold 49% of the equity and Eyethu Transport (Pty) Ltd, a wholly
Black-owned entity, holds 51%. Ezethu will initially utilise Cargo Carriers"
infrastructure to reduce costs, increase working synergies between the two
partners, and ensure adequate backup in terms of vehicles, staff, and
administration systems.
The new company"s senior management structure is already in place. The CEO of
Ezethu, Thami Mabitsela, comes from various senior positions in the petroleum
industry and the Board includes senior business and industry figures, such as
Joe Khoza, CEO of Mpande Energy Investments (Pty) Ltd, and Vincent Raseroka,
formerly CEO of SAA Technical. The Joint Chief Executives of Cargo Carriers
Limited join them on the Board.
In a demonstration of the serious intent behind this empowerment venture Mr
Raseroka has accepted an appointment to the board of Cargo Carriers Limited.
Says Mabitsela, "The management team is ideally structured, with two Cargo
Carriers directors at board level, and the right mix of strategic and
operational experience and energy on the team to make what we think will be a
valuable contribution to the specialised transportation and logistics business -
not only from an empowerment point of view, but maintaining the existing high
standards of our partners in the industry - especially from the point of view of
health, safety and the environment, and in terms of efficient and cost-effective
transport solutions."
Garth Bolton, joint CEO of Cargo Carriers endorses this view. "An empowered
approach is a non-negotiable in this industry, but to gain real advantage
depends on our empowerment partners bringing input beyond capital to the deal.
We want to partner with people with strong industry know-how and strategic
intent, and we believe we have achieved this with our partners in the Ezethu
venture. Cargo Carriers is committed to the wider idea of nation building and to
BEE principles - and Ezethu is a key part of our larger BEE strategy across
different industries".
Website: www.cargocarriers.co.za
Date: 04/07/2003 08:00:03 AM Supplied by www.sharenet.co.za
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