Corporate Affairs

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    Bahrain composites group aiming to use PRASA contract as platform for expansion into other sectors

    Composites multinational BFG International, of Bahrain, has officially opened a R50-million factory in Ekurhuleni, South Africa, to supply fibreglass components for the Passenger Rail Agency of South Africa’s (PRASA’s) new trains. The investment, which is the first-ever by a Bahraini manufacturing enterprise in South Africa, has been pursued in partnership with black-owned financial services company Mergence, which is a 51% shareholder in BFG Africa.

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    Bahrain composites group aiming to use PRASA contract as platform for expansion into other sectors

    Composites multinational BFG International, of Bahrain, has officially opened a R50-million factory in Ekurhuleni, South Africa, to supply fibreglass components for the Passenger Rail Agency of South Africa’s (PRASA’s) new trains. The investment, which is the first-ever by a Bahraini manufacturing enterprise in South Africa, has been pursued in partnership with black-owned financial services company Mergence, which is a 51% shareholder in BFG Africa.

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    SAA board says another shareholder injection needed to see through turnaround plan

    The board at embattled national carrier South African Airways confirmed on Friday that further direct government support would be required to help it over overcome its current liquidity crisis, as well as to enable it to complete the implementation of its long-term turnaround strategy. At a briefing convened following the shock resignation of former CEO Vuyani Jarana –­­ whose damning resignation letter, outlining his frustration at the lack of shareholder support, was leaked to the media last week – the board said the airline had to be “appropriately capitalised”, as its current debt burden was unsustainable.

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    SAA board says another shareholder injection needed to see through turnaround plan

    The board at embattled national carrier South African Airways confirmed on Friday that further direct government support would be required to help it over overcome its current liquidity crisis, as well as to enable it to complete the implementation of its long-term turnaround strategy. At a briefing convened following the shock resignation of former CEO Vuyani Jarana –­­ whose damning resignation letter, outlining his frustration at the lack of shareholder support, was leaked to the media last week – the board said the airline had to be “appropriately capitalised”, as its current debt burden was unsustainable.

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    Southern Palace-led consortium named preferred bidder for R2.5bn Tambo Springs container terminal

    State-owned freight logistics utility Transnet has named a consortium led by black-empowerment group Southern Palace as the preferred bidder for a 20-year concession to build and operate a new R2.5-billion inland container terminal in southern Gauteng. The public­–private partnership, dubbed the Tambo Springs Intermodal Terminal, is expected to reach financial close by September, with sod turning currently set down for November.

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    Southern Palace-led consortium named preferred bidder for R2.5bn Tambo Springs container terminal

    State-owned freight logistics utility Transnet has named a consortium led by black-empowerment group Southern Palace as the preferred bidder for a 20-year concession to build and operate a new R2.5-billion inland container terminal in southern Gauteng. The public­–private partnership, dubbed the Tambo Springs Intermodal Terminal, is expected to reach financial close by September, with sod turning currently set down for November.

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    Transnet promises to fill executive vacancies as Mahomedy is appointed new acting CEO

    State-owned freight logistics group Transnet has appointed Mohammed Mahomedy as acting group CEO after its board decided not to extend the six-month contract of the Tau Morwe, beyond Friday, May 3. Mahomedy, who has worked with Transnet for more than 12 years, has been acting CFO for the past 12 months. In the position, he played a central role in convincing certain debt providers not to withdraw funds after the group’s 2018 financial results were qualified, owing to insufficient evidence that the information on irregular expenditure was “complete and accurate”.

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    Transnet promises to fill executive vacancies as Mahomedy is appointed new acting CEO

    State-owned freight logistics group Transnet has appointed Mohammed Mahomedy as acting group CEO after its board decided not to extend the six-month contract of the Tau Morwe, beyond Friday, May 3. Mahomedy, who has worked with Transnet for more than 12 years, has been acting CFO for the past 12 months. In the position, he played a central role in convincing certain debt providers not to withdraw funds after the group’s 2018 financial results were qualified, owing to insufficient evidence that the information on irregular expenditure was “complete and accurate”.

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    Transnet promises to fill executive vacancies as Mahomedy is appointed new acting CEO

    State-owned freight logistics group Transnet has appointed Mohammed Mahomedy as acting group CEO after its board decided not to extend the six-month contract of the Tau Morwe, beyond Friday, May 3. Mahomedy, who has worked with Transnet for more than 1…

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    Transnet to meet OEMs this month in bid to reach settlement on ‘unlawful’ locomotive contracts

    State-owned logistics group Transnet will, during the course of April and May, seek to secure “just and equitable” negotiations with the four original equipment manufacturers supplying it with 1 064 diesel and electric locomotives under a R49-billion procurement programme concluded in 2015. General Electric was awarded a contract to supply 233 of the 365 diesel locomotives ordered, while China North Rail was contracted to supply the 232. China South Rail was awarded a contract for 359 of the 599 electric locomotives ordered, with Bombardier Transportation to supply 240.

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