TMT Services & Supplies has confirmed that its current empowerment partners will be divesting as one of the shareholders in the company after a long term involvement.
“Over 13 years ago we invested in a small company whose growth and achievements have more than met our business objectives and have given us excellent returns,” said Mr Moss Mashishi, chairman of Matemeku Investments, the outgoing empowerment partner who actively contributed to the achievements of TMT.
TMT has already initiated plans to develop a more broad based empowerment structure going forward. It is currently a level 2 B-BBEE company and is committed to achieving their targeted status through a revised structure.
Kapsch has confirmed the appointment of Douglas Davey, one of the founders and original shareholders of TMT, as the Managing Director for the Sub-Saharan region which includes South Africa. “We are excited by the opportunity presented by the investment, which will see a South African-based operation providing a springboard for developing regional markets in the transport solutions sector,” said Davey. He added that this will enable the company to build on the current 1400 jobs in South Africa in anticipation of the expansion.
“This is an ongoing further direct investment in South Africa and we are delighted to be participating in future growth within the country and the surrounding region,” commented Andre Laux, Chief Operating Officer for Kapsch TrafficCom. He added that the exit plan of the minority shareholders had always been included in the agreements between Kapsch and TMT when the initial investment in South Africa was formulated six years ago, and while the agreements between the parties have been concluded, the execution of the deal is still subject to fulfilment of conditions precedent.