• All Share : 48186.81
    UP 1.23%
    Top 40 : 3907.04
    UP 1.01%
    Financial 15 : 14040.13
    UP 1.46%
    Industrial 25 : 57617.03
    UP 1.49%

  • ZAR/USD : 10.9919
    DOWN -0.22%
    ZAR/GBP : 17.7571
    DOWN -0.31%
    ZAR/EUR : 14.0412
    DOWN -0.42%
    ZAR/JPY : 0.1029
    DOWN -0.14%
    ZAR/AUD : 9.6908
    DOWN -0.02%

  • Gold : 1247.9000
    UP 0.10%
    Platinum : 1270.7000
    UP 0.61%
    Silver : 17.4250
    UP 0.04%
    Palladium : 765.7500
    UP 1.29%
    Brent Crude Oil : 85.720
    UP 0.37%

  • All data is delayed by 15 min. Data supplied by I-Net Bridge
    Hover cursor over this ticker to pause.

Tue Oct 21 14:04:12 SAST 2014

Govt hands over bus company to taxi owners

Sapa | 07 February, 2011 13:300 Comments
Minister of Transport Sbu Ndebele
Image by: ALON SKUY

Transport Minister Sibusiso Ndebele handed over the BRT Rea Vaya Phase 1A bus operating company to taxi industry shareholders on Monday.

"Today we celebrate a major milestone in the life of the taxi industry and of our country," Ndebele said during the handover at Nancfield, in Johannesburg.

"We reaffirm that this important industry, which is owned, managed and controlled by black entrepreneurs, will no longer primarily be defined by violence and disorder," he said.

Former taxi owners own 66.7 percent of the shares in the company, which owns buses and bus stations across Gauteng.

Ndebele said the company had a turnover of R174 million a year, from which the new owners would benefit.

"I wish to take this opportunity to congratulate the taxi industry in opening a major shareholding and stake in the BRT system in Johannesburg," said Ndebele.

He said the remaining said the 33.3 percent of the shares in the company were owned by the City of Johannesburg and companies.

Former taxi owner Sicelo Mabaso was excited to be a part of this "new, sophisticated" transport industry.

"We are hoping that even those taxi owners who are still against the BRT will now come on board as they will see this is working and it's a viable business," he said.

To submit comments you must first

Join the discussion & Debate

Govt hands over bus company to taxi owners

For Commenters Consideration | Please stick to the subject matter
Tue Oct 21 14:04:12 SAST 2014 ::