PROJECTS

CLASSIFIED-0324

 

SOUTH32 AND SEGOKAKU - THE TRANSPORT COMPANY JOURNEY

About the programme

Tushiyah was engaged by South32 in 2017 to assist the taxi associations to corporatise and prepare to enter a supplier contract with South32. With the help of Tushiyah, a partnership between three northern Cape province taxi associations was established, paving the way for founding a strong SME company that has, since 2017 been providing a passenger commuter transport service to South32 and other mines in the Northern Cape.

The process of settling in, streamlining financial management systems, and overall company management dynamics, took several months. Tushiyah’s expertise in company management, training and mentoring, as well as financial oversight paid off in the long run and is proud to have been partly responsible for having established a business capable of generating annual income of several million rand and a significant profit.

What Tushiyah did

  • Conversion from a Public company to Private Company (to comply with changes in company law)
  • Restructuring of the board and recruitment of independent, non-executive directors)
  • The Annual General Meeting
  • Training for the board and governance training (the training focused on foundational corporate governance, including inculcating an understanding of the protocols, processes, functionality, and decorum of a board, including their duties and responsibilities as board members
  • Appointment of a company Secretary and the provision of Secretariat services
  • Recruitment and Appointment of Executive Team, with CEO appointment in June 2022
  • Financial analysis and recommendations
  • Board and management support

What was the outcome?

  • The joint business Forum was successfully converted from a public company to a private company and all the directors were successfully registered on CIPC and a MOI lodged with CIPC
  • A new Board was appointed and ratified by the shareholders at the AGM
  • New CEO was appointed, and he moved immediately to Kuruman and could start immediately - he hit the ground running
  • There has been a shift in the company’s remuneration model. All the drivers are now employed by the Forum, and the fuel and insurance costs were taken over by the company. There has been a reduction in the amount paid over to operators, which creates a more profitable model for Segokaku and ensures good business practice.
  • The company has new contracts with other mines and this will be activated before the end of the 2023.
  • The company has managed to recover outstanding monies from a few creditors to the tune of half a million rand.

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SERVICES SETA
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Tel: +27 (0)11 202 5029

 

 

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