Infrastructure group Murray & Roberts has announced the formation of an operating partnership between its subsidiary, Toll Road Concessionaires (Tolcon), and empowerment company Lehumo Women’s Investment Holdings.

This partnership, which brings another company into the broad-based network of black economic empowerment partners engaged by Murray & Roberts, has been established to meet the empowerment requirements of the N2 CTROM contract for the South African National Roads Agency Limited (Sanral).

Lehumo is a Kwazulu-Natal based company, established by its directors, who are Phumla Mnganga, Busi Mabuza, and Nonkqubela Maliza.

Principles of agreement between Tolcon and Lehumo place 26% of the equity of the N2 CTROM operating subsidiary, Tolcon, in the hands of Lehumo.

The primary feature of this empowerment agreement is that Lehumo will enter the project business as operating partners, developing knowledge and skills through active participation in the day-to-day management of the company.

The primary empowerment agenda for the partnership in terms of the N2 CTROM contract is:

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a fully representative board and executive team in Tolcon; – marketing engagement in respect of future North Coast developments, linking mutually beneficial future business opportunities; – engagement of social upliftment activities with the various communities living along the Kwazulu-Natal N2 axis north of Durban; – pursuing sustainable and meaningful staff empowerment in Tolcon; and – playing a key role in the future development of the N2 CTROM contract.

"All parties engaged in this process are totally committed to ensuring that this is a commercially sound, sustainable and appropriate empowerment equity partnership," said Tolcon managing director Jerome Arendse.

2004/04/02 Engineering News

Publisher: Engineering News
Source: Engineering News