Grindrod Trading is pleased to announce the conclusion of a Black Economic Empowerment deal to dispose of a 75% interest in Oreport (excluding IMBS Pty Ltd and Otjozondu Pty Ltd) to the Sisulu family, represented by Mr Moyikwa Sisulu. The deal is subject to the approval by the Competitions Commission and will see Oreport positioned as a significant Black-owned trading company in South Africa. As part of the negotiations Grindrod has secured the right to offer to Oreport all services (shipping, logistics, intermodal, etc.) currently performed by the Grindrod Group.
Grindrod further announces that Mr Vule Nemukula has been appointed as the Chief Executive Officer of Oreport, effective 1st September 2013, and Mr "Henno" Loots, effective 14th August 2013, has been appointed as the company's Chief Financial Officer.
Vule joins from Telkom where he was Group Executive: Procurement Services, controlling a spend of some R16 billion. He has exposure to metals, minerals and logistics through time spent with Eskom, Rio Tinto, BHP Billiton and the Transnet Group.
Prior to Oreport, Henno was an Associate Director in "PwCs" Advisory Financial Risk Services practice. He has 15 years of banking experience of which approximately 9 years were spent within the Treasury trading, Investment Banking and Africa areas. He has focussed on equities, commodities (metals and agricultural), money market, fixed income, derivatives and various structured products in an OTC and exchange traded environment from a systems, people, process and risk mitigants perspective.
Oreport is now well positioned to take advantage of opportunities in both local and international metals and minerals markets and accelarate their contribution within the greater Grindrod Group. We wish Vule and Henno the best on their appointments and welcome the Sisulu family as a business partner to Grindrod.