WBHO and Faku Family Enterprises (FFE) have announced the purchase of Grindrod Rail Construction and Grindrod Rail Construction South African (GRCSA) following full Competition Commission approval.
The acquisition of the majority shareholding by FFE of the GRCSA entity has established iKusasa Rail SA as a 75% black-owned company (40% black women owned).
FFE is a 100% black owned (62% black female owned) investment holding company with various interests ranging from oil and gas, retail and property to logistics.
According to Mkhuseli Faku, the newly appointed chairman of iKusasa Rail, the acquisition fits into the FFE group strategy of diversifying its product mix.
WBHO, listed on the Johannesburg Stock Exchange, is one of the largest construction companies in Africa with experience in major construction projects in Africa and Australia. Construction activities, which cover the full spectrum, are divided into three main operating divisions, namely Building Construction, Civil Engineering and Roads and Earthworks. Richard Smith, director of roads and earthworks, said the acquisition would further diversify the group’s offerings and allow it to offer complete infrastructure solutions throughout Africa.
“WBHO’s experience in major projects in Africa, FFE’s empowerment credentials, and GRC’s reputation as an industry leader in rail track construction, rehabilitation, electrification and maintenance, makes this transaction a perfect fit,” said Bongiwe Ntuli, CEO Grindrod Freight Services.
