The Sunday News
Dumisani Nsingo, Senior Business Reporter
THE public will be entitled to acquire shares ranging between 10 and 30 percent of the $60 million state-of-the-art Egodini Mall and Intermodal Public Transport Interchange in Bulawayo, an official said.
Terracotta Private Limited representative Mr Thulani Moyo said upon submitting its bid to the Bulawayo City Council to be accorded the opportunity to be the contractor of the Egodini project, the South African firm undertook that it would provide an opportunity to ordinary residents of Bulawayo to participate as ordinary shareholders.
He, however, said due to the “complexities” involved in the project, the company considered it prudent that residents be offered an opportunity to participate at an appropriate time when it has sufficiently de-risked the project.
“After several painstaking years of project planning, we are now at the stage where we are mobilising for site works to commence. We therefore intend in the near future to launch a separate and independent process in terms of which ordinary residents will be entitled to collectively subscribe for between 10 and 30 percent equity interest in the project. This will be done in terms of a public offer process to be undertaken in accordance with all relevant legislation regulating such processes. It is currently our plan that this process will be launched in the middle of this year,” said Mr Moyo.
He said when the local authority issued the tender for developers of the Egodini project the company clearly understood the importance of the development to Bulawayo.
“We considered different ways in which different interest groups would be able to meaningfully participate in the project and as a result devised various programmes for local contractors, suppliers, labourers and tenants to participate in the project. Notwithstanding, we still felt there was still more that we could do to make the project truly broad based and representative by empowering as many local people as possible. In particular, we wanted to find creative ways to specifically empower as many youths, women and the elderly who may not ordinarily find ways of participating in the project,” said Mr Moyo.
He said the company has gained extensive experience in structuring, raising and managing broad based retail equity schemes targeted at allowing historically marginalised and forgotten communities to participate economically in new property development projects in South Africa.
“The success of these schemes has enabled poorer communities to participate for the first time in main stream economic and development activity in their respective areas. We hope that by giving ordinary residents of Bulawayo the opportunity to be shareholders in the project, they can become proud owners and economic beneficiaries of this very important development,” said Mr Moyo.
He said the project was aimed at integrating various public transport modes, creating a modern, safe and quality environment for public transport users, providing other ancillary commercial, retail and entertainment experiences for public transport users.
The mall would have 50 shopping centres, a bus terminal building, commuter omnibus bay and modern informal traders’ bays with storage counters as well as taxi association offices.
Construction of the complex would be spearheaded by South African construction company, Liviero Group which would be assisted by local construction companies. Liviero Group is South Africa’s largest privately black owned multidisciplinary construction group.
“The bus terminal building is going to be a mini-version of Park Station in South Africa with the mini-station accommodating 13 luxury inter-city and cross border bus companies. The individual bus companies will be having dedicated ticketing offices,” said Mr Moyo.
He said consultations were being made to lure internationally acclaimed fast foods firms.
“We are also talking to a few people who are looking at Taste Holdings in South Africa because there are other brands that are there and also people like Chicken Licken to try and see if they can come through. I think a few of them (reputable international food outlets) are already here. If you look at it Innscor has a few, they have Nandos, Steers and even KFC has now arrived. So during the leasing we are encouraging more because you must remember a lot of people will be using the centre especially the bus centre travelling between here and Johannesburg and other destinations so you would want them to enjoy those same privileges,” said Mr Moyo.
Taste Holdings is a South Africa-based management group that owns or licenses a portfolio of corporate owned and franchised, category specialist and formula-driven, quick-service restaurant and retail brand.
Chicken Licken is a South Africa fast-food fried chicken restaurant chain.
The proposed mall is sitting on 5 6228 hectares terminus which council put out for tender for the development of a regional transport hub to serve the city, the region as well as Southern Africa.
The facility will serve as a natural link and transit point between the western high density suburbs of the city and the low density areas of the city as well as the Central Business District. -@DNsingo
