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Welcome to Globul Roads

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Letter of Introduction

16 February 2005

It is with pleasure to introduce to your good self the coming into existence of Globul Roads (Pty) Ltd.

Globul Roads (Pty) Ltd came into existence upon the conclusion of a Black Economic Empowerment deal between Globul Construction (Pty) Ltd, an established civil construction company & Moto Development and Construction (Pty) Ltd, a 100% BEE owned construction company. The ownership in the new company, Globul Roads (Pty) Ltd, is 51% Moto Development and Construction (Pty) Ltd and 49% Globul Construction (Pty) Ltd.

In terms of this acquisition / merger, Globul Construction (Pty) Ltd as known today will cease to operate as a civil construction company, save for the completion of its existing work, and all its staff will be transferred into Globul Roads (Pty) Ltd on a going concern basis.

In terms of the signed agreement, which will be available on request, all new projects that will be awarded henceforth will be implemented by Globul Roads (Pty) Ltd, including work that the parties tendered for prior to the signing of this agreement.

To ease the upfront capital obligations of the BEE partners, the transfer of assets will be phased I within the maximum period of five years. However to ensure the availability of plant, a long-term lease agreement has been concluded. This will ensure that Globul Roads (Pty) Ltd plant requirements are well taken care off.

Board of Directors is constituted on an equal basis between Moto Development and Construction (Pty) Ltd and Globul Construction (Pty) Ltd.

Plans are in place that will see the introduction of BEE in the executive and management roles in the company.

We believe that the birth of Globul Roads (Pty) Ltd represent a significant step towards the country’s economic transformation goals in general and the civil construction industry in particular. It is such initiatives that need to be supported and encouraged.

Regards,
Teboho Molaba Chairperson of the Board
 
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