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September 2006
Producers purchase equity in Cape Town Market
In September 2006 consortium of producers and growers
associations have concluded an agreement with Cape Fresh International, the
owners of the Cape Town Market, under which the consortium will purchase 26% of
the equity and voting rights in the Cape Town Market
Under the terms of the agreement the consortium, which comprises
Du Toit Vrugte, Lebombo,
Philippi Farmers Association, Potato South Africa, Tomato Growers Association,
Wilde Klaver and ZZ2, will appoint two non-executive directors to the Board of
the Cape Town Market and will be represented on the various committees of the
Board
Cape Fresh
International and the consortium will collectively develop and manage the Cape
Town Market as a commission market where the pivotal role of the Market Agent
continues to be recognized and entrenched. The Cape Town Market has committed
itself to the Producers Charter which mandates that the market be developed,
managed and coordinated to ensure that price formation based on free market
principles be maintained and developed to the benefit of producers and consumers
alike
Cape Fresh
International will retain its BEE status and all shareholders remain committed
to the provision of opportunity for the historically disadvantaged citizens of
Cape Town
Announcing
the agreement, Philé Van Zyl, spokes person for the consortium, said
“The national fresh produce markets are controlled by
the local authorities. It is long overdue for these institutions to become
privately owned and commercially managed”
Rob Lowe,
CEO of the Cape Town Market, said
“This agreement is an extremely important step in the complete transformation of
the
Cape Town
Market. Our objective is to restore the market as an attractive route to
market for our producer customers. I look forward to the wisdom and guidance
that our new shareholders will provide and I am very excited that we are the
first major market to have given the opportunity of ownership to our clients”
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| Rob
Lowe, CEO of Cape Town Market and Mr
Philé Van Zyl from ZZ2 |
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