Siyabonga Gama appointed acting group CE of Transnet

"Siya is well known to all of us. He has served Transnet with enthusiasm, zeal and diligence since 1994... As CE of Transnet Freight Rail, he has transformed the operating division from yearly losses averaging R21m in 2005 to R5.1bn profit in the last financial year," Transnet said in a statement.

The logistics company said Gama was the longest-serving member of the executive team and also served as the first CE of the National Ports Authority.

Transnet has been touted as one of the better performing parastatals.

Late in March Transnet raised R13bn in loans for the purchase of 1,064 locomotives.

The acquisition of the locomotives forms part of Transnet's long-term fleet renewal programme aimed at increasing capacity while reducing the average age of the locomotives fleet.

The delivery of the locomotives, which are also energy efficient, will enable Transnet to transport more freight on rail in an efficient way. The locomotives will advance government's objective of shifting the transportation of goods from road to rail.

Over the past five years, Transnet has invested more than R140bn in the maintenance and expansion of the country's rail, ports and pipeline networks.

Gama will assume all the responsibilities of the group CE for the duration of Molefe's secondment.

"On behalf of all of us in the board, the group executive committee and the over 60,000 members of the Transnet family, we wish to thank Mr Gama for accepting this challenging task. He is guaranteed our unwavering support," the company said.

Source: BDpro