“We are very proud of this transaction, which is the culmination of a multi-year collaboration with SA Taxi to formalize our participation in the revenue streams of the Minibus taxi sector. The proportional structure of the property will ensure that the economic benefits of this investment will be paid to all of SANTACO`s broad provincial structures through a trust receiving dividends from SA Taxi,” added Philip Taaibosch, President of SANTACO. A total of 23 taxis were seized after a large number of taxis participated in a protest that on 18 October 2019 blocked several roads that left Cape Town. […] Presenting the plan to the NEC, he said: “Different options are being considered, including the creation of a national cooperative bank owned by the taxi sector, i.e. the creation of a national private company that would participate in economic activity on behalf of operators.” This would create “empowerment vehicles” that would “ensure that the economic benefits reach all operators in the sector”. Thabisho Molelekwa, a spokesman for the South African National Taxi Council, told M&G that the issue of an $8 billion R-taxi cooperative bank was long overdue. Molelekwa said at least 1,000 taxis are bought every month. “You can imagine how much the banks earn. There is no form of empowerment and we have riches that are not in our hands. ” Read also: Why does SANTACO give the “family jewel” to SA Taxi? […] Last week in Cape Town, taxi drivers were criticised for intimidating commuters and refusing to transport important workers. The proportional ownership structure assigned to SANTACO and a trust representing large-scale provincial structures will ensure that the ownership and the resulting economic benefits will benefit this investment at all levels. 90% of future dividend flows will be spent on debt reduction, with a stream of 10% from the outset and allocated and managed in accordance with a pre-established charter.
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