Business / Companies
Pioneer waiting for Unifreight purchase approval
27 Jun 2013 at 13:32hrs | Views
Pioneer Corporation Africa is awaiting final approval for the Unifreight transaction which is expected in the next few weeks.
Pioneer CEO Albert Ushe told the company AGM this morning that the purchase transaction is left with one final leg of approval after the transaction was approved by two regulatory authorities.
"We are in dialogue with the remaining regulatory authority at the highest level and good progress has been made to date," he said.
Pioneer acquired Unifreight assets in August 2011. Unifreight is profitable but its results are not included in current Pioneer financial results because the transaction has not been fully consummated as final regulatory approval is pending.
Ushe told the same AGM that Skynet has been consistent and is profitable while the cross border trucking business was affected by the slow start to the year. He said performance for the trucking business improved in the second quarter.
He also said another batch of new buses is expected to be delivered in the last quarter of the year.
Pioneer CEO Albert Ushe told the company AGM this morning that the purchase transaction is left with one final leg of approval after the transaction was approved by two regulatory authorities.
"We are in dialogue with the remaining regulatory authority at the highest level and good progress has been made to date," he said.
Pioneer acquired Unifreight assets in August 2011. Unifreight is profitable but its results are not included in current Pioneer financial results because the transaction has not been fully consummated as final regulatory approval is pending.
Ushe told the same AGM that Skynet has been consistent and is profitable while the cross border trucking business was affected by the slow start to the year. He said performance for the trucking business improved in the second quarter.
He also said another batch of new buses is expected to be delivered in the last quarter of the year.
Source - news
