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News Archive February 2011 Stakeholders get share of PioTrans
News Archive February 2011 Stakeholders get share of PioTrans
| Stakeholders get share of PioTrans |
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| Friday, 04 February 2011 |
 Taxi industry shareholders will hand over their operating licences and their equity – and in return will get a stake in the Rea Vaya Bus Operating Company.THE formation of PioTrans, the new Rea Vaya Bus Operating Company for Phase 1A, will be commemorated in a historic moment on 7 February. 
Ready for the biggest scrapping exercise yet
The function will take place in Nancefield, Industria. Each of the affected taxi operators who wanted a share in the company had to hand over their taxis and their operating licence. Their taxis were then either scrapped or sold on action and R54 000 of the proceeds were used by them as equity to purchase their share in the Rea Vaya. Just over 350 vehicles are earmarked for scrapping, making this the biggest scrapping exercise in the country. Removing these unsafe minibus taxis from the road improves the safety of commuters and stops destructive competition with Rea Vaya. The City partnered with the national Department of Transport and the Taxi Scrapping Agency to process the vehicles for scrapping, which was done in record time. The metal and rubber from the scrapping will be recycled. Rea Vaya is a Bus Rapid Transit (BRT) system that seeks to roll back the legacy of apartheid spatial planning and poor public transport infrastructure, and improve the quality of life of residents. Related stories: PioTrans is new bus company Welcome to PioTrans Fanalca brings its expertise Neighbours tour Rea Vaya Historic moment for Rea Vaya Stakeholders |
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