BOSETU mulls partnership with apex

Chakalisa Dube | Monday September 1, 2014 13:37

Officials from Apex are the ones who submitted a proposal to partner with the union in the property business. The revelations are detailed in an executive report, which was presented to the union’s members in a closed-door meeting at the union’s elective Congress held last week.

“We are currently working on the proposal to see the best model we can use which will highly benefit our members.

The idea is to use SACCOS, as the main driver of this investment on behalf of all our members. “We then propose that all our members join SACCOS so as to enjoy the fruits we envisage they would yield,” says the report which was read to congress delegates by BOSETU Secretary General Tobokani Rari.

SACCOS is a savings and lending club within Bosetu. Apex is currently developing Bodiba Mall in Mogoditshane and has other projects in the pipeline, which include a mall in Kazungula as well as a multi- residential property in Metsimotlhabe and Oodi villages.

Meanwhile the report also stated that the union, through its other business subsidiary UNIGEM, is currently locked in negotiations with African Capital Company Investment South Africa to open a commercial bank. “The negotiations are at an advanced stage. Each party will have to contribute towards the capitalisation of the bank,” the report said.

The Bank of Botswana rejected an application for a banking licence by the union some months ago.

The union through its subsidiary UNIGEM has also acquired Streamline Investments, which is trading as Federated Insurance Brokers.

“The share certificate has already been issued.

BLLAHWU burial society and Manual Workers Union has shown interest in acquiring part of the remaining 40% shares.”

The union, which is among the most vibrant in the country also said it has completed the construction of the BOSETU house.

The building, whose construction cost a hefty P18million according to the report, is currently being furnished. BOSETU also engaged Express Count, which was supervised by Geoflux to renovate Babereki House, a building the union bought in Gaborone more than a year ago.

The renovation, which cost the union a whooping P6 million, is also said to be almost complete as it is only awaiting the fitting of a backup generator and testing of fire protection units.