Labat Africa CEO Brian van Rooyen will not be involved in newly-listed Total Client Services (TCS). However, he has invested some of his personal wealth in the company through a consortium.
Last year, Labat Africa began the unbundling of its IT division, Labat Traffic Solutions, into a separate entity with the view of listing this company. This strategy was completed last Monday, when the business was listed on the JSE's Alternative Exchange.
Although the market questioned whether the former rugby boss would retain an oversight role in the new company, van Rooyen says he has no management responsibility in TCS.
"I'm not involved, but I am an investor through a consortium. I believe the company has a lot of opportunities ahead of it and that is why I'm backing them personally," he explains.
TCS's first trade on listing last week came in at 47c. Its shares closed at 29c on Friday, down 38% on its debut.
TCS CEO Shaheed Mohamed told shareholders the company has many opportunities it hopes to pursue in the coming months. This includes an entry into the utility collection space, municipal CCTV services and traffic intersection management tools.
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