The Services business area is planned to be developed based on the Company’s recent acquisition of the Chubb Security and Fire business. UTC Technologies sold 100% of its South African interest in Chubb Fire & Security to a black consortium led by Tsiko. The move followed the passing of the Private Security Industry Regulation Amendment Bill, which proposed that multinationals relinquish 51% or more of their shareholding to local investors. The Chubb Security and Fire business has been renamed National Security and Fire and is now a Proudly South African black owned and controlled business with Tsiko Africa owning the majority shares at 42% and has ultimate oversight and control of the business.
National Security and Fire, is a company with an annual turnover of around R800 million and presently employs over 2000 staff nationally with 22 branches around the country. National’s range of security services comprises monitoring and armed response, intruder detection alarms, CCTV, access control systems, fire detection and extinguishing systems, and guarding.
Tsiko Africa is also currently progressing a number of acquisitions in the services area which are synergistic to the security business and when completed will enable a platform for integrated services to be provided to customers.