Cape Town - The Laser Group planned to move its listing from the transport sector to the services sector of the JSE Securities Exchange, but would have to wait until the stock exchange completed its own recategorisation, Michael Fuller, the chief executive officer of the company, said on Friday.
Fuller said the transfer of the listing was essential to more accurately reflect the activities of the company. Until September 1999 Laser was a removals group which also offered recruitment and corporate relocation services. Because of the cyclical nature of the removals market and pressure on margins Laser had been re-engineered.
The company had two divisions, Laser Logistics Solutions and Laser Human Resource Solutions. The divisions were positioned to help companies improve their supply chain and human resource returns.
Fuller said the board would be strengthened with the appointment at the annual meeting on September 6 of Bill McAdam as chairman.
He said McAdam already played a substantial role in the direction of Laser and while the appointment was to the position of non-executive chairman, McAdam would continue to play a prominent strategic role.