eThekwini Municipality looking for board members to represent its interest in the Durban Point Development Company

The acting city manager has been granted powers to search for those that can represent the city’s interest.

Durban Point Waterfront. File Picture.

Published Sep 7, 2021

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DURBAN – The eThekwini Municipality is looking for suitable individuals to represent the city in the Durban Point Development company.

The municipality revealed this in a report tabled before Exco recently to advise Exco about the status of directors representing the municipality in the Board of Directors in the Durban Point Development Company (DPDC).

A website describes the DPDC as the master developer of the Durban Point Waterfront Development.

DPDC is a 50:50 joint venture between the eThekwini Municipality and ROC Point (Pty) Ltd (majority owned by UEM Sunrise Berhad).

The report tabled before Exco recently called on the Exco to request from council to authorise the acting city manager to widely solicit applications for the nomination or the appointment of directors to represent the municipality on the board of directors in DPDC.

It calls on the acting city manager to compile a list of all applicants and prescribed particulars and submit the list to council and Exco with recommendations on the appointment of directors.

It also requested that the municipality designate the representatives as non-participation observers at meetings of the board of directors and to attend shareholder meetings and to exercise the municipality’s rights. And responsibilities as a shareholder.

The website describes UEM Sunrise as a Malaysian-based property development company with vast experience and proven track records in delivering state-of-the-art modern and luxury high-rise properties and township development.

It stated that with the master development led by UEM Sunrise Berhad and support from the eThekwini Municipality, the Durban Waterfront Development would be an asset to investors offering a platform for business, economy and tourism in Durban to flourish.

THE MERCURY