Faritec, which has come through a torrid few months of fund-raising and management changes, is knuckling down to the task of rebuilding the company.
During the transitional period – which will include the latter phases of Faritec's turnaround programme, concluding the various funding transactions and appointing a new CEO – Chris Jardine has moved from non-executive to executive chairman.
"I am working hand-in-hand with the management team to get the business back on track, by adopting a back to basics approach and focussing on customer service and delivery" Jardine says. "Our cost-cutting exercise is almost complete and I am pleased to say that staff morale is lifting."
As reported recently, Faritec has financially stabilised its business by raising R49-million through an underwritten rights offer of R20-million and the R29-million investment by Shoden Data Solutions. They are both expected to be finalised in the next few months.
"Given our experiences of the past few months, and the many positive outcomes of our various interventions, we firmly believe that the Faritec strategy and value proposition are intact," says Jardine.
"We are especially heartened that our customers continue to place their confidence in us, and we continue to win business and attract new customers. We will continue to work hard to ensure that we can meet and exceed our customers' expectations."