Peo has sponsored yet another citizen owned venture to the tune of P1.5 million. Peo was set up ten years ago by De Beers Botswana and Debswana Diamond Company with the main objective of contributing to government’s policy of citizen economic empowerment.
Over the last ten years, Peo has participated in a wide range of ventures including manufacturing, engineering and services. In addition to advancing start-up capital, by way of equity and loans, the company provides mentoring services. The policy has always been that once the company is in full operation and the debt has been paid off, Peo disinvests by selling its stake to the citizen promoters.
The latest beneficiary is Danube Investment (Pty) Ltd, trading as Serule Filling Station and owned by Mompoloki Solomon (Managing Director) and his wife, Kemmonye. According to information reaching The Sunday Standard, the total investment is made up of P540 000 in equity, contributed by the promoters and a further loan amount of P1 million from Peo.
Danube Investments (Pty) Ltd, the new company purchased assets from an operation that had been in existence for 15 years. “We believe that with partners like Peo, we can turn this business around,” said Mr. Solomon.
Mr. Solomon, a former employee of Shell Oil Botswana, where he worked as Regional Manager, has the requisite experience and expertise to take the venture to new heights.
Solomon says Serule Filling Station located at the Selebi-Phikwe and Francistown junction, is conveniently placed and has potential to grow. Solomon estimates that at least 100 cross border trucks use the Fransistown road daily, not to mention thousands of other vehicles that use the road. The A1 highway is by far the country’s busiest road.
He says the business has ample space for future growth and that now the onus is on him and his management team to aggressively increase their marketing and advertising so as to enhance awareness, presence and visibility of the service station.
Already the management is planning to further develop the site, in order to make the filling station into a one stop shop. The plans include establishing a well resourced restaurant, a puncture service outlet and a side place where motorists could refuel, rest and get their refreshments before continuing with their journey.
“Our objective now is to get more customers. The best way to achieve that is to provide an excellent service. We have taken it upon ourselves to achieve that,” said Solomon.