Chairperson, against the background of the current worldwide economic downturn, one of the leading South African state-owned entities, Transnet, has been performing exceptionally well.
During the past financial year of 2008-09, Transnet has managed to keep their budget targets to produce a strong balance sheet, receive a clean audit report, successfully succeed in growing their core business, and reduce the cost of doing business in South Africa through the provision of port, rail and pipeline infrastructure.
Transnet is a shining example that it is possible to grow your business under difficult economic circumstances. This state-owned entity is under good management and is providing value for money to its shareholder, the South African government, in the roll-out of infrastructure development.
Transnet is continuing to dispose of their non-core assets in a responsible manner, which enables management to focus on the core operations of Transnet: strengthening the balance sheet of the entity further. In his 2009 state of the nation address, President Jacob Zuma highlighted the importance of the performance of state-owned entities when he said: "We will also involve state-owned entities in the government planning processes and improve the monitoring and evaluation of their performance."
We congratulate Transnet, including management, all workers and stakeholders, on their good financial performance during the past financial year. May they continue to grow in performing exceptionally well in their core business: creating a better life for all our people. Together we can do more. I thank you. [Time expired.] [Applause.]
Is that a point of order?
Chairperson, yes. I would like to know whether the hon member is related to another Koornhof in this House, because they bear such a distinct ... [Interjections.]
That is not a point of order, hon member.
I'm sure it is a point of order, Chair.
To us that is a relationship of an hon member. That's not a point of order.