Metair Investments Limited (Metair) today announced that broad-based black empowerment investment company Royal Bafokeng Holdings (RBH) has purchased 606 581 shares in Metair for a cash consideration of R152 million from the Wessels Family Trust.
Theo Loock, CEO of Metair commented: “We are delighted to welcome RBH as strategic shareholder in Metair and look forward to building a successful long-term relationship with them. The offer by Coronation Capital Limited (Corocap) and it’s nominees to purchase the Wessels Family Trust and Wesco Investments Limited shareholding in Metair has made it possible to facilitate this empowerment transaction. Metair has always had a strong relationship with its strategic shareholders and with Corocap and RBH as the new strategic shareholders, there is a new dynamic and energy which will no doubt be very exciting for Metair and all its stakeholders.”
Mpueleng Pooe from RBH commented: “With this investment in Metair we not only diversify our portfolio but also seize an opportunity to participate in the growing automotive component manufacturing sector in South Africa. Metair has an exciting growth platform and we look forward to working with Theo and his team to build value for all stakeholders”.
Although there is no Black Economic Empowerment Charter for the Automotive Industry, automotive component manufacturers like Metair have come under increasing pressure from original equipment manufacturers (OEMs) in particular to strengthen their BEE credentials.
In this regard Toyota South Africa has had several discussions with Metair. The President and CEO of Toyota South Africa, Johan van Zyl commented on the RBH transaction: “We are delighted with the decision of the Royal Bafokeng Nation to invest in Metair. This is the first major BBBEE investment in component manufacturing in South Africa and Toyota would like to see many more to follow.”
