Alert Steel sale conditionally approved
The Competition Commission has conditionally approved the sale of Nedbank- and Capital Africa Steel- (CAS-) owned shares in struggling Alert Steel to Cannistraro Investments, the AltX-listed steel retailer said on Friday.
The transaction, in which Cannistraro agreed to buy a 47.5% stake in Alert Steel from CAS for a total consideration of R13.5-million, equating to 54.58c a share, was approved this week with employment and training conditions.
Cannistraro, which was also acquiring 10.2-million shares, or 19.78%, from Nedbank for an aggregate purchase price of R1-million, was required to limit retrenchments over the next two years to no more than 100 skilled and 50 semiskilled employees.
Alert Steel was also required to add another six Alert Steel Express container outlets, bringing its total portfolio to 35 sites, while increasing the number of containers from one to three on each site.
The steel retailer was also tasked with training – within two years of implementation – 60 to 100 graduates under the Wholesale and Retail Skills Education Training Authority.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation