http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.13Change: 0.00
R/$ = 10.48Change: 0.01
Au 1300.59 $/ozChange: -3.61
Pt 1477.50 $/ozChange: -4.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
May 28, 2012

Italtile interested in buying up to 20% of Ceramic

Back
Ceramic|Products Supplier
|
ceramic|products-supplier
© Reuse this



JSE-listed Italtile has expressed an interest in acquiring between 15% and 20% in ceramic products supplier Ceramic to support its growth strategy.

Italtile on Monday announced its intention to acquire a strategic stake in the issued share capital of fellow JSE-listed Ceramic for R130 a share in cash.

“To support Italtile’s growth objectives, the board would like to strengthen its relationship with Ceramic as a key supplier to the company, through the acquisition of a strategic shareholding in the company,” Italtile said in a statement.

The proposal was subject to various conditions, including the successful outcome of a due diligence exercise, the support of the Ceramic board, assurance that Ceramic would be able to support Italtile’s growth strategy, the continued involvement of Ceramic’s management in Italtile’s business and the necessary regulatory and legislative approvals.

Further, Ceramic said that it would have a materially reduced free float if Italtile’s offer succeeded.

“Italtile has recognised that under these circumstances Ceramic’s continued listing makes little sense,” the company stated, adding that its listing on the JSE to date had served little purpose.

“Ceramic’s shares are tightly held, minimal capital has been raised from the market and trade in the shares is thin,” it noted.

The company’s independent board members believed that its business would not be affected if Italtile’s conditional offer was implemented and the company delisted.

A further announcement was expected before the end of June.

Ceramic surged 9% on the news to R123.45 a share.
 

Edited by: Mariaan Webb
© Reuse this Comment Guidelines
 
 
 
 
 
 
 
 
Other Construction News
JSE-listed construction firm Group Five on Wednesday announced that it expected its fully diluted headline earnings per share (HEPS) for the year ended June 30 to be between 20% and 30% higher, at 382c to 414c, than the fully-diluted HEPS of 318c achieved during the...
Freedom Property Fund will undertake an assessment and the adoption of a share participation scheme to increase the ownership of its shares by previously disadvantaged individuals through a black economic-empowerment (BEE) structure. “Our investment model thrives...
Economic Development Minister Ebrahim Patel
Economic Development Minister Ebrahim Patel says government will be prioritising six ‘I’s as part of its “radical economic transformation” agenda for the coming five years. Delivering his Budget Vote in Parliament on Tuesday, Patel said the six components...
More
 
 
Latest News
Updated 4 minutes ago The country's financial institutions should assist government to cost and fund the intended nuclear build programme, Deputy President Cyril Ramaphosa suggested on Thursday. Addressing members of the parliamentary Press Gallery Association (PGA), Ramaphosa said...
Cyril Ramaphosa
Updated 41 minutes ago South Africa should adjust labour laws so union members have to vote before striking, Deputy President Cyril Ramaphosa said on Thursday, suggesting the government may push ahead with reforms to curb damaging industrial action. The longest and costliest strike in...
Updated 3 hours ago A 50% cut in mobile termination rates (MTRs) implemented by the Independent Communications Authority of South Africa (Icasa) in April has dragged down telecommunications group Vodacom’s service revenue for the three months ended June 30. The group on Thursday...
More
 
 
Recent Research Reports
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
Real Economy Insight: Steel 2014 (PDF Report)
This four-page brief covers key developments in the steel industry over the past 12 months. It provides an overview of the global and South African steel and stainless steel markets, South Africa’s major steel producers and events that have shaped these markets.
 
 
 
 
 
This Week's Magazine
Local aerospace company Denel Aerostructures (DAe), part of the State-owned Denel Group, has won a fourth contract to manufacture parts for the Airbus A400M military air transport and air-to-air refuelling aircraft. The new contract, which was won in an international...
Bob Skinstad
Although CEO Mark McChlery and chief marketing officer Bob Skinstad likened themselves to children in a playground when taking on the task of “reengineering and repositioning” the Seartec brand, the “young, dynamic and enthusiastic guys” were like proud...
An increasing number of buyers, in both the new and used car markets, are opting for finance structures that lower their monthly repayments, says asset financing company WesBank. These include the use of large balloon payments (also known as residuals), as well as...
Tertiary education institutions can use search engine giant Google’s Chromebook to provide secure mobile end-point devices for students on which they can share documents, work collaboratively on documents and access education materials and applications being used...
Local ceiling and partition company Abbeycon has beaten global competition at the Saint-Gobain Gypsum International Trophy competition, which was held last month in Berlin, Germany.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks