R/€ = 15.36Change: -0.04
R/$ = 14.45Change: -0.02
Au 1069.96 $/ozChange: 3.81
Pt 840.50 $/ozChange: 2.00
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?

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 Tenders Suppliers Directory Research Jobs Announcements Letters About Us
RSS Feed
Article   Comments   Other News   Research   Magazine  
May 28, 2012

Italtile interested in buying up to 20% of Ceramic

Ceramic|Products|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
Creamer Media Senior Researcher and Deputy Editor Online
© Reuse this Comment Guidelines (150 word limit)
Other Construction Materials News
Construction company Murray & Roberts (M&R) on Tuesday said board members Mahlape Sello and Royden Vice would be excluded from any discussion and documents relating to the investigation of the October collapse of a support structure of a pedestrian bridge being built...
Pakistan approached the World Trade Organisation (WTO) in November for dispute settlement consultations with South Africa regarding the imposition of provisional antidumping duties on portland cement. The action was precipitated by what Pakistan considered to be...
PROPELLING CONCRETE Courses presented by The Concrete Institute aim to build a greater understanding of concrete in the construction industry
The need for skills upliftment in the construction industry has never been more vital as South Africa prepares for the long-awaited roll-out of tenders for government’s strategic integrated projects (Sips) in 2016, states The Concrete Institute MD Bryan Perrie.
Latest News
Construction company Murray & Roberts (M&R) on Tuesday said board members Mahlape Sello and Royden Vice would be excluded from any discussion and documents relating to the investigation of the October collapse of a support structure of a pedestrian bridge being built...
The Nuclear Industry Association of South Africa (Niasa) is not sitting by idly while National Treasury and the Department of Energy mull over the various options for the country’s controversial 9 600 MW nuclear build programme. While Energy Minister Tina...
While a resurgence in manufacturing in Africa has been popularly touted as the silver bullet that will accelerate the continent’s economic growth prospects, The Economist management editor and columnist Adrian Wooldridge has suggested that Africa’s industrial...
Recent Research Reports
Water 2015: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2015 Report considers the aforementioned issues, not only in the South African context but also in the African and global context in terms of supply and demand, water stress and insecurity, and access to water and sanitation, besides others.
Input Sector Review: Pumps 2015 (PDF Report)
Creamer Media’s 2015 Input Sector Review on Pumps provides an overview of South Africa’s pumps industry with particular focus on pump manufacture and supply, aftermarket services, marketing strategies, local and export demand, imports, sector support, investment...
Liquid Fuels 2015: A review of South Africa's liquid fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2015 Report examines these issues in the context of South Africa’s business environment; oil and gas exploration; fuel pricing; the development of the country’s biofuels industry; the logistics of transporting liquid fuels; and...
Road and Rail 2015: A review of South Africa's road and rail sectors (PDF Report)
Creamer Media’s Road and Rail 2015 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail infrastructure and network, the funding and maintenance of these respective networks, and...
Defence 2015: A review of South Africa's defence sector (PDF Report)
Creamer Media’s Coal 2015 report examines South Africa’s coal industry with regards to the business environment, the key participants in the sector, local demand, export sales and coal logistics, projects being undertaken by the large and smaller participants in the...
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
This Week's Magazine
The BMW Group will invest R6-billion at BMW Group South Africa’s (BMW SA’s) Rosslyn plant to produce the next-generation X3 sports-activity vehicle (SAV) for the local and export markets. Rosslyn will continue production of the current 3 Series through its lifecycle,...
The lack of consequences for poor performance and transgressions on the part of contractors remains a significant hurdle to tackling South Africa’s service delivery challenges, delegates heard at the Consulting Engineers South Africa Infrastructure Indaba, on...
City of Ekurhuleni executive mayor Mondli Gungubele earlier this month officially named the city’s bus rapid transit (BRT) system, Harambee.
NICK CHRISTODOULOU As about 58% of data stored by organisations is dark, they must identify this dark data to expose risks and valuable information
About 58% of unstructured data stored by companies is dark data, which means that the value or regulatory importance of the data has not been determined. Subsequently, most of the stored data add costs, rather than increasing revenue or reduce regulatory risks, says...
BRIAN VERWEY Effective management, review and administration of non-core elements can improve business operations and increase revenue and decrease unforeseen risks
Effective logistics, import/export and manufacturing consulting services require detailed industry knowledge and experience, but can add significant value to these industries by providing expert advice on various technical elements in their value chains, says...
Alert Close
Embed Code Close
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
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96