http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.57Change: -0.01
R/$ = 12.25Change: -0.09
Au 1170.68 $/ozChange: -3.83
Pt 1087.50 $/ozChange: 8.00
 
 
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 Tenders Suppliers Directory Research Jobs Announcements Letters 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|Products Supplier
|Products|
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 News
Updated 4 hours ago Property management company Citiq on Wednesday launched its R30-million mall-meets-market shopping centre, 27Boxes. The centre, located in Third avenue, in Melville, was built using 102 shipping containers. It hosted about 80 stores selling clothing, décor and art,...
Dubai said it would construct a small office building using a three-dimensional (3D) printer for the first time, in a drive to develop technology that would cut costs and save time as the city grows. 3D printing, which uses a printer to make three-dimensional objects...
Growth in the building sector lost further momentum in the second quarter of 2015, according to the latest FNB/BER Building Confidence Index released on Tuesday. This is after the sector slowed in the first quarter of 2015 as well.
More
 
 
Latest News
Updated 1 hour 39 minutes ago Speciality chemicals group Lanxess on Wednesday appointed its South African CFO Ben Marais as country representative and MD. Marais, a qualified South African chartered accountant, completed his articles with international accounting firm Deloitte. Over the years, he...
Economic Development Minister Ebrahim Patel
Updated 1 hour 57 minutes ago Some four years after the signing of the Local Procurement Accord, which sketches government’s intention to achieve a 75% localisation spend in the procurement of goods and services, Economic Development Minister Ebrahim Patel has described government’s greatest...
Updated 2 hours 2 minutes ago National carrier South African Airways (SAA) and Air Mauritius have concluded an agreement that will see a broadening of their codeshare agreement to enhance greater connectivity between the continent, South Africa, Mauritius and other intercontinental routes. “The...
More
 
 
Recent Research Reports
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,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
JSE-listed Afrimat will make a cash offer to acquire the entire remaining issued share capital of subsidiary Infrasors that it does not already own.
TEAMWORK Aggreko Europe, Middle East & Africa MD David Taylor-Smith; Aggreko Zambia chairperson Dr. Sixtus Mulenga; Aggreko Africa MD James Shepherd
Temporary power generation services provider Aggreko announced earlier this month that it had appointed Dr Sixtus Mulenga as nonexecutive chairperson of Aggreko Zambia, a move it believed was integral to the ongoing expansion of its operations in Zambia and the rest...
Major global aircraft manufacturer Airbus Commercial Aircraft is maintaining a steady course. "I don't have any big news, good or bad," company President and CEO Fabrice Brégier told international aviation journalists in Toulouse, France, at the company’s recent...
MEASURING DEVICES Bosch has released a mobile app that enables the measurements made with measuring devices to be sent and used directly on the app for accuracy and on-site quoting
Industrial tool manufacturer Bosch has increased the compatibility of many batteries in its range of blue industrial power tools and has released mobile-device applications (apps) for users of the tools, says Bosch South Africa training manager Peter du Bruyn. Many...
The new Nissan Navara has been launched onto the global market, but Nissan South Africa (NSA) will only know in August whether the local Rosslyn plant will assemble the one-ton pickup. The NSA plant currently produces the old NP300 Hardbody one-ton bakkie, as well as...
 
 
 
 
 
 
 
 
 
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
Subscribe Now for $96 Close
Subscribe Now for $96