Tiso Blackstar lifts Robor stake to 51%
Dual-listed investment holding company Tiso Blackstar is looking to increase its interest in steel pipe supplier Robor to 51%.
The company already held a 19.4% stake in Robor and would now buy an additional R29.6-million worth of shares, to be settled through the issue of new Tiso Blackstar shares.
“[We are] buying [the stake in] Robor at a cyclical low and, therefore, at an attractive time in the cycle and at an attractive price. Robor has an existing and growing African footprint that will benefit from the increasing infrastructure spend taking place on the African continent.
“With a strong balance sheet and an aligned management team who will hold the remaining 49% of the shares in the company, Robor is well positioned for expansion and growth,” Tiso Blackstar said in a statement.
Robor had generated a profit of R74.8-million before extraordinary items and taxation in the financial year ended September 2014, and recently completed a strategic acquisition of Tricom Structures, which designed, developed and manufactured steel structures for telecoms tower companies, cellphone operators and the power sector.
“The demand for Tricom products and solutions is growing in Africa and will add value to Robor’s capabilities in terms of providing solutions across various market segments,” the company noted.
The Robor transaction was subject to the fulfilment of a number of suspensive conditions precedent, including approval or deemed approval obtained from the South African competition authorities.
The transaction would only be implemented and become effective once all the conditions precedent were met, but by no later than November 30.
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