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York said on Thursday that Lereko Metier's shareholding had increased from 4% to 14,1%, after it bought shares worth R201,3-million from Blackstar Investors.
The investment company sold eight-million ordinary shares in the company to Lereko Metier at R25,17 a share.
"Blackstar is a founding shareholder of York and will remain a significant and valued shareholder in the company with an interest of 10,4% in the ordinary share capital of the company and will remain fully invested in the preference shares," York CEO Lance Cooper said.
Blackstar acquired a controlling stake in York from the controlling Tucker family in late 2006, with a view to using it as a vehicle to purchase Global Forest Products (GFP). Lereko Metier, through its affiliates, became involved during the period of the GFP acquisition and provided financial and advisory support during the acquisition.
"The increased BEE ownership from 27% to 39% symbolises York's drive to be a leader in transformation in the timber industry," said Cooper.
York is a signatory to the Forestry Charter. A total of 25% of its equity is broad based and comprises rural communities with 16% and employees with 9%.
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