Afrimat raises Infrasors minority buyout offer
JSE-listed materials supplier Afrimat on Thursday increased its offer to the minority shareholders of resources group Infrasors from 35c a share to 65c a share to acquire their stake in the company.
This was a premium to the current trading price of Infrasors of about 60c and was the same price at which Afrimat bought the initial 50.7% interest in the struggling Infrasors from Hanchurch Asset Management and retiring management for R33-million in March.
CEO Andries van Heerden said Afrimat’s complete ownership would enable an effective turnaround of Infrasors, which he said was made difficult by the presence of minorities and complex management structures preventing Afrimat from assuming full control.
“In light of this, it would make the best sense for Infrasors’ minorities to exit a beleaguered stock at a more than fair price and rather realise long-term value by investing in Afrimat’s sustainable stock,” he stated.
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