Macsteel sale process terminated
In a surprise announcement, Macsteel Service Centres South Africa (MSCSA) reported on Thursday that its controlling shareholder had terminated a disposal process, which had been initiated in February.
In a statement, the company said the controlling shareholder recognised that MSCSA continued to perform well under current market conditions and had decided to remain invested in MSCSA.
Current shareholders include steel industry doyen Eric Samson and his investment structures, management and a black economic–empowerment (BEE) consortium, which holds 25.5% of the enterprise.
The BEE owners include Kagiso Trust Investments (7.5%), the Shanduka Group (7.5%), the Macsteel Employee Trust (5%), Peotona Development Investments (2.5%), Future Africa Investment Holdings (1%), Kheip (1%), representing the Sonn family, and Dr Len Konar (1%).
Investec Bank, which was overseeing the disposal process, indicated in May that it had received “strong worldwide interest" in the sale of MSCSA. The bank also announced that a select number of bidders had been chosen to participate in a due-diligence process.
“MSCSA remains a highly successful organisation with quality assets and loyal and capable people. Management will continue to focus on further enhancing the effectiveness and efficiencies of all operations, thereby continuing to create value for all its stakeholders,” the company said on Thursday.
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