Barloworld has advised shareholders that Barloworld South Africa, a wholly-owned subsidiary of Barloworld, has started discussions with NMI Durban South Motors – a joint venture of the Barloworld group in which it holds a 50% interest alongside the Akoo family – to dispose of the Barloworld group’s motor retail business as a going concern.
“These discussions are gaining momentum, and subject to board approval, are expected to be concluded in the next few months, following which a detailed terms announcement will be published,” says the JSE-listed group.
Barloworld CEO Dominic Sewela indicated in November that Barloworld will, in the medium to long term, focus on two verticals going forward, namely industrial goods and related services, and food and food ingredients.
“As we manage the pivoting out of the automotive and logistics business, we are very clear that we don’t want to be a conglomerate akin to the old Barloworld. Whatever acquisitions we make will be around these two businesses,” he said.