https://www.engineeringnews.co.za

Insimbi sells 20% of its share capital to New Season Investment Holdings

13th June 2016

By: Anine Kilian

Contributing Editor Online

  

Font size: - +

As part of its broader strategic black economic empowerment (BEE) and transformation initiative, JSE-listed alloy supplier Insimbi announced on Monday that it had sold 20% of its total issued share capital to industrial investment company New Season Investment Holdings.

Insimbi’s founding shareholders sold 13-million shares each, totalling 52-million shares, resulting in a total BEE shareholding in Insimbi of over 30%.

The founding shareholders also disposed of the 52-million shares at a significant discount of almost 40% in support of Insimbi’s initiative to achieve an industry-leading BEE scorecard.

New Seasons COO Pamela Mogotlane and CFO Nelson Mwalewere were appointed to the Insimbi board in June.

“Moving into the future, we intend to expand our business and our leadership profile through diversification, acquisition and organic growth,” said Insimbi commercial and financial director Frederik Botha.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
26th April 2024 By: Martin Creamer
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.079 0.134s - 166pq - 2rq
Subscribe Now