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.