JSE-listed Metair Investments on Monday assured shareholders that no member of its group had been implicated or listed in connection with the Competition Commission’s investigation into alleged collusion within the South African automotive component industry.
The commission this month said it would scrutinise a number of the manufacturers and suppliers of automotive components to original-equipment manufacturers (OEMs) for any possible price fixing, market division and collusive tendering.
This had emerged after information suggested that, between 2000 to date, 82 automotive component manufacturers had allegedly colluded when bidding for tenders to supply automotive components to the listed OEMs.
“Although we cannot predict the course that the investigation will follow, it is our understanding that the products produced by the group do not fall within the scope of the investigation,” Metair said in a statement.
The commission had said inverters, electric power steering engine control units, electric power steering and motors, glow plugs, electric power steering systems, rear sunshades, pressure regulators, pulsation dampers, purge control valves, accelerator pedal modules, power management controllers, evaporative fuel canister systems, knock sensors, spark plugs and clearance sonar systems were among the 121 automotive components affected by the alleged collusion claims.
Metair manufactured and supplied motor vehicle components for OEMs and spare parts for the vehicle aftermarket sectors in both local and export markets.
Metmar’s share price had jumped nearly 10% by 16:00 on Monday.