Latest news with #Entsha
IOL News
15 hours ago
- Business
- IOL News
Barloworld's R23 billion sale inches closer as deal gets CompCom go ahead
Barloworld is a step closer to being purchased by a consortium made up of Entsha, which was created for the deal by the Katlego Le Masego Trust, and Saudi Arabia's Zahid Group. Image: Supplied Barloworld is a step closer to being purchased by a consortium made up of Entsha, which was created for the deal by the Katlego Le Masego Trust, and Saudi Arabia's Zahid Group. On Monday, the industrial company said that it had been granted Competition Commission approval to go ahead with the sale of a 40.93% stake to Entsha, which is ultimately owned by Dominic Sewela, as well as the Saudi Arabian company, which operates across 14 sectors in 33 countries. The consortium continues to woe investors to sell the balance of the listed industrial company, which has the sole rights to distribute Caterpillar in Southern Africa. Sewela's position as CEO of JSE-listed Barloworld was a bone of contention with the Public Investment Corporation (PIC), which had expressed concerns about a lack of transparency from the company. He will indirectly own a 51% stake in the consortium via an inter vivos trust. The Zahid Group will own the balance. The Competition Commission has now recommended the Competition Tribunal approve the deal, subject to certain conditions. These include the consortium implementing a 13.5% broad-based black economic empowerment transaction at Barloworld after the company is delisted on the JSE and A2X. Should the deal ultimately go ahead, Barloworld, an iconic South African company, will delist from the JSE after 84 years as a public company. Founded in 1902 as Thomas Barlow & Sons, the company has changed from being a family business selling woollen goods to a major industrial conglomerate with operations in 16 countries. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Because the initial scheme of arrangement failed towards the end of February, a Standby Offer, which was contingent on the scheme's success, was triggered. Although the PIC's concerns have been resolved, shareholders still have until the end of the month to vote on the Standby Offer. This Standby Offer could see the consortium increasing its stake from a currently committed 40.39% - including the PIC's 21.93% - to 100%. Caterpillar is in support of the deal. 'In addition to the approval of the Tribunal, the parties are continuing to work towards the fulfilment of the remaining conditions,' Barloworld said in a statement to shareholders on Monday morning. It said it would update shareholders on any material developments. IOL
IOL News
15 hours ago
- Business
- IOL News
Barloworld's R23 billion sale inches closer as deal gets CompCom go ahead
Barloworld is a step closer to being purchased by a consortium made up of Entsha, which was created for the deal by the Katlego Le Masego Trust, and Saudi Arabia's Zahid Group. Image: Supplied Barloworld is a step closer to being purchased by a consortium made up of Entsha, which was created for the deal by the Katlego Le Masego Trust, and Saudi Arabia's Zahid Group. On Monday, the industrial company said that it had been granted Competition Commission approval to go ahead with the sale of a 40.93% stake to Entsha, which is ultimately owned by Dominic Sewela, as well as the Saudi Arabian company, which operates across 14 sectors in 33 countries. The consortium continues to woe investors to sell the balance of the listed industrial company, which has the sole rights to distribute Caterpillar in Southern Africa. Sewela's position as CEO of JSE-listed Barloworld was a bone of contention with the Public Investment Corporation (PIC), which had expressed concerns about a lack of transparency from the company. He will indirectly own a 51% stake in the consortium via an inter vivos trust. The Zahid Group will own the balance. The Competition Commission has now recommended the Competition Tribunal approve the deal, subject to certain conditions. These include the consortium implementing a 13.5% broad-based black economic empowerment transaction at Barloworld after the company is delisted on the JSE and A2X. Should the deal ultimately go ahead, Barloworld, an iconic South African company, will delist from the JSE after 84 years as a public company. Founded in 1902 as Thomas Barlow & Sons, the company has changed from being a family business selling woollen goods to a major industrial conglomerate with operations in 16 countries. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Because the initial scheme of arrangement failed towards the end of February, a Standby Offer, which was contingent on the scheme's success, was triggered. Although the PIC's concerns have been resolved, shareholders still have until the end of the month to vote on the Standby Offer. This Standby Offer could see the consortium increasing its stake from a currently committed 40.39% - including the PIC's 21.93% - to 100%. Caterpillar is in support of the deal. 'In addition to the approval of the Tribunal, the parties are continuing to work towards the fulfilment of the remaining conditions,' Barloworld said in a statement to shareholders on Monday morning. It said it would update shareholders on any material developments. IOL
