RACEC & STRATEGIC BEE PARTNER
Posted on 03 July 2009 by Railways Africa Editor
Racec Group Limited, the AltX listed rail and electrification infrastructure solutions company, has announced details of a deal with Solethu Investments, a black economic empowerment investment company. Solethu Investments, through its recently established wholly-owned subsidiary and special purpose vehicle, Solethu Civils, will acquire a 25% interest in the increased share capital of the company by way of subscription for 34,615,384 ordinary shares in the issued share capital of the company at an issue price of R1.30 per share for an aggregate subscription price of R45 million. The proposed Solethu transaction will ensure that the BEE shareholding objective is addressed, as subsequent to the transaction, 25% of the issued share capital of the company will be held by Solethu Civils.
Solethu Investments was established in 2001 by Ted Zulu as RRL Holdings (Pty) Limited, and is a 95% black-controlled and 80% black-owned and managed investment group whose core investments are focused on road, rail, sea and related industries, with operations that range from manufacturing, repairs and maintenance to logistics services.
Related posts:
