Imperial Holdings: Purchase of AMH stake gets nod

Published May 3, 2016

Share

Johannesburg - Shareholders in Imperial Holdings have approved the acquisition by the listed transport and mobility group of the indirectly-owned 10 percent shareholding in the AMH Group held by Associated Motor Holdings chief executive and Imperial executive director Manny de Canha.

The group said in February that it proposed to acquire the shareholding from De Canha for R750 million in anticipation of De Canha’s retirement in 2018 and in pursuit of operational efficiencies and synergies within its vehicle divisions.

Imperial said on Friday that both the ordinary and special resolutions related to the acquisition of the AMH Group were passed by the required majority of votes by shareholders at the company’s general meeting held earlier in the day.

The AMH Group will now become a wholly owned subsidiary of Imperial. The AMH Group comprises Associated Motor Holdings, Boundless Trade, Associated Motors Australia and Automotive Distributors Africa, which have been reported on in Imperial’s segmental accounts as the vehicle import, distribution and dealerships and motor-related financial products and services divisions.

Imperial’s shares fell 0.01percent on Friday to close at R149.03.

BUSINESS REPORT

Related Topics: