Bidvest Sells 27.5% in Logistics Unit to Investment Firm Akhona [Financial Post (Toronto, Ontario, Canada)]
BIDVEST GRP LTD S/ADR (BDVSY)
NASDAQ:AMEX Investor Relations:
bidvest.co.za/investor-presentations.php
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Source: Financial Post
Author of the article: (Bloomberg) — A subsidiary of South African conglomerate Bidvest Group Ltd. is selling a 27.5% stake in a logistics business to black women-owned financial firm Akhona Strategic Investments. Akhona, headed by former investment banker Nolunthando Gosa, will purchase the Bidvest International Logistics stake from Bidfreight. African Bank Ltd. and Greenpoint Capital will fund the deal, Gosa said, but declined to disclose further financial details on the transaction. Article content Article content “The deal forms part of our strategy to invest in sectors like logistics that form the backbone of our economy and backing management teams with the ability to weather economic cycles,” she said in an interview. “With some of the current logistics challenges in South Africa, we have seen a decline in revenues from major sectors like mining that rely on logistics to move their product from pit to port – emphasizing how important investing in the sector is.” Bi
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