EQSTRA, the takeover target of industrial energy group enX, on Friday published its last set of results as a fleet management and logistics player.The company swung to a loss of R2. 25bn in the year to June from a profit of R254m last year.It blamed the loss on leasing asset impairments of R809m in its contract mining and plant rental division, as well as fair value adjustments associated with the enX transaction.The deal, valued at R7. 8bn, will see enX acquire Eqstra’s fleet management, logistics and industrial equipment divisions in exchange for shares.Eqstra would receive 52. 7-million shares in the energy group equivalent to a 26.9% stake that the company would later distribute to its shareholders as a non cash dividend, the company said on Friday.Incumbent Eqstra CEO Jannie Serfontein will assume the role of enX’s CEO, while enX’s incumbent CEO Paul Mansour will become executive deputy chairman of the merged group. Post transaction, Eqstra will operate under a new banner revea...
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