Logistics company Cargo Carriers is not a share owned by the truckload by institutional asset managers.The company’s shares are illiquid and Cargo has never really revved its profit engines loud enough to attract the market’s attention. When long-time backer BB Investments, the investment arm of Bidvest, sold its minority shareholding in Cargo in June, there might have been some fretting that the profit engine was not firing on all cylinders. But Cargo’s performance in the half-year to end-August was rather reassuring, with headline earnings more than doubling. The performance is good news for New Seasons Investment Holdings, the empowerment investment entity that acquired the 13.59% stake that BB Investments held in Cargo. While the terms of the New Seasons-BB Investments share transaction were not revealed, Cargo shares were trading at about 920c a share at the time. So it seems New Season has made a nifty capital gain and can probably expect a fairly generous dividend payment at ...
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