Stellar to consider options after hiving off industrial assets
The group is considering whether to focus on financial services or new sectors
Investment holding company Stellar Capital Partners is considering whether it should move into new sectors or focus purely on financial services after it hives off its industrial assets, said CEO Peter van Zyl. The group is selling off its investments in industrial supplies company Torre and security specialist Amalgamated Electronic Corp (Amecor), and is looking at ways to offload its stake in technology company Tellumat. The Torre deal, expected to close in March, will probably tilt Stellar Capital into a “slightly net cash” position, while other transactions will add surplus cash to the books from about May, Van Zyl said on Tuesday. The company has been focusing on reducing its debts for some time. That includes R593m worth of preference share liabilities as of the end of December. “Once we have settled our debts, we will do a strategic review of the whole business. Clearly we are in financial services, but that doesn’t mean we won’t review those strategies themselves,” Van Zyl s...
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