TRANSPORT and Logistics group Labat Africa is in a sweet spot to benefit from SA’s new black economic empowerment (BEE) laws, due to take effect in October.The level 1 BEE company — the highest score there is — on Friday said it was in talks with three white-owned companies regarding the acquisition of either their business assets or shares."We have always said we would pursue acquisitive and organic growth," Labat CEO Brian Van Rooyen said."(Currently), it is more acquisitive because of the demands being placed (in the logistics industry) to be BEE compliant," he said. The new BEE codes require companies to be 51%-black-owned. Furthermore, 30% of that black ownership must be female.On Friday, Labat indicated it was on the cusp of receiving regulatory and board approval for the acquisition of dry bulk carrier Elf Trans, but had suspended talks with Transmac."A major shareholder of Transmac went on to join Reinhardt, (which Labat acquired last year)," Mr van Rooyen said. Due to poten...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now