enX looks to dispose of fleet business
The disposal is an indication that the transaction did not go as planned, even amid enX’s recent upbeat comments
JSE-listed industrial company enX said on Monday it is to dispose of the Eqstra Fleet Management and Logistics (EFML) business it acquired about two years ago. The disposal is an indication that the transaction did not go as planned, even amid enX’s recent upbeat comments about it. EFML provides passenger vehicle services such as leasing, fleet management, outsourcing solutions, maintenance, warranty management and vehicle tracking solutions. enX acquired EFML and Eqstra Industrial Equipment (EIE) from Eqstra Holdings in a R7.8bn deal that was finalised in November 2016. EIE provides materials handling and is the sole distributor of Toyota Forklifts and Konecranes heavy duty forklifts. enX provides industrial equipment, petrochemicals, fleet management and logistics products and services in SA, sub-Saharan Africa and the UK. On Monday enX said it had completed a strategic review of its ownership interest in EFML. “As a consequence the board believes that EFML may be better suited ...
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