The process of splitting Imperial into two parts left shareholders slightly better off by 10am on Thursday morning. The new company, Motus, whose share code is MTH, was trading at R82, while Imperial Logistics, which has inherited the original company’s share code, IPL, was trading at R59.96. Their combined share price was R141.96, a 1% premium to the R140.50 Imperial closed at on Wednesday before the divorce. The separation saw Imperial’s share price fall as much as 63% to R52.15 on Thursday morning. Motus made its debut on the JSE at R95. By 10am, 94,974 Motus shares worth R7.86m had traded. Its lowest during the morning was R80. Imperial shareholders received one Motus share for every Imperial share held, indicating both companies have 202-million shares in issue. At about R60 a share, Imperial Logistics has a market capitalisation of about R12bn. Motus, which houses Imperial’s car dealerships, has been valued at about R17bn.

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