Barloworld offers a stake in property portfolio to black public
Investors have until May 31 to apply for shares
JSE-listed industrial conglomerate Barloworld looks set to boost its empowerment credentials significantly thanks to a R3.5bn BEE scheme. The distributor of Caterpillar’s construction machinery will increase its black ownership to 48% from 32% after the sale of its R2.86bn property portfolio to a new black-owned company Khula Sizwe Property Holdings.
Black investors and about 14,000 of Barloworld’s management and employees will own shares in Khula Sizwe, which was established for the empowerment scheme. Through the public offer, black individuals and black entities have until May 31 to apply for 16.34-million Khula Sizwe shares, at R10 per share. The public offer, which opened on Wednesday and will give the black investors a 30% interest in Khula Sizwe, is meant to raise R163.4m. With i R174.3m from the employees trust and R207m raised from the management trust, the money raised through the public offer will partly fund the acquisitions of the property portfolio, which comp...
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