ELB Group, a provider of capital equipment and engineering services, has sold electrical and instrumentation firm B&W Instrumentation and Electrical for a nominal R1, the company said on Friday. The company will be bought by Matatrim. ELB said the transaction would enable B&W to raise external funding, to build its client base and to focus on growing revenue “given that B&W’s capacity has mostly been absorbed by ELB group operations in the past while part of the ELB Group”.

It said the provisional loss attributable to B&W was R152m, while the provisional negative net asset value attributable to the construction firm was R39m. B&W services the mining, oil and gas, chemical, industrial and utilities, power generation, transmission and distribution and renewable energy sectors across sub-Saharan Africa. It also provides specialist earthing and lightening protection services and electrification systems for mobile equipment. ELB, which has been listed on the JSE since 1951, acqu...

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 helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now