ELB sells electrical and instrumentation subsidiary for R1
Group offloads B&W Instrumentation and Electrical five years after it bought it
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...