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Picture: 123RF/DMITRY KALINOVSKY
Picture: 123RF/DMITRY KALINOVSKY

Shares of petrochemicals, equipment and logistics group enX lifted almost 15% on Monday morning, after it said it was returning some of its cash from recent disposals through a R1.50 per share special dividend.

This represents a R273m payout for the group, which is valued at R1.258bn on the JSE, and follows the sale of two businesses over the past 14 months, Impact Fork Trucks and EIE Group.

EnX netted cash proceeds of R1.338bn from the sales, and about R350m has been applied to recapitalising Eqstra Fleet Management and Logistics, and R364m was paid in a distribution — with the group making a special payout of R2 per share in June.

EIE provided distribution, rental and value-add services for industrial and material handling equipment in SA, and the group had said the R700m offer from logistics and automotive group CFAO SA was too good to turn down.

It had also sold its UK forklift and container handling equipment business for £31m (R619m at the time), having concluded it would monetise its investment at a higher valuation than is reflected in its share price.

By the JSE’s close, the enX share price had gained the most in a month, up 11.29% to R6.90. The shares have lost 17.37% in the year to date.

gernetzkyk@businesslive.co.za

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