AECI to sell Much Asphalt for more than R1bn
The disposal is in line with AECI’s strategy of focusing on its mining and chemicals businesses
AECI has entered into a share purchase agreement with a consortium including Old Mutual Private Equity to dispose of 100% of its shareholding in its subsidiary, Much Asphalt, for an estimated consideration of R1.1bn.
The consortium’s beneficial owners are Old Mutual Private Equity and Sphere Investments, AECI said in a statement on Monday. Much Asphalt is SA’s leading independent manufacturer and supplier of bituminous products. It manufactures and delivers premium-grade products to customers for use in infrastructure such as roads, airport runways and private use, including hot and cold asphalt products, bituminous road binders, emulsions, primers, pre-coats and modified binders...
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