The Competition Commission has approved Super Group's sale of BBR Security to Chubb Security SA for R556m. Super Group said yesterday the sale of BBR would achieve an excellent capital return for the logistics company while simultaneously turning one of its assets into a substantial cash resource.
Dr Larry Lipschitz, Super Group's Executive Chairman, said that the proceeds of the sale would result in a cash-positive position at year-end.
The group had embarked on a strategy of transforming itself from an asset-based enterprise to one focused on technology, services, relevant logistics assets and intellectual capital, specifically in the high-growth logistics industry. Requisite logistics assets would be retained.
He said the group was retaining those elements of its security business that focused on the logistics chain, as the growth of the logistics business necessitated a specialisation in this niche.
Source: Business Day
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