Transnet is to sell its fleet-management and leasing business Viamax Holdings to the Bidvest Group for about R1-billion.
The move signalled further progress in transforming the state-owned enterprise into a freight-transport company, Transnet said in a statement on Thursday.
”In terms of the agreement, which marks the disposal of one of the larger entities in Transnet’s portfolio of non-core assets, the transaction becomes effective March 31 2007.”
The deal would, however, only be completed after all necessary regulatory approvals had been given.
Transnet chief executive Maria Ramos said the sale of Viamax to a blue-chip company underlined the quality of the assets being disposed of.
”The disposal signifies the progress we’re making in positioning Transnet as a … company with freight rail, ports and pipelines as our core operations.”
Transnet said the conclusion of the transaction would enable it to promote black economic empowerment (BEE).
The inclusion of BEE players by potential acquirers — at the level of at least 25% plus one share in the hands of black investors — was one of the key criteria set by Transnet when it invited bids last year.
Bidvest met this requirement. — Sapa