BAW - Barloworld - Barloworld Coatings Announces B
BAW
BAW
BAW - Barloworld - Barloworld Coatings Announces BEE Transaction
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
("Barloworld")
Barloworld Coatings announces BEE transaction
Barloworld Coatings today announced that it has concluded a Black Economic
Empowerment (BEE) deal with empowerment consortium Izingwe. The deal,
which will see Izingwe acquire a 15% stake in the automotive re-finish
distribution business of Barloworld Coatings, is effective end of March
2007.
Commenting on the transaction, Barloworld Coatings CEO Andre Lamprecht
said: "Discussions between ourselves and Izingwe Chairman Sipho Pityana
commenced last year and we are delighted that the transaction has been
finalised. We expect the Izingwe team, who have not sought vendor finance
for the transaction, to play an important role in the development of our
market leading automotive re-finish business." Sipho Pityana commented "We
are pleased with the transaction in a sector with good growth prospects and
look forward to working with Andre and the Coatings team."
Barloworld Coatings acquired its interest in the automotive re-finish
business, Prostart Investments, in 2006 and announced at the time of the
acquisition that a BEE transaction would be completed with respect to the
business.
For information contact Rowan Goeller or Andre Lamprecht on (011) 445-1300
and (011) 301-4645 respectively.
10 May 2007
Sandton
Sponsor: JPMorgan Equities Limited
Date: 10/05/2007 10:54:01 Produced by the JSE SENS Department.
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