Cfc Acquires Strategic Shareholding In The Laser G
THE LASER GROUP AND COMMERCIAL FINANCE COMPANY (CFC)
Cape Town - Commercial Finance Company (CFC) has acquired a strategic
shareholding of 32% in The Laser Group at a cost of R14,9 million. The shares
were bought on the open market over a five month period at a maximum price of
190c.
CFC managing director, John Swain, said Laser is a well-managed company with a
sound business strategy operating in high growth sectors of the economy. "The
directors and management of Laser have welcomed CFC as a long term strategic
shareholder and we are confident that this investment will enhance the earnings
of CFC."
Laser Chief Executive, Michael Fuller, said the company had recently been
restructured into a business services group providing outsourcing solutions,
with two focused business units trading as Laser Logistics Solutions and Laser
HR Solutions.
"We plan to embark on an acquisition strategy to transform Laser into a
meaningful player in the local outsourcing industry. The support from CFC will
accelerate this programme and ensure that we take advantage of acquisition
opportunities."
"CFC has embraced the new strategic direction of Laser and we are working
together to implement the acquisition plans," said Fuller.
Laser welcomes CFC's appointment of Bill McAdam and John Swain to its board of
directors.
Fuller said Laser's differentiating feature in the highly competitive
outsourcing market would be relationship management "where we look to add value
by providing a range of intellectual solutions and partnering clients to grow
their businesses."
Laser is currently listed in the transport sector of the JSE Securities
Exchange and is considering a transfer to the services sector which will more
accurately reflect the nature of its business.
Laser continues to trade under a cautionary notice.
Ends
Issued by Investor Connexion on behalf of The Laser Group and CFC
For further information kindly contact
Michael Fuller
The Laser Group
(021) 686-2762 / 082 990 3508
John Swain
CFC
(031) 304-3481 / 083 259 5825
Graeme Lillie
Investor Connexion
(021) 797-3702 / 082 468 1507
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