JOHANNESBURG - JSE-listed Bridgestone Firestone Maxiprest Ltd (BRIDGESTN) today resolved to disband the voting pool, releasing some 18 million shares currently held by the directors and senior management to the stock market for future trade.
9 months ago, Bridgestone Corporation (Japan), through its local subsidiary, Bridgestone Firestone South Africa Holdings (Pty) Ltd ("Bridgestone"), increased its strategic stake in the locally listed new tyre distributor, retreader and tyre management service provider to 53%.
"With Bridgestone controlling shareholding, the original voting pool agreement proved no longer necessary. Over time, these shares will trade wider among the investing public, diversifying the shareholder spread and improving liquidity of the counter," states Mike Davision, joint-managing director of Bridgestone Firestone Maxiprest Ltd.
"In the past, several institutions have pressed Bridgestone Firestone Maxiprest for a strategic holding in the business. Since the company has been self-funding in terms of growth, as well as being able to depend on its strategic partner to fund business expansion, there has been little opportunity until now to place a line of stock with an institution."
"We therefor foresee no overhang in the market. Also, few members of management would sell out at these levels, understanding and knowing the underlying financial momentum of the business," Davison concludes.
ENDS
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For more information, please contact:
Mr ME Davison
Joint-managing Director
Maxiprest Ltd
Tel : (011) 448-2255
Fax : (011) 448-2266
Email: info@maxiprest.co.za
Editor's Notes:
Through its wholly owned subsidiaries, trading as Maxiprest Tyres in the passenger, truck, bus and agricultural markets, and Quality Tyres in the mining and earthmover markets, the Group is represented through 91 branches and 20 retread factories across the sub-continent - also rendering a 24-hour transporter tyre breakdown service.
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