CMH looks again at offshore purchase
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KwaZulu-Natal Correspondent
DURBAN Motor franchise group Combined Motor Holdings (CMH) is considering an offshore acquisition and is expected to make an announcement on its decision in the weeks ahead, according to chairman Maldwyn Zimmerman.
His comments at an annual general meeting followed CMH's decision to withdraw from a largescale offshore acquisition last year, when the rand collapsed against the British pound.
Management has signalled its intention to expand internationally to secure a portion of its earnings in foreign currency.
The group reported a sixth consecutive year of earnings and dividend growth in the year to February, despite pressures in the motor industry and the high levels of inflation and prime interest rates.
Zimmerman said that the acquisition under consideration was smaller than the opportunity that had presented itself last year, but CMH would "thoroughly investigate" the possibilities in the weeks ahead.
May 30 2003 07:25:15:000AM Nicola Jenvey Business Day 1st Edition
Friday
30 May 2003
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