Metair Investments Limited - Announcement
METAIR INVESTMENTS LIMITED
("Metair" or "the company)
(Registration number: 1948/031013/06)
(Share code: MTA ISIN : ZAE000004743
"Metair Investments announces that it has concluded an agreement (subject to
Competition Commission approval) with Yazaki Corporation of Japan whereby Yazaki
acquires 25,1% of Hesto Harnesses (Pty) Limited. The details are as per the
attached press release issued by Yazaki. The effective date should be early
next year dependent on Competition Commission approval."
December 14, 2005
Yazaki Corporation
Capital acquisition in the wiring harness manufacturer in Republic of South
Africa Strengthen operation in South Africa as a global supplier
Yazaki Corporation (President: Shinji Yazaki, Capital: JPY 3,191.5 Mil.,
Headquarter: Minato-Ward, Tokyo) (hereinafter referred to as "Yazaki") and
Metair Investments Limited, holding company of automotive components
manufacturers in Republic of South Africa (hereinafter referred to as "Metair
Investments"), have concluded joint venture contract agreeing that Yazaki
acquires capital in Hesto Harnesses (Pty) Ltd., a wiring harness manufacturer
affiliated with Metair Investments (hereinafter referred to as "Hesto
Harnesses").
In accordance with this contract, Yazaki acquires 25% of shares of Hesto
Harnesses from Metair Investments which currently owns 100% of shares of Hesto
Harnesses. As a result of this stock acquisition, Yazaki starts joint venture
production of wiring harnesses in Republic of South Africa.
Yazaki has concluded technical assistance agreement with Hesto Harnesses in
1994. Since then Yazaki has been providing Hesto Harnesses with technical
assistance for their production of automotive wiring harnesses. Taking advantage
of this capital acquisition, Yazaki, as a global wiring harness suppler, will
strengthen the operation in South Africa which is expected to grow up to be a
vehicle export base in the future.
Vehicle production in South Africa in 2004 amounts to 440,000 vehicles and is
expected to increase further in the future. Demand of wiring harnesses is also
expected to expand.
South Africa is the second country (following Morocco) in Africa and the 37th
country in the world for Yazaki to expand its operation to.
Sponsor
LCP Manhattan Moela (Pty) Ltd
Date: 14/12/2005 05:10:29 PM Produced by the JSE SENS Department
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