MKL - Makalani - Sandown Motor Holdings (Proprieta
MKL
MKL
MKL - Makalani - Sandown Motor Holdings (Proprietary) Limited Investment
Makalani Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/000726/06)
Share code: MKL
ISIN: ZAE000066700
("Makalani")
Announcement of the Sandown Motor Holdings (Proprietary) Limited investment
On 21 November 2006, Makalani announced that it had provided funding of
R320 million as part funding to an empowerment company that had acquired a
significant stake in a subsidiary of a multinational company and that
Makalani would disclose the nature of the transaction in due course once
the multinational company had publicly announced the transaction.
Makalani is pleased to announce the details of this transaction, following
today`s announcement of the transaction by DaimlerChrysler. The funding of
R320 million was provided to True Class Consortium 2 (Proprietary) Limited
("True Class") to enable it to acquire a 40% equity interest in Sandown
Motor Holdings (Proprietary) Limited ("Sandown"), a subsidiary of
DaimlerChrysler. True Class is a broad-based black economic empowerment
company that is led by Messrs Lot Ndlovu and Sipho Majombozi.
Sandown owns and operates motor dealerships, selling passenger and
commercial vehicles under the DaimlerChrysler brands in Gauteng and Western
Cape. The brands include Mercedes-Benz passenger vehicles, Smart,
Chrysler, Jeep, Dodge, Mercedes-Benz commercial vehicles, Freightliner and
Mitsubishi FUSO.
Sandton
25 January 2007
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25/01/2007 12:58:08 Produced by the JSE SENS Department.
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