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Senwesbel ups stake in Senwes

Sep 12 2011 15:16
I-Net Bridge

Johannesburg - Agricultural services firm Senwes said on Monday that its holding company Senwesbel now holds 58% of its shares following the Royal Bafokeng Agri Investments divestment from the company.

The deal - in which Royal Bafokeng Agri Investments, a wholly-owned subsidiary of Royal Bafokeng Holdings, successfully sold its shares to Senwesbel - was approved by the Competition Tribunal without any conditions.

"As it is committed to the long-term sustainability and growth of Senwes, Senwesbel foresees that it will be in a beneficial position to enhance the company's growth plans and assist with potential consolidation in the sector, whilst still ensuring good returns to shareholders," said Senwesbel chairperson Danie Minnaar.

Senwes, an unlisted entity, is involved in the supply of inputs to farmers through agricultural retail stores, grain and oilseed silo operations. It also supplies credit to farmers for input financing and long- to medium-term financing.

Meanwhile, the Competition Commission assessed the transaction earlier and concluded that it was unlikely to raise any significant competition concerns.

 
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