Imperial buys stake in MiX

Johannesburg - Vehicle tracking group MiX Telematics [JSE:MIX] said on Thursday that diversified industrial holdings group Imperial [JSE:IPL] has acquired a strategic stake of 25.4% in MiX.

MiX pointed to an existing business relationship with Imperial through Imperial's almost 250 new and used vehicle dealerships. "These dealerships form an important distribution channel for MiX's vehicle tracking brand, Matrix.

"Several of MiX's other products in the fleet management arena, which are successfully marketed in South Africa and abroad, may also find applications in the Imperial group," it said.

Mix said a strategic shareholding would further strengthen the relationship between MiX and Imperial.

As part of this acquisition, Mix's BEE partner, Kagiso Trust Investments, has transferred its holding in MiX out of Kagiso Strategic Investments and into a new company that it has formed with Imperial.

It is expected that MiX's BEE credentials will be enhanced by these transactions, the group concluded.

- I-Net Bridge