Actis Buys Stake in South Africa’s Tracker From Remgro

Actis LLP acquired a stake in Tracker Ltd., South Africa’s biggest vehicle tracking company, from Remgro Ltd. (REM) in a 3.9 billion-rand ($481 million) buy-out that has resulted in a new ownership structure.

Other shareholders in Tracker have re-organized their holdings, Tracker’s owners said in an e-mailed statement today. The Mineworkers Investment Co. will increase its stake while FirstRand Bank Ltd. restructures its investment to include RMB, according to the statement.

Actis, an investment company, owns 40 percent of Tracker, while MIC owns 30 percent, FirstRand has 10.14 percent and RMB Ventures has 12.54 percent, according to Tracker’s website.

Remgro said on Sept. 20 that it sold its stake for about 1.2 billion rand, without saying who the buyer was.

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.