Pasdec South Africa Unit Buys 30.8% Stake in CRH Africa, Business Day Says

Pasdec Holdings Bhd. (PSD) bought a 30.8 percent stake in Johnson Controls Inc. (JCI)’s CRH Africa to expand its business in the automotive industry, Business Day reported, citing Kevin Pather, chief executive officer of Pasdec’s local unit.

CRH Africa is 70 percent owned by Milwaukee-based Johnson Controls, the newspaper said. Pasdec bought the stake from a family trust for an undisclosed amount, the Johannesburg-based newspaper said.

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

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