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Actis Buys Stake in South Africa’s Tracker From Remgro

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Oct. 3 (Bloomberg) -- Actis LLP acquired a stake in Tracker Ltd., South Africa’s biggest vehicle tracking company, from Remgro Ltd. 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

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