Cashbuild to buy Pepkor’s Building Company for R1.1bn

Building materials group Cashbuild has agreed to buy Pepkor’s The Building Company for almost R1.1bn, a move it says will improve its retail presence in SA’s coastal regions.

Pepkor said the sale would streamline its portfolio of businesses. It intends using the proceeds to settle debt, which stood at R14.1bn at the end of March. TBC has a full-spectrum service offering to the construction industry including residential, commercial and industrial markets, with a core competence in servicing building contractors, Cashbuild said.

Since TBC had begun trading its full product range since June, it had seen an uptick in sales, said Cashbuild CEO Werner de Jager.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: The Rich Still Want to Buy Their Ferraris: Chris HughesCovid-19 has affected the production and delivery of luxury cars, but not demand from the wealthy to acquire them, as analysts have noted. The financial impact of the virus on Ferrari NV’s performance is, for now, looking like only one quarter of lost earnings. Management has handled the crisis well.
Source: dailymaverick - 🏆 3. / 84 Read more »