Transaction Capital’s exposure to the embattled taxi industry, which has been hard hit by high interest rates and fuel prices, saw the group’s share price plunge by as much as 40% on Tuesday after the company painted a troubling picture of its erstwhile cash cow, SA Taxi.
The group’s stock plunged 40.17% to R16.83 by midday after saying it expects core earnings per share from continuing operations in the half-year to end-March to fall by more than 20% but by no more than 50%. It ended 37.18% weaker...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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Taxi industry woes put a spoke in the wheel of Transaction CapitalThe group’s stock plunged 40% as it increased the bad debt provision for SA Taxi by R1.8bn
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SA Taxi, WeBuyCars owner Transaction Capital crashes 40% | BusinessShares of SA's biggest taxi financier Transaction Capital, which also owns a majority stake in vehicle trader WeBuyCars, crashed 40% on Tuesday morning, a day after it warned shareholders that it expected interim earnings to fall by more than a fifth. Any reason? Maybe this will show politicians in perpetual denial how the market responds to a failing State. JoshvanVuuren !!!!!! I am eating out of tin cans here!!!
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VEHICLE FINANCE: Transaction Capital, owner of WeBuyCars, tanks on news of taxi business restructuringTransaction Capital’s share price crashed by more than 40% on Tuesday after news of an aggressive restructuring of its taxi division and questions are now being asked about Transaction Capital CEO David Hurwitz's sale of shares worth R51-million late last year.
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