{"id":92465,"date":"2024-12-12T00:00:00","date_gmt":"2024-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/12\/zahid-group-eyes-total-buyout-of-south-africas-barloworld\/"},"modified":"2024-12-12T00:00:00","modified_gmt":"2024-12-12T00:00:00","slug":"zahid-group-eyes-total-buyout-of-south-africas-barloworld","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/12\/zahid-group-eyes-total-buyout-of-south-africas-barloworld\/","title":{"rendered":"Zahid group eyes total buyout of South Africa\u2019s Barloworld"},"content":{"rendered":"

Zahid moves to fully acquire South Africa\u2019s Barloworld<\/strong>:<\/strong> Jeddah-based heavy equipment distributor Zahid Group<\/a> and Entsha \u2014 a South African construction player with ties to Barloworld CEO Dominic Sewela \u2014 have placed a bid to acquire the South African construction equipment outfit and Caterpillar distributor in a transaction that would value the firm at ZAR 22.8 bn (USD 1.3 bn), Bloomberg<\/a> reports citing a joint statement. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

More on the bid:<\/strong> Zahid and Entsha offered to snap up Barloworld shares for ZAR 120 (USD 6.78) apiece, the business information service said. The offer is at a 30% premium to Tuesday\u2019s closing price for Barloworld\u2019s stock. The pair also offered to pay up a ZAR 3.10 dividend that Barloworld had announced previously in order to sweeten the arrangement. <\/p>\n

Not enough?<\/strong> Investment manager Silchester International \u2014 which represents shareholders controlling a combined 18% stake in Barloworld \u2014 said that the group of investors it represents won\u2019t sell for less than ZAR 130 per share. The block\u2019s refusal to go forward can put additional hurdles for the transaction\u2019s success, with Bloomberg citing Silchester as saying that the firm\u2019s privatization \u201cis unlikely to succeed\u201d without their support. <\/p>\n

IN CONTEXT- <\/strong>Zahid has been steadily upping its shares in Barloworld over the last four years and currently holds 19% of the company. The Saudi firm\u2019s investment in the South African firm looks to reap gains from an uptick in construction activity in the African market, with the market set to grow 27% by 2029 on the back of government outlays for infrastructure and strong consumer demand, Bloomberg said citing Mordor Intelligence data. <\/p>\n","protected":false},"excerpt":{"rendered":"

Zahid\u2019s offer values Barloworld at ZAR 22.8 bn (USD 1.3 bn)<\/p>\n","protected":false},"author":1,"featured_media":92466,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[142,10,14],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-construction","tag-enterpriseam-ksa","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"9eecc400-f488-408c-b2c6-60fb6b50b533","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1111.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Zahid group eyes total buyout of South Africa\u2019s Barloworld","related_issue":[92455],"teaser":"Zahid\u2019s offer values Barloworld at ZAR 22.8 bn (USD 1.3 bn)","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.38efe118-4607-4c64-b7a4-d853ef11c078.mp3"},"yoast_head":"\nZahid group eyes total buyout of South Africa\u2019s Barloworld - 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