Invicta buys stake in MacNeil for R63m
Investment holding firm Invicta has acquired a 53.4 percent stake in building materials supplier MacNeil for R63 million.
Invicta said late on Wednesday that the deal was unconditional.
The annual revenue of Invicta’s building materials segment, currently comprising sanitaryware and tiles, after the purchase was expected to exceed R1 billion.
MacNeil is a wholesale supplier of plumbing products and sanitaryware in South Africa and neighbouring countries.
Last month Invicta bought Singapore-listed Kian Ann Engineering, a distributor of heavy equipment parts, for R1.36bn as it expands abroad. It rose 2.1 percent to R84.50 yesterday. – Roy Cokayne