OneLogix would buy a 60 percent stake in specialist bulk liquid transporter United Bulk for R55 million, from Tanker Solutions, it said yesterday.
The AltX-listed logistics group said the acquisition, its largest to date, marked its further diversification into complementary logistics fields.
The purchase price would be settled in cash using existing resources. OneLogix chief executive Ian Lourens said United Bulk was a leading specialist transporter of bulk liquids in South Africa, carrying hazardous materials, liquid petroleum gas and food grade liquid products such as wine and milk.
He said the deal was subject to the approval of the competition authorities and the Takeover Regulation Panel. OneLogix’s stock rose 4.4 percent to R1.90 yesterday. – Roy Cokayne