Imperial Holdings has bought a 25.4 percent stake in vehicle tracking firm MiX Telematics for an undisclosed amount.
The industrial group said yesterday that the deal would enhance the relationship it already had with MiX Telematics, whose operations also include fleet management. MiX Telematics, the owner of the third-largest vehicle tracking supplier Matrix, already provides services to Imperial's 250 new and used vehicle dealerships.
"Several of MiX's other products in the fleet management arena, which are successfully marketed in South Africa and abroad, may also find applications in the Imperial group," Imperial said.
Shares in Imperial fell 1.2 percent to R103.45 yesterday while Mix Telematics rose 4.5 percent to close at R1.17. MiX will be equity accounted by Imperial as an associate. - Reuters