JOHANNESBURG – Tiles manufacturer Italtile, the owner of the CTM and Top T brands, boosted its Broad Based-Black Economic Empowerment (BBBEE) credentials after it partnered with Yard Investment Holdings, which has subscribed for 26 400 000 ordinary shares in Italtile for a cash subscription amount of R312 million.
Yard is a South African-based, black-owned and active private equity investment firm managed by Badian Maasdorp. Its shareholders comprise Leslie Maasdorp, Yogesh Narsing, Badian Maasdorp and Mikhail Maasdorp.
The BEE Transaction is expected to enhance Italtile’s BEE ownership credentials for a period of at least three years.
The transaction is being carried through a special purpose vehicle company, Yard SPV, which is to house the subscription shares acquired pursuant to the BEE transaction for the benefit of Yard shareholders.
“Italtile is pleased to be establishing this relationship with Yard, which brings with it international commercial experience relevant to the company’s business,” Italtile said yesterday.