JSE-listed Metmar, which specialises in the international trade of ferrous and non-ferrous metals, will delist following the completion of its R294 million going-private acquisition by The Traxys Group.
The Traxys Group is a global physical metals and minerals commodity merchant, logistics and trading firm.
To support its global trading, Metmar also invests in metals and mining projects to secure cost effective long-term off-take agreements for its trading business, including core strategic investments in the Sefateng chrome mine and the Kalagadi manganese projects.
Traxys subsidiary Traxys Africa paid a cash consideration of R1.10/share, which equates to approximately R294 million, or $21.9 million.
Mark Kristoff, CEO of Traxys, says, “We are excited to add Metmar to the Traxys Group. Metmar is a leader in the global metals and mining raw materials markets in southern Africa. Its business complements our existing activities and expands our metals trading and investments platform in the region.”
“By acquiring Metmar, we are implementing our strategy to expand our products and markets in order to better serve our customers and suppliers.”
“Metmar provides an attractive opportunity to grow our business in South Africa and internationally. Coupled with Traxys’ access to international markets and expanded funding facilities, we look forward to working with the Metmar team to build a leading trading firm in the region,” adds Andre Faure, MD of Traxys Africa.
Metmar will be renamed Traxys Africa Holdings.