ENX Group Limited Announces The Acquisition Of Relta 25 Proprietary Limited’s Service Plant
ENX Group Limited Announces The Acquisition Of Relta 25 Proprietary Limited’s Service Plant. It has been announced that enX, acting through its subsidiary Ingwe Lubricants Proprietary Limited has concluded a purchase of a service plant with Relta 25 Proprietary Limited which is utilised by AG Lubricant’s, enX’s oil lubricants business, which are currently being leased. According to the company the transaction’s value is R83,9 million.
Ingwe is a dormant company that forms part of the group companies that comprise enX’s oil lubricants business. This business produces and markets oil lubricants and greases in South Africa and sub-Saharan Africa. It is the sole distributor of ExxonMobil lubricants and Quaker Houghton International’s Advanced Fluids Solutions and Services. Relta is a property company owning only the plant and adjacent Land.
It has always been enX’s intention to acquire the Plant to the extent that the prospects of the oil lubricants business warranted such an investment. The company said in a statement, “Furthermore, there has been and there is intentions to be further investment in the Plant, which the board believes is best done as an owner rather than tenant. During the course of the Plant lease a smaller property, being the Adjacent Land, was also leased from Relta. The Adjacent Land is been acquired with a view securing space to expand operations in future.”
The transaction is subject only to Ingwe and enX providing Relta with an unconditional resolution of its respective board of directors approving the transaction, by 23rd March 2022. enX is an industrial group that provides unsurpassed quality branded and in some segments locally manufactured, industrial equipment, related components, service and technical expertise to a wide range of industry sectors in South Africa and sub-Saharan Africa. Clients range from heavy industrial, mining and construction groups to wholesalers, retailers, technology and telecommunications companies, banks and manufacturers.
