RMS BBBEE Shareholding Improves on Sasfin Empowerment Deal
Sasfin has concluded a BBBEE deal with WIPHOLD acquiring 25 percent of Sasfin’s shareholding. Sasfin, through its 100 percent owned subsiduary of Sasfin Private Equity, holds 48 percent of RMS shares. The empowerment transaction in Sasfin effectively gives WIPHOLD a 12 percent shareholding in RMS. RMS is committed to transformation and is in the process of identifying potential investors in the business for a further 13 percent equity during 2018.
RMS is a local manufacturing refractory company, beneficiating local raw materials to produce shaped and unshaped refractories for the local metallurgical and chemical industries. Ninety percent of all the value creation in the products is retained withing the South African economy through local procurement, employee costs and taxes and payments to state owned enterprises and local government. Imported products retain a maximum of a third to a half of the value within South Africa.