Old Mutual Alternative Investments has concluded its acquisition of a 40 percent stake in Manica Boards (MBD) through a $6,4 million private placement.
The company has also made available a $4 million medium-term loan to recapitalise the business.
The transaction will result in the dilution of PG Industries interest in MBD from the current 60% to 28% while PG Bison will come down to 32,1% from 40%.
Before the transaction, PG Industries owned 60 percent in Manica Board through its wholly-owned subsidiary, Zimboard, while PG Bison, part of Steinhoff of South Africa, owned the remainder.
MBD is a company involved in the production of wood products for the local and regional markets.
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