Metair is disposing of its interests in Turkey to Quexco, a United States company with investments in energy, lubricants and related materials sector for R1.9 billion.
The disposal of Metair Trkiye will enable the JSE listed company to primarily focus on its automotive component manufacturing business focused on South Africa.
The remaining business will be strategically focused on being a key player in the Sub-Saharan African mobility sector, an industry Metair believes has compelling macroeconomic tailwinds in the medium to long term.
The disposal and subsequent deleveraging will free-up capacity to focus on growth in the sector to drive value for shareholders, said Metair.
As at the end of last year, Metair Trkiyes net assets were valued at R2.9bn while the attributable loss in the compay for the same period amounted to R70.6mn.
