Motus Holdings Limited has announced the approval of its move to buy the remaining 40% shareholding in Renault South Africa.
Motus, which provides a range of automotive services, is currently the exclusive importer of Hyundai, Kia, Renault, and Mitsubishi vehicles into the country.
The company was listed on the JSE in 2018 following its unbundling from Imperial Holdings Limited.
The move to acquire the remaining 40% shareholding in Renault South Africa has been welcomes by the Motus management team.
“Management is pleased to announce that Motus has concluded the acquisition of the remaining 40% shareholding in Renault SA including a 10-year exclusive distribution agreement for South Africa and the neighbouring territories, following approval from the Competition Tribunal on 21 April 2021,” said the company.
“The purchase consideration amounts to R250 million and the acquisition will enhance operational synergies and unlock value within the Motus integrated business model. The purchase consideration will be funded by available cash resources.”
Renault is one of the top-performing passenger vehicle brands in the country, and regularly features in the monthly top-10 list for best-selling brands.
Naamsa’s new vehicle sales report for March 2021 shows that Renault sold 1,453 new vehicles during the month, placing it in 10th spot.
The brand has also launched several new models in recent months – many of which will feature in South Africa.
This includes the Renault Kiger, which is based on the same platform as the Triber.
The design of the new Kiger features a host of sporty and muscular elements which makes it stand out as an SUV, said the company.
The cabin combines technology and roominess, and the drive is facilitated by a new turbocharged 1.0-litre petrol engine.