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HCI TO TAKE ACTION OVER THWARTED FABCOS DEAL

Hosken Consolidated Investments (HCI) will take legal action after officials in Mpumalanga thwarted its purchase of a Fabcos stake from Fabvest Investment Holdings. This is according to a statement yesterday by the firm to the JSE. HCI last year agreed to pay R565 million for 50 percent of Fabcos so it could gain control of Tsogo Investment Holdings, which has hotels in South Africa. The balance of Fabcos is owned by Johnnic Holdings, in which HCI has a controlling stake. The company did not give reasons for the rejection of its bid, and telephone calls to its office were not answered. HCI “does not accept” the decision and “intends taking appropriate legal action with a view to protecting its interests”, the statement said.

Source: Bloomberg