Super Group buys into Great Wall's S.Africa auto business
CAPE TOWN, March 10
CAPE TOWN, March 10 (Reuters) - South African logistics company Super Group, has bought a majority stake in Chinese-backed Great Wall Motors SA, the companies said in a statement on Monday.
Great Wall made its debut seven years ago in Africa's top automotive exporter, where its pick-ups and sports utility vehicles compete with market leaders such as Toyota, Ford and Nissan.
Super Group Chief Executive Peter Mountford did not give a value for the 50.1 percent acquisition.
In South Africa, Great Wall has a network of 75 dealers, over 50,000 vehicles on the road and a parts distribution warehouse.
South Africa's competitive auto sector is recovering from a damaging strike late last year which hurt exports and is also struggling with subdued domestic demand as higher interest rates curb spending.