March 10, 2014 / 11:01 AM / 4 years ago

Super Group buys into Great Wall's S.Africa auto business

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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below