JSE-listed Reunert is "significantly advanced" with a process to introduce black economic empowerment (BEE) partners into the company.
The firm, listed in the electronic and electrical equipment sector of the JSE, said on Thursday - after the bourse had closed - that the transaction, if successfully concluded, "may have an effect on the market price at which Reunert's shares trade".
In November 2004, the company announced it had sold 25% of its cable interests to Powerhouse. Introducing empowerment partners into African Cables and ATC came with a R130 million price tag.
The company, which was established in 1888 by Theodore Reunert and Otto Lenz, was originally listed in the engineering sector of the JSE in 1948. It was acquired by Barlow Rand in 1980 and listed on the electronics sector three years later and, in 1993, it was unbundled from Barlows.
Reunert owns Nashua, Nashua Mobile, RC&C Holdings and CBI. It also holds a 75% share in ATC, which includes African Cables, and has a 40% stake in Siemens Telecommunications. In 2005, its revenue reached R7 billion and it has over 5 000 employees.
Reunert's shares closed down on Friday, at R76.99 after closing at R78.01 on Thursday. Its 12-month high is R80.27 and its 12-month low is R45.65.
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