JOHANNESBURG, Sept 26 (Reuters) - South Africa’s Motus Holdings, the auto dealership arm of transport group Imperial Holdings, will issue over 200 million shares when it lists in November, Motus said on Wednesday.
The spin-off, which was announced in June, is part of Imperial’s strategic overhaul implemented over the last three years that has included the sale of more than 40 non-core businesses and around 50 properties.
The auto dealership will be listing 201.97 million shares when it floats on Nov. 22.
Motus, which operates more than 350 dealerships and is South Africa’s exclusive importer of Hyundai, Kia and Renault vehicles, has around 70 billion rand ($4.94 billion) in annual sales.
“The unbundling will also provide Imperial shareholders with the opportunity to participate directly in Imperial Logistics and/or Motus,” Motus said in a statement, adding it would also allow it to pursue its objectives more flexibly and efficiently.
Shares in Imperial were down 2.60 percent at 175.32 rand at the close of business on the Johannesburg bourse. ($1 = 14.1743 rand) (Reporting by Patricia Aruo; Editing by Emelia Sithole-Matarise)