South Africa: Sakhumnotho acquires interest in Refinex and SATT
Sakhumnotho Group Holdings has recently acquired a 26% stake in the Refinex and SA Tank Terminals (SATT) holding company.
Refinex, formerly Energy Oil Oleochemicals, was founded in 1983 and is one of the largest privately owned petrochemical companies in Southern Africa. It is a bulk supplier of fuel oils into the energy market. Together with SA Tank Terminals, which provides a bulk liquid storage service to customers, the company ensures easy access to a supply of products through processing, manufacturing and blending petrochemicals; transportation; and storage. The Refinex and SATT customers include a range of private sector as well as public sector entities.
Sakhumnotho’s 26% acquisition of Refinex and SATT is hoped to, not only, have a positive impact on the entities involved but on the industry as a whole. Refinex and SATT are privately owned businesses with the skill and technology to process various petrochemical streams. Matched with Sakhumnotho’s own experience in oil and gas, through its investment in Total Southern Africa, as well as the group’s network across Africa, the companies aim to consolidate the value chain – from supply to storage to transport and, finally, to the customer.
“This deal signifies tremendous growth opportunities for both parties. With the strength of these two entities together, we aim to become an important player in the sector, growing our access to markets. Our history in shipping, tankage, processing and storage, now combined with Sakhumnotho’s expertise and experience in this sector, will enable us to offer a wider range of possibilities to customers,” says Gavin Markgraaff, group managing director, Refinex.
On the deal, Sipho Mseleku, president and CEO Sakhumnotho Group said, “At Sakhumnotho, we are excited and proud to be part of Refinex and SATT. This deal further deepens our involvement in the oil and gas sector and allows us to play a greater part in the industry’s future. There are real synergies of business, purpose, as well as spirit between the two companies and we look forward to growing together as we map the journey ahead and create value for all involved.”
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