Stanlib, Standard Bank and Harith back Traxtion in $86m raise
Traxtion, a South Africa-based end-to-end rail services company, has concluded an $86 million equity capital raise.
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Traxtion, a South Africa-based end-to-end rail services company, has concluded an $86 million equity capital raise, bringing together Stanlib Infrastructure Investments, Standard Bank and long-standing investor Harith through its Harith InfraCo and PAIDF2 funds.
The investment closes the equity required for Traxtion’s previously announced R3.4 billion ($209 million) rolling stock investment programme and strengthens the company’s future funding position as rail reform and private-sector participation continue to gain momentum.
“This additional investment clearly demonstrates the confidence we have long held in the future of rail and is yet another step toward unlocking rail’s full potential as a catalyst for growth. We previously said Traxtion was preparing to unlock significantly more investment into the sector, the backing of South Africa’s largest financial institutions sets us up perfectly to deliver that,” says James Holley, CEO at Traxtion.
The transaction strengthens Traxtion’s ability to capitalise on emerging opportunities within South Africa’s evolving rail sector.
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