TIMKEN South Africa announced on January 5 that the Bokamoso Investments black economic empowerment consortium had acquired a 26% share in Timken Bearing Services South Africa for R38·6m.
The transaction is being funded by a loan from First National Bank. Under the agreement, all the assets of Timken South Africa’s rail services division have been transferred to TBSSA, and a Bokamoso representative will be appointed to the board of TBSSA.
Bokamoso comprises former Spoornet Chief Executive Zandile Jakavula (40%), ex-Timken employee Chris Magagula (30%) and Rasai Investments (30%).
