CFAO to acquire 75% stake in Unitrans Motor from Steinhoff Africa Holdings.

CFAO, the company in specialized distribution in Africa, agreed to acquire 75% stake in Unitrans Motor, the largest automotive dealer networks in South Africa, from Steinhoff Africa Holdings, an investment management company. Financial terms were not disclosed. Following a strategic review of its operations, Steinhoff resolved to dispose of some of its non-core assets, including its shareholding in KAP Industrial Holdings and Unitrans, which has very different business characteristics and growth drivers from the rest of Steinhoff's retail portfolio. "By intending to enter Africa’s biggest car market, CFAO sets a key milestone in its pan-African development and reinforces its South African footprint, currently constituted of procurement and logistic services to the local automotive industry." Richard Bielle, CFAO Chairman and CEO.