Motor retailing group Combined Motor Holdings is again considering an offshore acquisition and will soon make an announcement on its decision, group chairman Maldwyn Zimmerman says.
Motor retailing group Combined Motor Holdings (CMH) is again considering an offshore acquisition and will soon make an announcement on its decision, group chairman Maldwyn Zimmerman says.
CARtoday.com reported last year that CMH had initially decided against buying a UK-based motor retail group for R984 million because the value of rand had slumped against the pound.
But recently, CMH management has signalled its intention to expand internationally to secure a portion of its earnings in foreign currency.
The group reported a sixth consecutive year of earnings and dividend growth in the year to February, despite pressures in the motor industry and the high levels of inflation and prime interest rates.
Zimmerman told that the acquisition under consideration was smaller than the opportunity that had presented itself last year, but CMH would "thoroughly investigate" the possibilities in the weeks ahead.
In October 2002, CMH chief executive Jebb McIntosh was quoted as saying that the group would not only consider buying an overseas operation, but was also open to making an acquisition in this country.
Original article from Car