Investment firm Coronation further raises stake in battery and auto group Metair

Investment firm Coronation further raises stake in battery and auto group Metair

Investment firm Coronation further raises stake in battery and auto group Metair 600 600 Batteries International

March 27, 2024: Africa-focused investment firm Coronation Asset Management has again raised its stake in battery and automotive group Metair Investments — to nearly 21%.

The deal was announced on March 19 in a statement via the Johannesburg Stock Exchange.

Coronation last upped its stake in Metair last September, raising the level then to more than 15% from a previous 10%.

Neither company has responded to Batteries International requests about the reason for the latest move.

Metair has stated previously it plans to sell off its energy storage division — including Turkey’s Mutlu Akü lead battery business, Romanian lead and lithium company Rombat and South Africa’s First National Battery — when it deems market conditions are right.

Last January, Metair announced that Paul O’Flaherty would be taking over as its next CEO on February 1 on a three-year contract.

He succeeded Sjoerd Douwenga, whose resignation for undisclosed health reasons was announced by Metair at the end of last year.