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.
