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Barloworld sells stake in Subaru

2008-10-24 07:42

Johannesburg - South African industrial group Barloworld said on Thursday it had sold its 50% stake in Subaru Southern Africa (Pty) Ltd to Japan's Toyota Tsusho Corporation for an undisclosed amount.

Subaru Southern Africa is responsible for the wholesale of Subaru vehicles and parts in South Africa and neighbouring countries.

The company currently wholesales about 2 000 new Subaru vehicles annually.

"(The transaction) indicates Toyota Tsusho's belief in our country," Martin Laubscher, CEO of Barloworld Automotive, said in a statement.

Subaru Southern Africa, which was 100% owned by Barloworld, will be 50% held by Barloworld, 30% owned by Toyota Tsusho Corporation and 20% by local subsidiary Toyota Tsusho.

"We are committed to strengthening the dealer network and brand penetration in the region," Hylton Bannon, a representative of Toyota Tsusho Africa, said in a statement.

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