BEE group buys R500m stake in Sandown Motor

February 25, 2007

DaimlerChrysler South Africa (DCSA) and entrepreneur Roy McAllister have sold a 40 percent stake in vehicle dealership group Sandown Motor Holdings for R500 million to a new black economic empowerment (BEE) consortium led by Lot Ndlovu, the former Peoples Bank chief executive and Nedbank non-executive vice-president...

McAllister, who will remain the managing director of Sandown Motor Holdings, said yesterday that it was a significant transaction, adding that the company would have an anticipated turnover of R7 billion this year and had been valued at R1.25 billion.

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