Astoria Investments sells its Afrimat shares and buys into Leatt

JSE Alternative Exchange-listed Astoria Investments said Friday the 923 662 shares in Afrimat held by JB Private Equity Investors Partnership, in which Astoria holds a 90 percent interest, were sold on the market at an average of R58.34 a share for R53.94 million in total.

Astoria, in an announcement on its portfolio changes, also said it had bought 120 000 shares, or 2.06 percent, of US, Nevada-based Leatt Corporation for R51.84m.

The net asset value and net profit per share of open-pit mining group Afrimat, according to its latest annual financial statements, were R21.70 and R5.61 respectively.

Leatt designs, develops and distributes personal protective equipment for participants in motor sports and leisure activities, including motorcycle, bicycle and snowmobile riders and ATVs.

Although the company was founded and has its executive headquarters in Cape Town, it sells its products to customers worldwide through a global network of distributors and retailers.

Leatt’s latest net asset value per share and its per share taxed net profit for the past twelve months, were $5.79 (R97.43) and $2.64 (R44.42) respectively. Astoria will hold 2.4 percent of Leatt’s shares following the latest purchase.

BUSINESS REPORT