Argent Industrial, a company that produces innovative cranes, winches, and lifting equipment, has completed the acquisition of Ramsden Group, based in the United Kingdom.
Through its subsidiary Argent Industrial UK, Argent Industrial entered into agreements to purchase shares of Ramsden Group in the UK. The transaction was valued at 10.84 million pounds sterling, equivalent to 238.19 million rands.
Argent, a company registered in South Africa and listed on the JSE, operates in the fields of manufacturing, warehousing, and distribution across several sectors. Its operations cover South Africa, the USA, and the United Kingdom, including the trading of steel, safety products, and aviation fueling systems.
The acquisition included shares in Ramsden, Wale, Pallets Limited, and Drumcare Holdings, as well as their subsidiary Drumcare Limited. Argent directors stated that this purchase opens up opportunities for business expansion through portfolio diversification and further international growth in the UK.
Ramsden Group was founded in 1954 and operates in the UK at its own facilities. The company specializes in the production of new and refurbished steel drums, the supply of wooden pallets, and the restoration of intermediate bulk containers, utilizing its own waste management licenses.
At the end of last month, Argent Industrial reported a 9.1% increase in earnings per share, reaching 538.2 cents compared to 493.3 cents in the 2024 financial year. Furthermore, full-year dividends increased by 11%, amounting to 141 cents per share versus 121 cents announced the previous year.
On Friday afternoon, the company's stock price on the JSE fell by 1.04% to 38.83 rands, although this figure is still 38.7% higher than a year ago.
In addition to Ramsden Group, Argent owns enterprises in the UK such as Burbage Iron Craft, Cannock Gates, Fuel Proof, Flofuel Support, and Fluid Transfer Group. Among Argent's most well-known brands in South Africa are Xpanda and JetMaster.
According to the Enforcement Directorate (ED), on Wednesday it was announced that property worth a total of 113 crore rupees belonging to industrialist Bharat Raj Panja and his company Lloyd Electric & Engineering Ltd. has been seized.
This measure was taken as part of a case related to the alleged laundering of over 376 crore rupees in bank funds. The seized assets include land parcels and industrial plots, residential properties in Delhi, Uttarakhand, Gujarat, Madhya Pradesh, Telangana, Goa, Maharashtra, and Tamil Nadu, as well as residential real estate in Houston.
Furthermore, bank deposits, fixed deposits, and mutual fund investments were confiscated. Panja and his company are accused of fraud against a consortium of banks led by SBI for providing false and fabricated financial reports.
