Gift an article

Transaction Capital now wants 90% of WeBuyCars as it keeps beating targets

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
loading...
Loading, please wait...
0:00
play article
Subscribers can listen to this article
Transaction Capital is in discussions with WeBuyCars founders to increase its stake in the second-hand car trader to 89.9%.
Transaction Capital is in discussions with WeBuyCars founders to increase its stake in the second-hand car trader to 89.9%.
Getty Images

Transaction Capital, the owner of SA Taxi, wants to buy another 15% of WeBuyCars, eyeing almost 90% by April next year due to the online vehicle retailer consistently exceeding its expectations.

Speaking after the release of the firm's 2022 results, CEO David Hurwitz said Transaction Capital is in talks with the founders of WeBuyCars about increasing its stake because it's a high-quality growth business, whose potential the group has grown to understand even more in the past two years.

The contribution of vehicle trader to the firm's earnings had doubled in its year to end-September to R540 million, 43% of the group's total, and helping Transaction Capital to up its dividend by 35% to 70c per share. Despite this, Transaction Capital's shares slumped 5% on Thursday, when the firm also warned of significant pressure on its taxi business from higher fuel costs and inflation.

Read this for free
Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Try FREE for 14 days
Already a subscriber? Sign in
Rand - Dollar
17.49
+0.4%
Rand - Pound
21.16
+0.1%
Rand - Euro
18.82
+0.1%
Rand - Aus dollar
12.24
-0.2%
Rand - Yen
0.13
+0.1%
Platinum
987.52
+0.1%
Palladium
1,683.88
+1.9%
Gold
1,885.20
+0.6%
Silver
22.52
+1.5%
Brent Crude
83.69
+3.2%
Top 40
73,849
+0.6%
All Share
79,910
+0.5%
Resource 10
75,453
+1.2%
Industrial 25
103,052
+0.4%
Financial 15
16,325
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders