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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.
