(Ecofin Agency) - Investment fund manager Ata Capital is now a shareholder with a 33.3% stake in Acrux Sorting Technology (AST), a subsidiary of commodity mining specialist Acrux Resources.
Through its R473 million ($34.4 million) Ata Fund I vehicle, the South African investor has acquired additional shares in AST. The transaction between the two parties was announced on Tuesday, June 1.
“We are excited to partner with Acrux Resources again. This investment reflects our confidence in the value-adding potential of AST’s ground-breaking sensor-based sorting solutions and is entirely aligned with our goal of adding investment value through enabling transformational use of capital,” commented Lelo Rantloane, former CEO of Ata Capital. Ata Fund I, which seeks to generate long-term returns for its investors, identified Acrux as a high-value investment opportunity.
The Acrux team plans to use the funds to build and execute its sustainability program and improve its environmental management practices. This investment represents Ata’s first transaction since Mamedupi Matsipa (pictured) became Head of the Company in February. The former FirstRand Group and Goodwell Investments executive will continue the work of Lelo Rantloane, who has led the firm since its inception 10 years ago.