Italtile sells stake to Yard Investments Holdings to improve its BEE credentials

SOUTH AFRICA – Italtile Commercial Division, a tile manufacturer has sold 2% of its stake for R312.2m (US$21.21) to Yard Investments Holdings in a black economic empowerment (BEE) transaction, reported Business Day. Yard Investments Holdings, an equity investment firm, was founded by New Development Bank (NDB) vice-president and chief financial officer Leslie Maasdorp and his business partner, Yogesh Narsing. The Shanghai, China-based NDB, which is also known as the Brics Development Bank, is a multilateral development bank established by the Brics states. It supports projects through loans, guarantees, equity participation…

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