Capitec is selling its rental finance unit.
Sunlyn, one of the major investments within the Sasfin stable, has entered into a transaction to acquire Capitec Rental Finance (CRF), bringing together two established businesses in South Africa's equipment and rental finance sector.
The acquisition will further strengthen Sunlyn's position as a leading rental finance business in South Africa and expand its ability to support equipment suppliers and their business clients across the country, a statement from Sasfin said Friday.
Capitec’s share price inched up 0,18% by midday Friday to R4708,60 per share. However, the share price has gained 38,7% over a 12-month period, a big gain for one of South Africa's biggest banks in terms of client numbers.
Capitec Rental Finance has established a strong presence in the rental finance market through its focus on providing flexible funding solutions that enable businesses to acquire the equipment and technology they need to grow and remain competitive. Established in 2011, Capitec acquired it in 2019 as part of its acquisition of Mercantile Bank.
