Consumer Industries Writer
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Combined Motor Holdings (CMH) executives ― including CEO Jebb McIntosh, CFO Stuart Jackson and the group’s subsidiary First Car Rental CEO Bruce Barritt and their families ― are set to cash in on about R745m in a deal that will see the motor group take ownership of 13 properties it already rents from these leaders.
The transaction signed on Monday involves properties owned through companies and partnerships linked to McIntosh, Jackson and Barritt and their family trusts. Because the sellers are linked to CMH directors, the deal is classified as a Category 2 related transaction under the JSE listings requirements and is still subject to shareholder approval at a general meeting.
The group said the properties, which generated about R87m in gross rental income in the 12 months before the valuation, are leased to the car dealer on an arm’s-length basis, with tenants responsible for rates, insurance and repairs.
