Kanu Equipment

Kanu Equipment has entered into an agreement to acquire Kemach Equipment South Africa, subject to regulatory and internal approvals. Kanu is the largest distributor of Liebherr, Bomag and McCloskey equipment in Africa, and Kemach distributes the same brands in South Africa.

Phatisa reached an agreement to buy Torre Industries' remaining shareholding in Kanu Equipment Limited, increasing Phatisa's stake to 85% and management's to 15%. Kanu is a heavy-equipment supplier in Africa.

Torre Industries sold its 55% stake in Kanu Equipment to the African Agriculture Fund (AAF) in a deal valued at $26.7 million. The transaction eliminates Torre's external debt and provides a significant net cash position. Kanu supplies earthmoving, forestry, agricultural and construction equipment across Africa.