Insimbi eyes further acquisitions after boost from scrap metal recycler

Small-cap metal alloys supplier Insimbi says recent acquisitions mean it is better positioned than before to weather tough trading conditions resulting from the US-China trade war.

It acquired scrap metal recycler Group Wreck in November 2018 for R120m, and has another scrap metals trader, Treppo, in its sights. Commodity and in particular metals prices had been subdued, the group said, estimating that the weighted average “basket” price of its products was 12%-15% lower during the period. This had been slightly offset by a weaker rand during the period under review.Insimbi CEO Fred Botha said the market was still waiting for the economic stimulus and infrastructure upgrades promised by President Cyril Ramaphosa, and expected trading conditions in its second half to remain challenging.

The company had said in June it was seeking to acquire metals trader Treppo for an initial price of R109m, though this is subject to approval from competition authorities.

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