Transaction Capital reports on separate listing of WeBuyCars, restructuring of SA Taxi

After a troubled couple of years, Transaction Capital reports that 'significant progress' has been made in the restructuring and rightsizing of its SA Taxi operations.

Presenting its results for the half year to end-March 2024, the Group said the key highlight of the period was the successful unbundling, placement and separate listing of WeBuyCars on the main board of the JSE.

The Group also runs a global, South Africa-based customer and collections service called Nutun.

The separate listing of WeBuyCars allowed Transaction to return R5.2 billion to shareholders through the distribution of 256.3 million WeBuyCars shares.

"The group further raised R1.0 billion via the placement. This allowed Transaction Capital to materially pay down its debt (shortly after the H1 2024 period) and move to a net cash position at a holding company level."

Transaction Capital

In conversation with Bruce Whitfield, CEO, Jonathan Jawno says Transaction Capital are slowly getting on top of 'a tricky situation' and 'moving quite quickly to fix what we have to'.

"It's a sum of parts and different stories to be told, but we're riding the mix and I'm driving that process. I think there was a massive overreaction in the market; that's common cause now given a lot of rumours, a lot of noise... "

"Now we're down to dealing with the reality of the situation which, as we see it is an unbundled WeBuyCars - a very successful transaction, taxi in a position that it is completely ring-fenced and no spillage into the broader group... and Nutun on a strong growth trajectory."

Jonathan Jawno, CEO - Transaction Capital