Harith Acquires 30% Stake in Sheltam Mauritius
The managers of Pan African Infrastructure Development 2, Harith General Partners have agreed to acquire a 30% stake in Sheltam Mauritius, a rail operator that owns and operates one of the largest privately-owned fleet of mainline locomotives throughout Southern Africa.
The deal will allow Sheltham to finalise a number of projects, including a substantial reinvestment in the firm’s existing fleet of locomotives, the purchase of an additional three General Electric C30EMP locomotives with backing from the Principle Capital-managed PME Infrastructure Fund, as well as starting the development of Sheltam’s own workshop, which is ultimately expected to cost R115 million.
Leo Petkoon Projects assisted Harith with the technical due diligence on the Sheltam locomotive fleet within the context of the ruling market conditions in Africa at the time. Leo Petkoon commented: “It was a challenging task, not in terms of complexity, but because we had only a limited amount of time and a modest budget to work with. Fortunately, the Sheltam team were very professional and cooperative. We enjoyed the assignment very much.”