Bridgestone ups South African Shareholding

Bridgestone Corporation (Japan) has increased its shareholding in Bridgestone Firestone Maxiprest, its listed South African new tyre distributor and tyre management service provider. The increase will see Bridgestone’s stake rise from 66 to 70 per cent.

It is uncertain whether Bridgestone intends to increase this stake or make an offer to minority shareholders de-list the company. Takashi Wada, the chairman and chief executive of Bridgestone SA Holdings and chairman of Bridgestone Firestone Maxiprest, was unavailable for comment.

Gordon Sinclair, the company secretary at Bridgestone Firestone Maxiprest, commented said that “from his understanding” Bridgestone SA Holdings did not have any intention of increasing its stake in the company.