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Eddels: 'No imminent deal' says IDC

Published: 26th Sep 2022

Author: Tony Dickson - S&V Editor

Pietermaritzburg, KZN, SA - Despite a flurry of rumours in the industry, and the unavailability of senior personnel, there is no imminent deal for the Industrial Development Corporation to dispose of Eddels, IDC head of corporate affairs, Tshepo Ramodibe, said yesterday (Monday).

The IDC is the majority shareholder in clothing manufacturer Celrose (Pty) Ltd, which is in turn the 100% shareholder in Eddels (Pty) Ltd, and has been since it bought the shareholding from the now liquidated Edcon.

“The IDC has been exploring a number of options aimed strengthening both Celrose and Eddels’s operations for quite some time now. While we remain steadfast to achieving this objective, we are not anywhere close to finality regarding this task. Appreciating that dynamics could change granted the precarious position of the two entities, the IDC will communicate such to its stakeholders including S&V Magazine”.

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