Imperial Holdings announced in a statement on Thursday it had acquired 50.1 percent of the MCC group of companies from members of the MCC management for R150-million.

In a related transaction, Nozala Investments acquired ten percent of MCC for R36.8-million, funded by Imperial as part of its empowerment programme.

A consortium of management, led by MCC's founder and managing director, Mike Barnes, retains the remaining 39.9 percent.

According to the statement, MCC, which was formed 30 years ago, is the country's largest industrial plant hire and contracting company focused on the construction and mining industries with revenue of more than R600-million.

Nozala is a broad based, black led, women's investment group, founded in 1996, with investments in the services, resources and resource services sectors of the economy.

Imperial also said it expected its first half earnings to rise by up to 40 percent due to favourable trading conditions.

Shares rose 2.43 percent higher to end at 123.50 rand on the JSE on Thursday.

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