TIGER WHEELS LIMITED
Previous company name
Name change date
Tiger Wheels Limited is primarily engaged in the manufacture and wholesale distribution of wheels and tyres for passenger cars. The company is comprised of a group of companies focused on the automotive aluminum wheel and passenger car tyre industries. Tiger Wheels was listed on the JSE Securities Exchange South Africa in 1987 with a ticker symbol of TIW. It is an active public quoted company incorporated in 1967 and headquartered in Midrand, South Africa.
Tiger Wheels had its origins in 1967 in a tiny shop where four hand-made custom wheels were made daily by a four man team for enthusiast car owners. In 1970, a retail store was opened in front of the production area. South African champion racing driver, Eddie Keizan, became a joint owner in 1972, utilizing his prize money after winning the Formula 5000 Championship.
Tiger Wheels operates internationally, with wheel manufacturing plants in Germany, Poland, South Africa and the United States of America, wholesale wheel distribution throughout Europe and South Africa, and tyre distribution in the United Kingdom and South Africa. Tiger Wheels’ 45 Tiger Wheel & Tyre retail stores in Southern Africa (32 owned and 13 franchised) cover all major centres and hold a significant share of the replacement passenger tyre and wheel business in the region.
Besides the above-mentioned countries, the company is also active in Guernsey, the Bahamas, Poland and Sweden, via its subsidiaries. Tiger Wheels’ group of companies include ATS Beteiligungsgesellschaft mbH, a holding company based in Germany with interests in automobile technology, industrial products and metals; Tiger Wheel & Tyre, the wheel and tyre unit or subsidiary of Tiger Wheels; TSW, a wheel manufacturer and supplier; Yokohama Southern Africa (YSA), the importers of Yokohama and Nankang tyres as well as importers and distributors of TSW wheels; and YHPT, which also deals with the supply of Yokohama tyres.
The Company is involved in the manufacture of alloy wheels and the trading of both wheels and tyres in the motor industry. The Company is involved in both domestic and overseas trading with both original equipment manufacturers and the after market.
Description and history
The Company manufacturers and wholesales wheels and tyres for passenger cars.
The Company was founded in 1967 and became listed on the Johannesburg stock exchange in 1987. The company has subsidiaries in South Africa, Germany, Guernsey, the UK and the Bahamas.
On 14 July 2008, the company announced that Nedgroup Investments 102 Limited (‘Nedbank Group’) has served a Notice of Motion to apply for the liquidation of Tiwheel.
Tiwheel`s liability to the Nedbank Group is in relation to the financing of the property occupied by one of Tiwheel`s sub-subsidiary companies, ATS Light Alloy Wheels SA (Pty) Limited (in liquidation). Tiwheel had underwritten any losses that Nedbank Group may incur in this financing arrangement.
On 20 July 2007, the company’s 74% owned subsidiary, ATS Beteiligungs was put under provisional liquidation. Business Report noted that this was due to cash flow problems experienced by the business. This also highlighted Tiwheel’s adherence to good corporate governance noted the newspaper.
On 11 July 2007, the board requested for suspension of trading following the cautionary announcement published on 30 May 2007.
On 30 May 2007, the company issued a cautionary annoucement. The revised forecast performance of the company`s global wheel manufacturing business, the 74% held ATS Gmbh, is lower than those forecast
to its German financing syndicate in February 2007. The syndicate regards this as a further breach of bank covenants which now requires a new waiver agreement to be negotiated. The company is engaged in negotiations with the banking syndicate in this regard. Depending on the outcome of these discussions, various options are being considered, including a possible re-financing or recapitalisation of the group.
The above developments may have an impact on the price of the company`s shares. Accordingly, shareholders are advised to exercise caution when dealing in the company`s shares until a further announcement is made.
The Company became delisted on April 17, 2009.
Had its origins in a tiny shop where four hand-made custom wheels were made daily by a four man team for enthusiast car owners
Manufacture and wholesale distribution of wheels and tyres
FISHER HOFFMAN PKF (JHB) INC
US SIC Code
Cnr. Old Pretoria Road and K101
City province or state postal code
Phone: +27 11 256 4500
Fax: +27 11 256 4515
Country address: SOUTH AFRICA
Website url: www.tiwheel.co.za