SANTOVA LIMITED - ACQUISITION OF THE REMAINING 25% MINORITY INTEREST IN SANTOVA LOGISTICS (AUSTRALIA)

ACQUISITION OF THE REMAINING 25% MINORITY INTEREST IN SANTOVA LOGISTICS (AUSTRALIA)

SANTOVA LIMITED
(Registration Number: 1998/018118/06)
("Santova")
Share Code:  SNV
ISIN: ZAE000159711


ACQUISITION OF THE REMAINING 25% MINORITY INTEREST IN SANTOVA LOGISTICS (AUSTRALIA) 


INTRODUCTION

The Board of Santova is pleased to announce that Santova International Holdings (Pty) 
Limited, a wholly owned subsidiary of Santova, has acquired the remaining 25% minority 
interest in Santova Logistics Pty Ltd, Australia (“Santova Australia”).  Santova 
Australia, which is based in Sydney, was founded in 1998 and specialises in customs 
brokerage, trade facilitation and international freight forwarding.  Santova acquired 
the 75% majority interest in Santova Australia from the original founder of the business 
in March 2009, with the 25% minority interest being acquired at the time by Patent 
International Co. Limited, the Group’s Agent in China. 


RATIONALE

Santova Australia has over the recent financial years established itself as a niche 
logistics provider in a number of local industry sectors and as a result, has seen 
steady growth in profitability. The acquisition of the remaining 25% minority interest 
in Santova Australia facilitates the further expansion and development of the Group’s 
presence in the region.


CONSIDERATION 

The total purchase consideration for the remaining 25% minority interest in Santova 
Australia is AU$1.1 million payable in cash upon the fulfillment of certain conditions 
precedent.  The payment will be funded from the Group’s internal cash resources.

The acquisition is expected to have an immediate positive impact on the Group’s results 
in the current financial period through a significant reduction in profit attributable 
to non-controlling interest.


CATEGORISATION

Due to the fact that the above purchase consideration is less than 5% of the Company’s 
market capitalisation, it is thus neither a category 1 nor a category 2 transaction as 
defined in terms of the JSE Listings Requirements. However, the Board of Santova 
considers it prudent to inform shareholders of this acquisition and thus has issued this 
voluntary announcement. 


27 September 2017
Durban
Sponsor and Corporate Advisor
River Group

Date: 27/09/2017 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.