TONGAAT HULETT LIMITED - Fulfillment of suspensive conditions for disposal of interest in Tongaat Hulett Namibia (Pty) Ltd

Fulfillment of suspensive conditions for disposal of interest in Tongaat Hulett Namibia (Pty) Ltd

Tongaat Hulett Limited
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541
("Tongaat Hulett" or "the Company")

FULFILLMENT OF SUSPENSIVE CONDITIONS IN RELATION TO THE DISPOSAL OF TONGAAT
HULETT’S INTEREST IN TONGAAT HULETT (NAMIBIA) (PROPRIETARY) LIMITED

Shareholders of Tongaat Hulett (“Shareholders”) are referred to the announcement released by the
Company on SENS on 19 November 2019, whereby Shareholders were advised that Tongaat Hulett
(Namibia) (Proprietary) Limited (“THN”) had entered into a sale of business agreement (“Sale
Agreement”) to sell the entire sugar packaging and distribution business of THN to Bokomo Namibia
(Proprietary) Limited (“Bokomo”) as a going concern. (“Proposed Transaction”).

The Proposed Transaction was subject to suspensive conditions, the last of which was the Namibian
Competition Commission approving the Proposed Transaction. Shareholders are advised that all the
suspensive conditions have now been fulfilled.

In terms of the Sale Agreement, the effective transfer of the business arises with effect from 1 July 2020
and the purchase consideration of N$220 000 000 (R220 000 000) was settled on 1 July 2020. The
process involving any post-closing adjustment in relation to any variation from the agreed normalised
working capital level of N$25 000 000 (R25 000 000) has commenced and should be completed within
the next few weeks.


2 July 2020

Corporate Advisor and Transaction Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd


Legal Advisors to Tongaat Hulett
Webber Wentzel


Legal Advisors to Bokomo
Engling Stritter & Partners


Company Sponsor
Investec Bank Limited

Date: 02-07-2020 09:10:00
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