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TORRE INDUSTRIES LIMITED - Voluntary announcement - Acquisition of Microsucra SARL

Release Date: 11/08/2014 15:31
Code(s): TOR     PDF:  
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Voluntary announcement - Acquisition of Microsucra SARL

TORRE INDUSTRIES LIMITED
(Previously Torre Industrial Holdings Limited)
Incorporated in the Republic of South Africa
(Registration number: 2012/144604/06)
Share code: TOR
ISIN: ZAE000188629
(“Torre” or “the Company” or “the Group”)


ACQUISITION OF MINOSUCRA SARL - VOLUNTARY ANNOUNCEMENT


Torre is pleased to advise shareholders that, through its
subsidiary Kanu Equipment Limited, it has concluded an
agreement to acquire 100% of the issued shares of Minosucra
SARL (“Minosucra”), with effect from 1 October 2014.

Minosucra, a Swiss based company with a 20 year history,
supplies equipment, spare parts and ancillary services to
customers   in  West   and  Central   Africa.   Minosucra  has
historically focused on the distribution of Bell equipment and
has several key customer relationships and long standing
service   and  maintenance  contracts   in  the   region.  Its
operations are therefore highly complementary to the Group’s
growing Bell and Liebherr equipment dealerships in Central and
West Africa.

The acquisition of Minoscura will allow Torre to accelerate
its progress in building a pan-African distribution and
servicing network for industrial equipment and spares.

This acquisition falls below the threshold of the
categorisation of transactions which require disclosure in
terms of the JSE Listings Requirements. Nevertheless, due to
the strategic importance of this transaction, the directors of
Torre deemed it appropriate to inform shareholders hereof.
Following the completion of the transaction Minosucra will be
renamed Kanu Equipment International SARL.


Johannesburg
11 August 2014

Corporate Finance Adviser and Designated Advisor to Torre
AfrAsia Corporate Finance (Pty) Ltd

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