JASCO ELECTRONICS HOLDINGS LIMITED - Disposal of M-TEC, execution of binding memorandum of agreement

Disposal of M-TEC, execution of binding memorandum of agreement

JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC            ISIN: ZAE000003794
("Jasco" or “the Group”)


DISPOSAL OF M-TEC, EXECUTION OF BINDING MEMORANDUM OF AGREEMENT


1 INTRODUCTION

Shareholders are referred to the detailed terms announcement released on SENS on 17 July 2015,
which advised that Jasco, had entered into a heads of agreement with Jasco Cables Investments
Proprietary Limited’s (“Jasco Cables”), a wholly owned subsidiary of Jasco, Community Investment
Holdings Proprietary Limited (“CIH”), a related party, and Malesela Holdings No.1 Proprietary Limited
(“MH1”), a wholly owned subsidiary of CIH, in terms of which, MH1 will acquire Jasco Cables’ 51.1%
shareholding in Malesela Taihan Electric Cable Proprietary Limited (“M-TEC”) for an aggregate
purchase price of R60 million (the “Transaction”), in line with the valuation and fairness report prepared
by an independent expert.


Shareholders are hereby advised that the binding memorandum of agreement, which was to be
concluded by 30 November 2015, was executed by the parties on Friday, 11 September 2015. There
is no change to the previously disclosed detailed terms or suspensive conditions.


As announced on 17 July 2015, the Transaction constitutes a category 1 disposal to a related party for
Jasco in terms of the Listings Requirements of the JSE Limited. The Transaction is therefore subject to
Jasco shareholder approval and a circular will be issued to shareholders in due course.



Midrand
14 September 2015


Sponsor
Grindrod Bank Limited


Legal Advisor to Jasco
Norton Rose Fulbright

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