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Further update on M-Tec Transaction
JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1987/003293/06
Share code: JSC
ISIN: ZAE000003794
(“Jasco” or “the company” or “the group”)
FURTHER UPDATE ON M-TEC TRANSACTION
Shareholders are referred to all previous related announcements
including the detailed terms announcement released on SENS on 17
July 2015, the subsequent announcement released on 14 September
2015, the results of general meeting announcement released on 10
November 2015 and the update announcements released on 18 March
2016 and 9 May 2016, respectively.
The aforementioned announcements relate to the agreement entered
into between 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 the update announcement released on SENS on 9 May 2016
shareholders were advised that the first tranche payment of R20
million has been received in terms of the provisions set out in
the Transaction agreement.
Jasco would hereby like to inform shareholders that the balance
of purchase price of R40 million has been received in terms of
the provisions set out in the Transaction agreement.
Midrand
2 November 2016
Sponsor
Grindrod Bank Limited
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