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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').
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