JASCO ELECTRONICS HOLDINGS LIMITED - AFROCENTRICS DISPOSAL OF SHARES IN JASCO

Release Date: 01/06/2018 14:36
Code(s): JSC
 
Wrap Text
AFROCENTRIC’S DISPOSAL OF SHARES IN JASCO

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”)


AFROCENTRIC’S DISPOSAL OF SHARES IN JASCO


  1.   Introduction

       Shareholders are referred to the detailed terms announcement
       by    AfroCentric     Investment      Corporation     Limited
       (“AfroCentric”) released on SENS today, 1 June 2018 and are
       advised that on 30 May 2018 (“Signature Date”), AfroCentric
       concluded the sale of shares agreement with CIH Projects
       No 8 Proprietary Limited (“CIH Projects”), a wholly owned
       subsidiary of Community Investment Holdings Proprietary
       Limited (“CIH”), in terms of which AfroCentric will dispose
       of its 44 263 793 ordinary shares in the issued share capital
       of Jasco to CIH Projects (“the Disposal”), for a Purchase
       consideration of R32 000 000 (“the Agreement”).

  2.   The Disposal

       The Disposal will result in AfroCentric’s shareholding in
       Jasco reducing to 0% and CIH’s direct and indirect
       shareholding increasing to 31.95%.

       The Disposal will result in additional cash resources that
       will be employed by AfroCentric to enhance organic growth in
       its healthcare business segments.

       The Disposal is subject to conditions precedent that are
       normal with a transaction of this nature and the effective
       date of the Disposal shall be 1 June 2018.

       The relevant announcements in accordance with section
       122(3)(b) of the Companies Act, 71 of 2008 ("the Act"), and
       section 3.83(b) of the JSE Limited Listings Requirements,
       will be released on SENS and the required notices from the
       above named parties in terms of section 122(3)(a) of the Act,
       will be filed with the Takeover Regulation Panel in due
       course.


Johannesburg
1 June 2018

Sponsor: Grindrod Bank Limited

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