HUDACO INDUSTRIES LIMITED - Announcement regarding the acquisition of certain trading assets of Secequip Proprietary Limited

Release Date: 12/09/2018 11:06
Code(s): HDC
 
Wrap Text
Announcement regarding the acquisition of certain trading assets of Secequip Proprietary Limited

HUDACO INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1985/004617/06)
Share code: HDC & ISIN: ZAE000003273
(“Hudaco”)

ANNOUNCEMENT REGARDING THE ACQUISITION OF
CERTAIN TRADING ASSETS OF SECEQUIP PROPRIETARY LIMITED (“SECEQUIP”)
(“THE TRANSACTION”)

With effect from 1 September 2018, Hudaco acquired the fixed assets, trading inventory, customer
and supplier lists, trading contracts and the workforce of Secequip (trading as TPA Security
Distributors). The total consideration, to be paid out of existing facilities and future cash flow, is
R31 million.

Secequip is a distributor of security and surveillance products, particularly the Texecom brand. It will
initially trade separately from Elvey Security Technologies, an existing division of Hudaco, but the back
offices of the two businesses will be integrated to achieve synergies.

The Transaction falls below the threshold of category 2 transactions, which requires disclosure in
terms of the JSE Limited’s Listing Requirements. However, Hudaco’s board believes it is appropriate
to inform shareholders of the transaction.


Johannesburg
12 September 2018

Sponsor
Nedbank Corporate and Investment Banking

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