LIBSTAR HOLDINGS LIMITED - Disposal Of Chet Chemicals, A Division Of Libstars Household And Personal Care Business

Disposal Of Chet Chemicals, A Division Of Libstar’s Household And Personal Care Business

Libstar Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2014/032444/06)
(JSE share code: LBR)
(ISIN: ZAE000250239)
("Libstar" or the "Group")

DISPOSAL OF CHET CHEMICALS, A DIVISION OF LIBSTAR'S HOUSEHOLD AND PERSONAL CARE BUSINESS

1. INTRODUCTION

   Shareholders are hereby advised that, on 24 August 2024, Libstar concluded an
   agreement in respect of the disposal of its interest in Chet Chemicals, which forms part of
   its Household and Personal Care category, to Mithratech SA (Pty) Ltd, a subsidiary of the
   Morvest Group (Pty) Ltd ("the Transaction").

2. RATIONALE FOR THE TRANSACTION

   Libstar manufactures, distributes and markets leading branded and private label consumer
   packaged goods. Its portfolio comprises Perishable Products, such as dairy, value-added
   meat, and convenience meals, as well as Ambient Products that include dry and wet
   condiments, meal ingredients, baked goods, snacks and spreads. Over 94% of Libstar
   Group revenue is generated from Perishable and Ambient Products.

   The Transaction is aligned to Libstar's stated strategy to simplify and reposition its portfolio
   to value-added food categories.

3. CONDITIONS PRECEDENT TO THE TRANSACTION

   Implementation of the Transaction is subject to the fulfilment or waiver, as the case may
   be, by no later than 15 November 2024 (or such later date as the parties may agree), of
   conditions precedent as are customary for a transaction of this nature, including
   contractual consents where required and the approval of the Competition Commission of
   South Africa.

4. EFFECTIVE DATE

   The effective date of the Transaction will be the last day of the month after the date of
   fulfilment or waiver, as the case may be, of the last of the conditions precedent.


5. CATEGORISATION OF THE TRANSACTION

   The Transaction is not categorised in terms of the JSE Listings Requirements. Therefore,
   the disclosures provided in this announcement are voluntary and for information purposes
   only.


Johannesburg
10 September 2024

Sponsor
The Standard Bank of South Africa Limited

Legal Advisor to Libstar
Cliffe Dekker Hofmeyr Incorporated
                                                                                                
Financial Advisor to Libstar
Marsden Advisory (Pty) Ltd

Legal advisor to Morvest
ENSafrica




                               

Date: 10-09-2024 07:55:00
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