Investment by Sabvest in JAA Holdings (Pty) Limited (“JAA”)
(Incorporated in the Republic of South Africa)
Registration number 1987/003753/06)
ISIN: ZAE000006417 and Share code: SBV Ordinary shares
ISIN: ZAE000012043 and Share code: SVN N Ordinary shares
(“Sabvest” or “the Company”)
INVESTMENT BY SABVEST IN JAA HOLDINGS (PTY) LIMITED (“JAA”)
Shareholders are advised that a number of transactions have been concluded, subject to
fulfilment of certain suspensive conditions normal for transactions of this nature, as follows:
- JAA has invested in DNI-4PL Contracts (Pty) Limited (“DNI”).
- Sabvest has invested R159,7m in JAA effective 30 October 2018 (“first date”).
- On the first date Sabvest owns 35,72% of JAA which owns 21,24% of DNI, resulting
in Sabvest having a look through interest of 7,59% in DNI.
- On 30 January 2019 (“second date”) JAA will increase its interest in DNI to 34,92% to
be partially funded by the issue of new JAA shares. This will dilute Sabvest’s interest
in JAA to 28,4% but increase its look through interest in DNI to 9,92%.
- The balance of 71,6% in JAA on the second date will be held by AJD Holdings (Pty)
Ltd, an entity owned and controlled by the family of Mr Andrew Dunn, the CEO of
The primary business of DNI is the provision of technology, logistics and distribution services
to the telecommunications and financial services industries through a network of sales agents
and special purpose vehicles in urban and rural communities. DNI is a leading distributor of
pre-paid airtime and mobile subscriber starter packs for Cell C Limited and financial services
products for Net 1 UEPS Technologies, Inc. (JSE:NT1), which is the majority shareholder in
DNI. Its other operations include Money4Jam, a micro jobbing platform which connects
companies and job seekers through the use of mobile phone technology, and International
Tower Corporation which provides financing and project management for selected
telecommunication tower networks in South Africa.
In accordance with Sabvest’s Investment Policy, this is a voluntary announcement as the size
of the transaction does not exceed the 10% categorisation threshold requiring a category 2
announcement to be released.
31 October 2018
Financial advisor and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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