SABVEST LIMITED - Investment by Sabvest in Masimong Group Holdings Proprietary Limited (Masimong)

Release Date: 24/01/2019 07:05
Code(s): SBV SVN
 
Wrap Text
Investment by Sabvest in Masimong Group Holdings Proprietary Limited (“Masimong”)

SABVEST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003753/06)
Share code: SBV – ordinary shares / SVN – ‘N’ ordinary shares
ISIN: ZAE000006417 – ordinary shares / ISIN: ZAE000012043 – ‘N’ ordinary shares
("Sabvest” or “the Company”)

INVESTMENT BY SABVEST IN MASIMONG GROUP HOLDINGS PROPRIETARY LIMITED
(“Masimong”)

Shareholders are advised that Sabvest has concluded unconditional agreements to acquire a
10% interest in Masimong from a minority shareholder of Masimong effective on 1 March 2019.

Masimong is a private South African holding company which is majority owned and controlled
by Mr Mike Teke and his family. Most of Masimong’s holdings are in mining, beneficiation and
agriculture. Its major holdings are:

-  Seriti Resources (Pty) Limited *          25,0%

-  Lephalale Coal Mines (Pty) Limited        49,0%

-  Mouton Holdings (Pty) Limited **          18,1% ***

*       Owns 90% of Seriti Coal of which Mr Mike Teke is CEO.
**      Owns 100% of Mouton Citrus and 65% of Carmien Tea.
***     Masimong has an option to increase this interest to 34%.

It also has a portfolio of industrial and financial interests.

Sabvest will fund the investment from its own cash resources. It is also likely to provide support
funding to Masimong for expansion opportunities in the future.

Sabvest’s CEO, Chris Seabrooke, commented “We are excited at having been afforded the
unexpected opportunity of investing in this highly regarded group controlled and managed by
an entrepreneur of the calibre and reputation of Mr Mike Teke. We look forward to supporting
his strategic vision.”

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.

Sandton
24 January 2019

Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
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