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THE FOSCHINI GROUP LIMITED - Voluntary announcement relating to the acquisition of Quench

Release Date: 02/12/2021 15:41
Code(s): TFG     PDF:  
Wrap Text
Voluntary announcement relating to the acquisition of Quench

(Incorporated in the Republic of South Africa)
(Registration number 1937/009504/06)
Share code: TFG
ISIN: ZAE000148466
(“TFG” or “the Company”)

Voluntary announcement relating to the acquisition of Quench

Shareholders of TFG are advised that the Company has entered into an agreement to acquire the
entire issued share capital of Quench (Pty) Ltd (“Quench”), a digital, on-demand shopping platform
and last mile delivery provider (“Acquisition”).

Quench is an on-demand app that has been delivering from selected retailers and partners to homes
and businesses since 2016.

The addition of Quench to TFG’s existing portfolio of brands will further position TFG as the leading
omni-channel retailer in Africa. The Acquisition is expected to give the Group access to fast, reliable
delivery across South Africa and to proprietary software and engineering capability that brings a
scientific approach to planning, least-cost routing and asset utilization. The Acquisition is a key step to
enabling TFG’s inclusive economy ambitions and will contribute to the continued growth in TFG’s
online turnover.

Commenting on the Acquisition, Claude Hanan, Co-Head of TFGLabs, the technology division leading
TFG’s digital transformation efforts, said:

“We will continue to service Quench’s existing partners and customers and, in fact, will immediately
invest in improving our offering and service to both. Our team has extensive experience across last
mile delivery and technology platforms and, together with the Quench team, we believe that we can
build on the foundations and continue to enhance the offering”.

The Acquisition is not a categorised transaction for the purposes of Section 9 of the JSE Limited
Listings Requirements.

Cape Town
2 December 2021

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Legal Advisor:

Date: 02-12-2021 03:41:00
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