ASR - Assore - Sumitomo acquires an additional sta
ASR
ASR
ASR - Assore - Sumitomo acquires an additional stake in the holding company of
Assore
Assore Limited
(Incorporated in the Republic of South Africa)
(Registration number 1950/037394/06)
Share code: ASR
ISIN: ZAE000017117
("Assore")
SUMITOMO ACQUIRES AN ADDITIONAL STAKE IN THE HOLDING COMPANY OF ASSORE
Assore Limited ("Assore") is pleased to announce that Sumitomo Corporation Group
of Japan ("Sumitomo") has acquired a 6% stake in Oresteel Investments
(Proprietary) Limited ("Oresteel") from the Sacco family at an aggregate
purchase consideration of approximately US$30 million.
Oresteel holds a 52.28% controlling interest in Assore and, following this
transaction, the shareholders of Oresteel will be the Sacco family (54%), Old
Mutual Life Assurance Company (South Africa) Limited (20%) and Sumitomo(26%).
Illovo
Johannesburg
16 July 2007
Sponsor
Standard Bank
Legal Advisor to Assore
Webber Wentzel Bowens
Contacts:
Sumitomo
Mr Matt Yamaguchi
Phone: 011 784 9120
Assore
Mrs Celine Stemmett
Phone: 011 770 6948
Date: 16/07/2007 11:11:34 Produced by the JSE SENS Department.
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