| Thu 18 Oct 2007, 10:00 | | IVT - Invicta - Announcement |
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IVT
IVT
IVT - Invicta - Announcement
Invicta Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/002182/06)
Share code: IVT & ISIN code: ZAE000029773
("Invicta")
ANNOUNCEMENT
Invicta is pleased to announce that it has concluded a Memorandum of
Understanding with Doosan Infracore Co. Ltd, South Korea, for the purchase
by Invicta of Doosan South Africa (Pty) Ltd. The acquisition is a strategic
investment which will enable Invicta to broaden its product offering to the
construction industry in South Africa. The transaction is subject to various
conditions precedent, including the approval of the Competition Commission,
and should be completed by early next year. Invicta will keep the Doosan
distribution separate from its other construction equipment operations, but
will achieve certain synergies through economies of scale. Doosan Infracore
Co. Ltd, South Korea, manufactures Loaders, Excavators and Skidsteer
loaders, and is one of the fastest growing construction equipment companies
in the world. The transaction falls below the threshold of the
categorization of transactions which require disclosure in terms of the JSE
Limited`s Listings Requirements. Nevertheless, due to the strategic nature
and importance of this acquisition, the directors of Invicta deemed it
appropriate to inform shareholders of the transaction.
Cape Town
17 October 2007
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/000034/07)
Date: 18/10/2007 10:00:01 Produced by the JSE SENS Department.
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