| Mon 15 Mar 2010, 14:30 | | IVT - Invicta - BMG A Division Of Invicta Buys 70% Of Wegezi Power Holdings |
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IVT
IVT
IVT - Invicta - BMG, A Division Of Invicta, Buys 70% Of Wegezi Power Holdings
(Pty) Ltd ("WPH")
Invicta Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/002182/06)
Share code: IVT & ISIN code: ZAE000029773
("Invicta")
BMG, A DIVISION OF INVICTA, BUYS 70% OF WEGEZI POWER HOLDINGS (PTY) LTD ("WPH")
Invicta is pleased to announce that its BMG division has successfully concluded
negotiations for the acquisition of 70% of the issued share capital of WPH. The
transaction is still subject to the approval of the Competition Commission.
WPH is a company used for the restructuring of the Wegezi Group of companies
specifically to facilitate this transaction with BMG. The former companies in
the Wegezi Group that were amalgamated into WPH consist of Wegezi Electric
Machines (Pty) Ltd, VG Pumps and Valves (Pty) Ltd and Electric Motor Re-
manufacturers CC. Wegezi Transformers (Pty) Ltd will be a wholly owned
subsidiary of Wegezi Power Holdings Pty (Ltd) after the amalgamation.
Wegezi was established in 1981 and started trading as Gurney-Evershed, a motor
rewinding company based in Pretoria West. The company has diversified from its
core business into the manufacture and repair of transformers, electric switch
gear, panels, pumps and offers an all round on site repair or replacement
partnership with the end user. The group operates from a 6,000 m2 facility and
has a total staff compliment of 200.
This acquisition fits into BMG`s strategy of offering a total solutions package
to our clients - from on site condition monitoring to repair or replacement.
The transaction falls below the threshold of the categorization of transactions
which require disclosure in terms of the JSE Listings Requirements.
Nevertheless, due to the strategic nature and long term importance of this
acquisition, the directors of Invicta deemed it appropriate to inform
shareholders of the transaction.
Cape Town
15 March 2010
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 15/03/2010 14:30:02 Produced by the JSE SENS Department.
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