CLR CLRP
CLR
CLR/CLRP - Clover Industries Limited - Renewal of outsourcing services agreement
entered into between Clover S.A. Proprietary Limited ("Clover") and Eqstra
Flexifleet Proprietary Limited ("Eqstra Flexifleet")
CLOVER INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/030429/06)
Ordinary Share code: CLR
ISIN: ZAE000152377
Preference Share Code: CLRP
ISIN: ZAE000152385
("the Company")
RENEWAL OF OUTSOURCING SERVICES AGREEMENT ENTERED INTO BETWEEN CLOVER S.A.
PROPRIETARY LIMITED ("CLOVER") AND EQSTRA FLEXIFLEET PROPRIETARY LIMITED
("EQSTRA FLEXIFLEET")
Clover (a subsidiary of the Company) and Eqstra Flexifleet have decided to renew
their existing Outsourcing Service Agreement ("Agreement") for a substantial
period of time. Clover has indicated its desire to reduce costs in the supply
chain in order to provide more affordable products to its consumers, and this
extended Agreement will enable both parties to benefit from these increased
volumes over time. Eqstra Flexifleet has played a significant part in reducing
Clover`s supply chain costs, and has bought into Clover`s long term vision of
sustainable growth through affordable products. It is believed that the
transaction will hold medium to long term benefits for both parties, however
Clover will see some early financial benefits which it will use to curtail
selling price increases by ploughing back some cost savings into its selling
prices.
ENQUIRIES
Clover Industries Limited +27 (0) 11 471 1702
Johann Vorster - Chief Executive +27 (0) 82 462 0083
Manie Roode - Deputy Chief Executive +27 (0) 82 466 7848
College Hill +27 (0) 11 447 3030
Frederic Cornet +27 (0) 83 307 8286
Morne Reinders +27 (0) 82 815 1844
Johannesburg
5 June 2012
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 05/06/2012 11:00:01 Produced by the JSE SENS Department.
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