Connection Group Holdings Limited - Announcement R
liquidation of Siltek Limited (Siltek)
Connection Group Holdings Limited
(Registration Number: 1997/005390/06)
Share Code: CCT
ISIN Code: ZAE000016630
("Connect")
Announcement regarding: Provisional liquidation of Siltek Limited (Siltek)
The board of Siltek announced today that their directors have placed the
main trading subsidiaries of Siltek into provisional liquidation.
Historically, Siltek has been a supplier to Connect's subsidiaries,
Incredible Connection (the country's leading IT retailer) and Enterprise
Connection (a provider of IT infrastructure solutions). The Board of Connect
has been aware of the financial difficulties facing Siltek for some time now
and has actively taken steps to reduce Connect's dependency on Siltek as a
supplier. In addition, Connect formulated contingency plans to ensure
continuity of supplies in the event of the liquidation of Siltek. These
plans are now being executed.
Your directors are confident that the contingency plans put in place to
cater for this situation will minimise any possible disruptions.
FOR FURTHER INFORMATION PLEASE CONTACT:
Connection Group Holdings Limited
Pierre Joubert, Chief Executive Officer
Telephone: (011) 258 8017
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