Profurn Limited
(Registration number 1968/015363/06)
Share code: PON
ISIN code: 000016481
("Profurn")
PROFURN LIMITED - AUSTRALIA
Profurn Limited (Profurn) today, 4 December 2001, announces the disposal of
its retailing business in Australia, to Strathfield Group Limited
(Strathfield). This business comprises two stores in Sydney and nine in
Perth. The rationale for the disposal is in line with Profurn's strategy to
focus on the core business in Africa and concentrate management time on
these operations.
The purchase price is to be settled by the issue to Profurn of new shares in
Strathfield resulting in Profurn owning approximately 8,7% of Strathfield.
Strathfield Limited is a leading specialist retailer of electronics and
mobile phones in Australia and is listed on the Australian Stock Exchange.
The annual turnover of Strathfield is approximately R1,1bn and the group
operates from 114 stores nationwide.
The deal also includes an agreement to combine the electronics merchandise
buying power of Profurn and Strathfield globally.
For further information, please contact:
Gavin Walker
Profurn
011 403 7124
082 900 8468
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