PSG KONSULT LIMITED - Acquisition Of The Commercial And Industrial Insurance Brokerage Business Of Absa Insurance And Financial Advisers P
KST 201709260014A
Acquisition Of The Commercial And Industrial Insurance Brokerage Business Of Absa Insurance And Financial Advisers P
PSG Konsult Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1993/003941/06
JSE Share Code: KST
NSX Share Code: KFS
ISIN Code: ZAE000191417
(“PSG Konsult”)
VOLUNTARY ANNOUNCEMENT – ACQUISITION OF THE COMMERCIAL AND INDUSTRIAL
INSURANCE BROKERAGE BUSINESS OF ABSA INSURANCE AND FINANCIAL ADVISERS
PROPRIETARY LIMITED (“AIFA”)
PSG Konsult has concluded an agreement to acquire AIFA’s commercial
and industrial insurance brokerage business. This business is made up
of 102 advisers and in excess of 32 000 clients, that will, upon
fulfilment of conditions to the transaction, integrate into the PSG
Konsult distribution network of PSG Insure advisers.
This transaction, which is subject to conditions typical for a
transaction of this nature including regulatory approvals, will be
funded from existing cash resources. The implementation of this
transaction will enhance PSG Insure’s footprint across South Africa.
PSG Konsult’s core focus remains organic growth.
The acquisition falls below the threshold of the categorisation of
transactions which require disclosure in terms of the JSE Listings
Requirements. Nevertheless, the Board of PSG Konsult deemed it
appropriate to inform shareholders of the acquisition in the interests
of full transparency.
Tyger Valley
26 September 2017
JSE sponsor and transaction advisor: PSG Capital Proprietary Limited
NSX sponsor: PSG Wealth Management (Namibia) Proprietary Limited,
member of the Namibian Stock Exchange
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