NETCARE LIMITED - Disposal of Netcare Rand and Netcare Bell Street Hospitals
NTC NTCP 201903190017A
Disposal of Netcare Rand and Netcare Bell Street Hospitals
NETCARE LIMITED
(Registration number 1996/008242/06)
JSE ordinary share code: NTC
ISIN: ZAE000011953
JSE preference share code: NTCP
ISIN: ZAE000081121
("Netcare")
VOLUNTARY SENS
DISPOSAL OF NETCARE RAND AND NETCARE BELL STREET HOSPITALS
Netcare's acquisition of Akeso Clinics was approved by the Competition Tribunal in March
2018, subject to certain conditions including Netcare's disposal of the Netcare Rand Hospital
("Rand") and the Netcare Bell Street Hospital ("Bell").
The assets of Rand and Bell were classified as ‘held-for-sale' in Netcare's 2018 audited
financial statements.
Netcare is pleased to announce that on 15 March 2019 it entered into agreements, through
Netcare subsidiaries, with RH Bophelo Limited and RH Managers Proprietary Limited, through
their respective subsidiaries to dispose of the Rand and Bell assets and properties for a
combined cash consideration of R124 million.
The agreements remain subject to the fulfilment of conditions precedent including but not
limited to the approval of the Department of Health, Gauteng Province, which approval is
anticipated to be received in due course.
In accordance with the agreements and accounting standards, Netcare will only recognise the
capital profit arising on disposal of Rand and Bell in its accounts upon formal closing of the
transaction following satisfaction of the conditions precedent.
Johannesburg
19 March 2019
Sponsor
Nedbank Corporate and Investment Banking
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