| Tue 19 Nov 2019, 9:25 | | JASCO ELECTRONICS HOLDINGS LIMITED - JSC : Update regarding the diposal of the Electrical Manufacturers division: Manufacturers division |
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JSC : Update regarding the diposal of the Electrical Manufacturers division: Manufacturers division
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC ISIN: ZAE000003794
("Jasco" or "the Group")
UPDATE REGARDING THE DISPOSAL OF THE ELECTRICAL
MANUFACTURERS DIVISION
Shareholders are referred to the detailed terms
announcement released on SENS on Friday, 4 October 2019,
which advised that Jasco, through its wholly owned
subsidiary Jasco Trading (Pty) Limited, entered into a sale
of business agreement with African Zaibatsu Corporation
(Pty) Limited ("AZC") ("Disposal Agreement"). In terms of
the Disposal Agreement, AZC will acquire 100% of the
Electrical Manufacturers Division ("EM"), as a going
concern from Jasco Trading (Pty) Limited for a maximum
expected aggregate purchase price of R65 million ("the
Disposal").
As indicated in the above-mentioned announcement, the
Disposal constitutes a category 1 disposal in terms of the
Listings Requirements of the JSE Limited. Jasco sought and
received dispensation from the JSE, pursuant to paragraph
9.20(b) of the Listings Requirements.
Shareholders are further advised that the circular,
including the notice of annual general meeting, will be
distributed to shareholders by no later than Monday, 23
December 2019.
Midrand
19 November 2019
Sponsor
Grindrod Bank Limited
Date: 19/11/2019 09:25:00
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