| Fri 29 Nov 2019, 12:00 | | JASCO ELECTRONICS HOLDINGS LIMITED - JSC : Update regarding the Disposal of the Electrical Manufacturers Division: Manufacturers Division |
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JSC : Update regarding the Disposal 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").
The announcement date Friday, 4 October 2019 included the
following condition precedent in paragraph 5.5 thereof:
"By no later than 30 November 2019, the funding agreements
between AZC and the IDC, in respect of the funding of the
Disposal, are executed and become unconditional in
accordance with their terms;"
Shareholders are advised that the parties signed an
addendum to the Disposal Agreement, which amended the date
for the above condition precedent to 26 March 2020.
Midrand
29 November 2019
Sponsor
Grindrod Bank Limited
Date: 29-11-2019 12:00:00
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