| Wed 2 Jun 2021, 7:15 | | BARLOWORLD LIMITED - Update on the disposal of Barloworld's Motor Retail business |
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Update on the disposal of Barloworld's Motor Retail business
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Income Tax Registration number 9000/051/71/5)
(Share code: BAW)
(JSE ISIN: ZAE000026639)
(Share code: BAWP)
(Bond issuer code: BIBAW)
(JSE ISIN: ZAE000026647)
(Namibian Stock Exchange share code: BWL)
("Barloworld” or the “Company" or the “Barloworld Group”)
UPDATE ON THE DISPOSAL OF BARLOWORLD’S MOTOR RETAIL BUSINESS
Shareholders are referred to the announcements published by the Company on SENS on 9 December 2020 and 21
January 2021, in relation to the disposal of Barloworld Group’s Motor Retail business as a going concern (the
“Disposal”).
The Company is pleased to announce that all conditions precedent to the Disposal have been fulfilled or waived, as the
case may be, and the Disposal is effective from 1 June 2021.
The total proceeds of the Disposal, subject to customary closing mechanics, is estimated to be at R1 billion. Of this
amount, R856 million is anticipated to be paid between the effective date of 1 June 2021 and the subsequent finalisation
of the closing accounts. A further R150 million will be paid in two tranches, in equal instalments of R75 million each, on
the first and second anniversary of the closing date of the Disposal as per the terms of the Disposal previously
communicated in the announcement dated 21 January 2021.
The completion of the sale of the Motor Retail business is an important milestone in the pivoting of Barloworld’s portfolio
towards defensive, relatively asset-light and cash-generative industrial sectors, based on a business-to-business
operating model.
Johannesburg
2 June 2021
Equity and Debt Sponsor:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Enquiries:
Nwabisa Piki
Group Investor Relations
Tel: +27 11 445 1819
E-mail: nwabisap@barloworld.com
1
Date: 02-06-2021 07:15:00
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