Primegro and Growthpoint -
UNCONDITIONAL APPROVAL OF PRIMEGRO AND GROWTHPOINT MERGER
30 July 2003
The Competition Tribunal has today, 30 July 2003, unconditionally approved the
merger between Primegro Properties and Growthpoint Properties.
The proposed transaction involves the acquisition of Primegro Properties by
Growthpoint Properties. Growthpoint and Primegro are both property variable rate
loan stock companies listed on the JSE Securities Exchange. Primegro has a
property portfolio of 52 properties. The merging firms have property portfolios
that consist of commercial, retail, residential, hotels and industrial
properties.
In terms of the transaction Growthpoint will acquire all the assets and
liabilities of Primegro and will control Primegro properties in exchange for
linked units in Growthpoint. Primegro"s existing assets will be the linked
units it holds in Growthpoint. Subsequent to the sale of the business Primegro
will be wound up.
Issued by: Jane Sussens
Communications Advisor
Tel: (011) 483 2687
Cell: 082 9200 875
E-Mail:jane.sussens@mweb.co.za
On Behalf of: Shan Ramburuth
CEO
The Competition Tribunal
Tel: (012) 482 9204
Fax (012) 482 9201
Cell: 083 3571 685
E-Mail: shanr@comptrib.co.za
Date: 30/07/2003 04:40:00 PM Supplied by www.sharenet.co.za
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