|
ADR
ADR
Adcorp - Adcorp Bolsters Contract Labour Division
Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1974/001804/06)
("Adcorp" or "the Company")
Share code: ADR & ISIN: ZAE000000139
acquisition one
News Release 9 November, 2006
ADCORP BOLSTERS CONTRACT LABOUR DIVISION
JSE listed company, Adcorp Holdings Limited, the leading provider of staffing
services in South Africa, has announced the acquisition of the entire share
capital of labour contracting business, Employrite, for an amount of R38
million.
The acquisition of Employrite which currently provides contract employment to
approximately 3 000 employees across South Africa will significantly add to the
existing contract offerings of Adcorp.
Adcorp CEO, Richard Pike, said that the business of Employrite would bolster the
blue collar contracting business of the Adcorp Group and would also strengthen
its positioning in Kwa Zulu Natal where Employrite"s main activities are
centered.
"The acquisition will also increase Adcorp"s exposure to the motor industry
where Employrite is a dominant player," says Pike.
Earlier in the year, Adcorp announced its intentions to dispose of its non-core,
public relations, graphic design and marketing research operations and to focus
its activities solely in the area of staffing and training.
"The acquisition of Employrite is pivotal in terms of our strategy of disposing
of non-core activities and replacing these non-core operations with core,
staffing businesses. Employrite is a quality business which clearly fits the
strategy and the profile of the Adcorp Group and will be a valuable contributor
to the Group in the future," continued Pike.
more/...
acquisition two last
The acquisition is expected to contribute to the group"s earnings from January
2007 subject to the Competition Commission"s approval.
The purchase consideration will be settled in cash utilising cash resources
generated by certain non-core disposals.
The transaction falls below the threshold of the categorisation of transactions
which require disclosure in terms of the JSE Limited"s Listings Requirements.
Nevertheless, the directors deemed it appropriate to inform shareholders.
Ends
Issued by: Carol Bradbury, Simeka TWS Communications
Tel: (011) 244-5400
On behalf of: Adcorp Holdings
Tel: (011) 244-5300
Contact: Richard Pike, Chief Executive Officer
Date: 09/11/2006 01:39:04 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
