APK - Astrapak - Acquisition of an 80% interest in
APK
APK
APK - Astrapak - Acquisition of an 80% interest in the Plastech Group Of
Companies
Astrapak Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/009169/06)
ISIN: ZAE000030938
Share Code: APK
("Astrapak" or "the Company")
ACQUISITION OF AN 80% INTEREST IN THE PLASTECH GROUP OF COMPANIES
1. INTRODUCTION
The Board of Astrapak wishes to inform linked unitholders that Astrapak has
acquired 80% of the issued share capital of Plastech Moulders (Proprietary)
Limited, PeTech (Proprietary) Limited and Printech(Proprietary) Limited ("the
Plastech Group") from the current shareholder with effect from 1 February 2007.
The remaining 20% of the issued share capital will be retained by the current
shareholder.
2. DETAILS OF THE ACQUISITION
2.1. Nature of the business of the Plastech Group
The Plastech Group, which is located in East London, is a supplier of rigid
plastic packaging, mainly to the cosmetic, personal care and beverage
industries.
2.2. Rationale for the acquisition
In line with the strategy of Astrapak of organic and acquisitive growth through
investing in companies operating in dynamic markets, the board of Astrapak
considers the acquisition to be appropriate for the following reasons:
- the Plastech Group is a highly efficient, well managed and technically
competent group of companies;
- the acquisition of the Plastech Group increases the footprint of -
Astrapak`s Rigid Division and gives it a presence in the Eastern Cape;
- the acquisition is of strategic importance and provides a sound platform
for growth into the region;
- the Plastech Group will benefit from Astrapak`s management expertise,
capital base and overall purchasing power.
The acquisition is therefore of strategic importance to Astrapak and its Rigid
division, in particular.
2.3. Terms of the acquisition
The acquisition is not categorised in terms of the Listings Requirements of the
JSE Limited ("the Listings Requirements") and is not subject to the approval of
the Competition Commission or any other regulatory authority. As all conditions
precedent has been fulfilled, the acquisition is effective 1 February 2007.
Sandton
1 February 2007
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Corporate Law adviser to Astrapak Limited
Paul Botha & Associates
Date: 01/02/2007 11:53:01 Produced by the JSE SENS Department.
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