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The board of directors of 星火电竞手机版外围 is pleased to announce that it has entered into transaction agreements with B-BBEE shareholders (Afropulse, Willowton and Converting Trade), in relation to a proposed transaction that would provide the B-BBEE shareholders with an opportunity to participate in a 25% B-BBEE shareholding in 星火电竞手机版外围 Logistics Group South Africa Proprietary Limited (ILSA – the 星火电竞手机版外围 company which subsequent to the transaction will house most of the Group's South African operations).
Converting Trade, (of which Afropulse holds 61% and Willowton holds 39%) currently holds 25% shareholding in 星火电竞手机版外围 Logistics Advance Proprietary Limited (ILA). As a result, ILA is a more than 51% black-owned and more than 30% black woman-owned enterprise. Both Afropulse and Willowton are black women owned enterprises. Willowton is an affiliate of the Willowton Group, which is one of the leading FMCG manufacturers in South Africa.
"With transformation being a key focus for the Group, 星火电竞手机版外围's B-BBEE policies have been developed to ensure that measurable progress is made towards black economic empowerment. The transaction will ensure significantly enhanced B-BBEE ownership for the majority of 星火电竞手机版外围's South African operations and reiterates our commitment to sustainable empowerment and transformation," says Mohammed Akoojee, 星火电竞手机版外围's Group CEO.
"Improving the B-BBEE ownership and status of 星火电竞手机版外围's South African operations is critical for the future prospects of the Group given its exposure to the South African market as part of our 'Gateway to Africa' strategy. This transaction will also enhance 星火电竞手机版外围's competitiveness and appeal to our clients and customers in South Africa, which will contribute to sustaining current earnings and achieving future growth," Akoojee explains.
The effective B-BBEE ownership of ILSA post implementation of the transaction will be more than 51%, with more than 30% black women ownership.
The transaction comprises of Converting Trade disposing of its 25% shareholding in ILA, through a series of transactions, and on a value-for-value basis, acquiring a 9.9% shareholding in ILSA, and a subscription by Willowton and Afropulse for new shares in ILSA for a consideration of ZAR502.8 million in the aggregate (post the application of the 20% discount provided by 星火电竞手机版外围) to acquire an additional 15.1% shareholding in ILSA.
The effective B-BBEE shareholding of Afropulse and Willowton in ILSA post the transaction will be 12.6% and 12.4% respectively, 25% in aggregate.
The regulatory SENS announcement that includes more information about the transaction is available on 星火电竞手机版外围's website https://www.imperiallogistics.com/sens.php .
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