- February 7, 2011
- Posted by: admin
- Category: SENS Announcements
HCI shareholders are advised that HCI has acquired, via a wholly owned subsidiary, a total of 23 230 365 ordinary shares in KWV Holdings Limited (“KWV”), constituting 33,9% of the issued ordinary share capital of KWV for a total purchase consideration of R274,12m (`the acquisition`). The purchase consideration was funded out of existing cash resources.
2. NATURE OF BUSINESS OF KWV
KWV, which company`s shares are traded over the counter, operates in the wine and brandy industry.
3. RATIONALE FOR THE ACQUISITION
HCI considers the acquisition to be opportune to further the diversification of its earnings base.
4. EFFECTIVE DATE
The transaction is effective from 07 February 2011.
5. CONDITIONS PRECEDENT
The acquisition of the KWV interest is not subject to any conditions precedent.