Close

Not a member yet? Register now and get started.

lock and key

Sign in to your account.

Account Login

Forgot your password?

CLOVER SCOOPS UP NEW BEE PARTNER

IXOPO dairy farmer and Clover SA chairperson John Bredin said producers he has spoken to welcomed the R91,8 million deal which will see Hosken Consolidated Investments (HCI) – an empowerment investment group – acquiring 25,1% of Clover Industries.

Bredin said the deal would be a positive move towards empowerment for Clover Industries, which owns dairy company Clover SA and 45% of Danone Clover.

Clover Industries will issue 19,3 million shares at Rl each to HCI and 25 million cumulative and redeemable preference shares at R2,90 each- The purchase is subject to certain conditions: HCI has yet to complete a due diligence exercise and Clover Industries is seeking independent third-party confirmation on the fairness of the subscription price in respect of the ordinary shares.

Clover Industries` memorandum and articles of association also need to be amended. Its shareholders still have to approve the transaction.

Source: Farmer’s Weekly – Fanie de Villiers