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HCI SELLS CLOVER STAKE

CLOVER HAS AGREED TO BUY BACK THE STAKE

South Africa’s Hosken Consolidated Investments (JSE:HCI) Ltd plans to sell its 35 percent stake in dairy producer Clover Industries Limited for 337.4 million rand, it said on Monday.

HCI, which owns stakes in gaming group Tsogo Sun and free-to-air television channel e-TV, will sell the stake back to the maker of dairy products of the same name.,p> “HCI believes it would be opportune to realise its investment in Clover,” the company said.

HCI’s only investment in Clover would be 110 million rand in preference shares, whose rights are limited to a fixed dividend and Clover has agreed to buy them back at a fixed date in three years time.

Source: Moneyweb – Reuters