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HCI TO SELL 35% STAKE BACK TO CLOVER

INVESTMENT: Hosken Consolidated Investments (HCI) will sell 35% of Clover Industries, SA’s biggest milk producer, back to Clover for R337,4m. HCI, a local investment company, “believes it would be opportune to realise its investment”, the company said yesterday in a regulatory filing with the JSE. HCI paid R92m for 25% of Clover in 2005, and later exercised an option to raise its stake by 10%. Clover, which sells a third of SA’s milk, will pay a special dividend of R4,10 per share to holders of its preference shares, the company said. HCI’s remaining stake in Clover will be redeemed in three years by Clover and HCI will receive R156m as a special dividend, the milk producer said.

Source: Business Day – Bloomberg