Afrimat to buy-out remaining Infrasors shares
JSE-listed Afrimat will make a cash offer to acquire the entire remaining issued share capital of subsidiary Infrasors that it does not already own.
Afrimat held 91.28% of the total issued ordinary share capital of Infrasors.
The transaction would be implemented by a scheme of arrangement or a general offer should the scheme of arrangement not proceed.
Afrimat was offering R1.35 in cash per scheme share. The offer price represented a 19.47% premium to the 30-day volume weighted average traded price on June 9.
The implementation of the transaction was subject to the fulfilment or waiver of certain conditions precedent by no later than December 31. These included the receipt of approvals, consents or waivers from all regulatory bodies, governmental or quasi-governmental entities necessary to implement the transaction including, but not limited to the JSE; the Takeover Regulation Panel and the South African Reserve Bank.
The scheme also had to be approved by the requisite majority of the remaining shareholders.
Afrimat believed the transaction would benefit it.
“The incorporation of Infrasors’ operations into Afrimat, without the limitation of maintaining separate corporate governance structures owing to Infrasors having minority shareholders, could potentially bring new business and rationalisation opportunities,” the company said in a statement.
Infrasors said the transaction would be beneficial as the incorporation of its operations into Afrimat could result in developing new revenue opportunities and cost reductions, which would deliver increased profitability.
A joint circular containing details relating to the transaction, additional terms and notice of the scheme meeting would be posted to Infrasors shareholders by July 10.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
