DGAP-News: Steinhoff International Holdings N.V. / Key word(s):
Miscellaneous
Steinhoff International Holdings N.V.: DISPOSAL BY STEINHOFF, THROUGH ITS
SUBSIDIARY STEINHOFF AFRICA HOLDINGS PROPRIETARY LIMITED ('STEINHOFF
AFRICA'), OF SHARES IN UNITRANS MOTOR HOLDINGS PROPRIETARY LIMITED
('UNITRANS')
2019-11-27 / 08:30
The issuer is solely responsible for the content of this announcement.
*DISPOSAL BY STEINHOFF, THROUGH ITS SUBSIDIARY STEINHOFF AFRICA HOLDINGS
PROPRIETARY LIMITED ("STEINHOFF AFRICA"), OF SHARES IN UNITRANS MOTOR
HOLDINGS PROPRIETARY LIMITED ("UNITRANS")*
Steinhoff International Holdings N.V. ("Steinhoff" or the "Company" and with
its subsidiaries, the "Group").
On 28 March 2019, Steinhoff announced that it had reached in-principle
agreement to dispose of a 74.9% interest in Unitrans Motor Holdings
Proprietary Limited ("Unitrans"), its South African motor retail business,
to CFAO, with the balance of 25.1% to be disposed of at a later date as part
of a Broad-Based Black Economic Empowerment transaction. Steinhoff is
pleased to announce that the parties have today issued a joint announcement
updating shareholders on the progress of the Unitrans transaction.
The full text of the joint announcement follows below.
*CFAO Group and Steinhoff finalise Unitrans Motors Group deal, and have
jointly selected with Unitrans, Kapela Holdings as its Broad-Based Black
Economic Empowerment partner (BBBEE)*
Johannesburg, 27th November 2019 - Eight months after entering into an
exclusive negotiation period for the acquisition of 74.9% of Unitrans Motors
Group's share capital, the parties are pleased to announce the financial
closing of this transaction.
Kapela Holdings, a South African majority black owned investment group, has
executed a Share Purchase Agreement with Steinhoff for the acquisition of
the remaining 25.1% interest in Unitrans share capital. The closing of this
second transaction is expected in the upcoming weeks.
In a joint statement published today, Richard BIELLE, CFAO's Chairman and
CEO, and Brynn STEPHENSON, Unitrans' CEO declared: "It is now time for
Unitrans Motors Group to enter a new phase of its development, reinforcing
its strategic position as one of the key leaders of the automotive retail
sector. We believe there are strong mutual benefits for our two groups and
we are looking forward to engage this new exciting period for our
employees".
Louis du PREEZ, Steinhoff Group CEO said "Unitrans has very different
business characteristics from the remainder of our retail portfolio. This
transaction also provided the opportunity for Steinhoff to facilitate BBBEE
which has been a strategic objective of the Board. Closing of the
transaction is another successful step as we continue to simplify the
Group's portfolio and deleverage our balance sheet. We are pleased that the
transaction has been finalised and wish CFAO, the Unitrans management team
and Kapela every success with the business."
Unitrans Motors Group operates one of the largest automotive dealer networks
in South Africa with 99 dealerships for a range of OEMs. The Group is also
involved in insurance and car rental activities. Unitrans employs over 6,000
people and generates EUR1.5 billion of revenue. The Group will be soon
rebranded CFAO Motors.
*About CFAO*
CFAO is a key player in specialised distribution in Africa and in French
overseas territories, and a partner of choice for major international
brands. The Group is a market leader in automotive and pharmaceutical
distribution, and continues to grow in consumer goods, new technology and
energy solutions. CFAO has a direct presence in 36 African countries and
provides a gateway to 49 of the 54 countries that make up the African
continent. The Group is also active in seven French overseas territories and
in Asia. CFAO employs more than 15,000 people.
On 31 March 2019, CFAO had consolidated revenue of EUR4.4 billion.
CFAO today employs 400 people in South Africa, and mainly operates
production support activities to the automotive industry.
CFAO is a subsidiary of the TTC Group (Japan).
Find out more the CFAO Group at www.cfaogroup.com [1]
*About Steinhoff*
_Steinhoff International Holdings N.V. is an investment holding company
which manages a portfolio of retail businesses that operate through more
than 40 brands and 30 countries across the world. Steinhoff Group businesses
add value to their customers' lives by providing everyday products at
reasonable prices. Headquartered in Cape Town, South Africa, the holding
company is registered in the Netherlands and listed on the Frankfurt and
Johannesburg Stock Exchanges._
*About Kapela Holdings*
_Kapela Holdings is a black owned Investment Holding company, established 13
years ago. It consists of professionals and a broad-based group of people
with disabilities who invest in medium to large companies, mainly
subsidiaries of multi-nationals in South Africa. Kapela currently has 12
investments, one of which is TTAF, a subsidiary of CFAO. All their
investments are with multi-national businesses, some subsidiaries of Fortune
500 companies such as BP SA, NEC and Marsh. _
*About Unitrans Motors Group*
Unitrans was established in the 1920's and operates one of the largest
automotive dealer networks in South Africa with 99 dealerships country wide.
Unitrans offers vehicle brands and services to customers across the income
spectrum. The company has a significant market share of the top selling
affordable brands, as well as a number of luxury brands. The Group is also
involved in insurance and car rental activities. Unitrans employs over 6,000
people and generates EUR1.5 billion of revenue.
Find out more the Unitrans Automotive Group at www.um.co.za [2]
Stellenbosch
27 November 2019
*JSE Sponsor to Steinhoff*
PSG Capital Proprietary Limited
*Financial advisor to Steinhoff*
The Standard Bank of South Africa Limited
*Legal Adviser to Steinhoff*
Werksmans
2019-11-27 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Steinhoff International Holdings N.V.
cnr Adam Tas and Devon Valley Road
7600 Stellenbosch
South Africa
Phone: +27218080700
Fax: +27218080800
E-mail: investors@steinhoffinternational.com
Internet: www.steinhoffinternational.com
ISIN: NL0011375019
WKN: A14XB9
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 922365
End of News DGAP News Service
922365 2019-11-27
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2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=46a7cf5fcaac76c01c099275d550236a&application_id=922365&site_id=vwd&application_name=news
(END) Dow Jones Newswires
November 27, 2019 02:30 ET (07:30 GMT)
