600 Group completes sale of South African operations
600 Group, a diversified engineering firm, has sold the entire share capital of 600 South Africa after the conditional contract was approved.
600 Group, a diversified engineering firm, has sold the entire share capital of 600 South Africa after the conditional contract was approved.
The operations, which were sold due to difficulties that were being experienced in repatriating net operating income to the parent company, was sold to Eqstra Holding for a consideration of ZAR 24.3m (£1.86m), of which ZAR 1.8m (£0.14m) is deferred for up to six months and subject to certain further undertakings.
600 anticipates cash proceeds are around £1.54m. The most recent reported results of the group for the year ended March 31st 2011, included net profits after taxation in respect of 600SA of ZAR 6.5m (£0.50m), and the book value of the net assets of 600SA, were ZAR 34.7m (£2.66m).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The share price fell 4.59% to 13p by 10:18.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
8 of the best properties for sale with smallholdings
Eight of the best properties for sale with smallholdings – from a 17th-century farmhouse in the Deben Valley, Suffolk, to a property set in 36 acres on the slopes of the Preseli Hills, Pembrokeshire
By Natasha Langan Published
-
US election – is the Trump Trade back?
The US election is around the corner. How does Trump influence US markets?
By Alex Rankine Published