{"id":1065,"date":"2020-12-18T19:05:36","date_gmt":"2020-12-18T19:05:36","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=1065"},"modified":"2020-12-18T19:05:36","modified_gmt":"2020-12-18T19:05:36","slug":"pepkor-holdings-to-acquire-steinhoffs-properties-for-r1-05bn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/pepkor-holdings-to-acquire-steinhoffs-properties-for-r1-05bn","title":{"rendered":"Pepkor Holdings to acquire Steinhoff’s properties for R1.05bn"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>DURBAN – Pepkor Holdings and two of its subsidiaries, Ultimo Properties and JD Consumer Electronics and Appliances, said on Friday they have entered into a framework agreement with Steinhoff Africa Holdings to acquire 10 properties and an undivided half share in another property for R1.05 billion.<\/p>\n

Pepkor said the related party transaction will be settled by issuing 70 million new Pepkor shares to the respective Steinhoff subsidiaries.<\/p>\n

\u201cIt is considered appropriate to issue new Pepkor shares in order to preserve cash resources. The Pepkor consideration shares equates to 1.91 percent of the issued share capital of Pepkor prior to issuing the Pepkor consideration shares,\u201d the group said.<\/p>\n

The Pepkor consideration shares will be issued at an issue price of R15 a share, which represents a premium of 16 percent to the volume weighted average trading price of Pepkor\u2019s shares traded on the JSE over the 30 trading days up to and including November 19, being the date prior to the board of directors of Pepkor approving the key terms of the transaction.<\/p>\n

The entities within the Pepkor group of companies currently lease these 11 properties and this amount to R111 million rental as disclosed during Pepkor\u2019s 2020 financial year results.<\/p>\n

Pepkor said the rationale behind the acquisition is that the properties are predominantly used by its operating entities as distribution centres with one property being used as a corporate head office and one property being used as a call centre.<\/p>\n

\u201cThe board believes that the transaction will result in operational cost savings, as the rental expenses relating to the properties rented by the Pepkor Group from the Steinhoff subsidiaries amounted to R111m during Pepkor\u2019s 2020 financial year, is expected to be accretive on an earnings per share basis (without taking IFRS16 into account) and results in a cash saving for Pepkor,\u201d the group said.<\/p>\n

The group said another benefit is that it will secure ownership of high roof distribution centre buildings for Ackermans, Pepkor Speciality and JD Group that are strategically important to their businesses and it will secure ownership of Tenacity\u2019s call centre and JD Group\u2019s corporate head office, the locations of which are ideally suited to cater for their operational needs.<\/p>\n

However, the transaction is subject to a number of conditions which include that it must be concluded by or before March 15, 2021.<\/p>\n

The transaction must be in compliance with the approvals as required by the Competition Act, Pepkor shareholders approval and the Steinhoff subsidiaries must obtain consent of Steinhoff\u2019s creditors under the written contingent payment undertaking.<\/p>\n

BUSINESS REPORT ONLINE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. DURBAN – Pepkor Holdings and two of its subsidiaries, Ultimo Properties and JD Consumer Electronics and Appliances, said on Friday they have entered into a framework agreement with Steinhoff Africa Holdings to acquire 10 properties and an undivided half share in another property for R1.05 billion. Pepkor said the related party transaction […]<\/p>\n","protected":false},"author":84,"featured_media":1064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,275],"class_list":["post-1065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-south-africa-2"],"yoast_head":"\nPepkor Holdings to acquire Steinhoff's properties for R1.05bn - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/pepkor-holdings-to-acquire-steinhoffs-properties-for-r1-05bn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pepkor Holdings to acquire Steinhoff's properties for R1.05bn\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. DURBAN – Pepkor Holdings and two of its subsidiaries, Ultimo Properties and JD Consumer Electronics and Appliances, said on Friday they have entered into a framework agreement with Steinhoff Africa Holdings to acquire 10 properties and an undivided half share in another property for R1.05 billion. 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