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Johannesburg - Agricultural services group Afgri [JSE:AFR] announced on Thursday that it finalised the restructuring of its Black Economic Empowerment deal.
Afgri announced that Izitsalo Employee Investments, one of the current beneficiaries of the Agri Sizwe Empowerment Trust with an undivided interest of 19.9% in relation to distributions of capital and interest by the Agri Sizwe Trust, will by agreement acquire the 80.1% Agri Sizwe Trust Beneficiary Interests of all of the remaining beneficiaries of the Agri Sizwe Trust.
While the Izitsalo acquisition is a transaction between Izitsalo and the exiting beneficiaries, the purchase price payable by Izitsalo will be funded by way of a loan to Izitsalo from GRO Capital Financial Services, it said.
GRO Capital is a wholly-owned subsidiary of Afgri Operations.
- I-Net Bridge
Afgri announced that Izitsalo Employee Investments, one of the current beneficiaries of the Agri Sizwe Empowerment Trust with an undivided interest of 19.9% in relation to distributions of capital and interest by the Agri Sizwe Trust, will by agreement acquire the 80.1% Agri Sizwe Trust Beneficiary Interests of all of the remaining beneficiaries of the Agri Sizwe Trust.
While the Izitsalo acquisition is a transaction between Izitsalo and the exiting beneficiaries, the purchase price payable by Izitsalo will be funded by way of a loan to Izitsalo from GRO Capital Financial Services, it said.
GRO Capital is a wholly-owned subsidiary of Afgri Operations.
- I-Net Bridge
