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Johannesburg - African Dawn Capital said on Tuesday that it has acquired all the issued shares in and claims against Dumont Healthcare for R11.5m.
The company said the acquisition is unconditional and the Dumont shares have been transferred to African Dawn and the initial payments made.
The acquisition will result in the diversification of the short term secured financing loan book of African Dawn and will further enhance its status as a niche finance provider, it said.
Dumont conducts the business of providing short term secured loans to clients in the medical profession by means of single invoice discounting, factoring and purchasing of claims, as well as supplying administration services to clients. These services will be extended to include bridging finance in future.
The purchase price was settled by R8.05m in cash on the signature date, with the balance of R3.45m paid by way of shares in African Dawn.
-I-Net Bridge