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Brait buys back 26% of SA ops

Sep 06 2010 15:44 I-Net Bridge

Company Data

Brait2 [JSE : BAT]

Last traded R20.04
Change R0.00
% Change 0.00%
Cumulative volume 256,826
Market cap R10.14bn

Last Updated: 03/02/2012 at 19:33. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - International investment group Brait S.A. Societe Anonyme (BAT) announced on Monday that it has
successfully completed the buy-back of its 26% in Brait South Africa Limited (BSAL) sold to Sitogo in September 2004 as part of its BEE transaction.
 
"This was in line with the planned liquidity mechanism provided for in the initial transaction agreements. Sitogo acquired its original interest based on a Tangible Net Asset Value (TNAV) formulation, and had a put option on substantially the same terms as at March 31, 2010.

"Sitogo exercised this put option on June 22, 2009. Upon conclusion of this buy back, the Company owns 100% of BSAL," Brait said.

 
 
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