KAP acquires Steinhoff industrial assets

Johannesburg – KAP Industrial Holdings [JSE:KAP] has acquired the industrial assets of Steinhoff Africa Holdings in a reverse acquisition‚ in which Kap issued 1‚912.8-million shares to Steinhoff with effect from April 2 2012‚ Steinhoff said in a trading statement on Tuesday.

It said Steinhoff Industrial Assets was treated as the acquirer and KAP as the acquiree.

As a result of this transaction KAP’s fully diluted earnings per share for the six months to end-December 2012 will be 25%-35% higher than the 11.9c of the year-earlier six-month period and KAP’s fully diluted headline earnings per share for the six months ended December 31 2012 will be between 15% and 25% higher than the previous six months (2011: 11.8c per share).

The results for the six months ended December 31 2012 are expected to be published on or about February 18.