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Johannesburg - Astrapak [JSE:APK] has concluded an agreement with Boxmore Plastics SA in terms of which Astrapak will dispose of and Boxmore will acquire the operating entities of Hilfort Plastics Bloemfontein and Hilfort Plastics Upington as one indivisible transaction.
Hilfort operates in both the Bloemfontein and Upington markets and manufactures and sells PET plastic bottles to segments within the beverage industry.
The decision to dispose of Hilfort fits in with Astrapak's strategic objective to focus on operations of scale.
Boxmore will acquire Hilfort with effect from December 3 2014. The purchase consideration of approximately R41 000,000 payable to Astrapak, shall be discharged by Boxmore paying the purchase consideration in cash into the nominated bank account by close of business on December 5 2014. The proceeds will be applied to reduce Astrapak's net borrowing position.
The net asset value of the business of Hilfort at the effective date will be approximately R28 099 988 and the annual net profits after tax attributable to the net assets that are the subject of the transaction is R5 301 360.
All conditions precedent has been met and the transaction will therefore be implemented from the effective date.
Hilfort operates in both the Bloemfontein and Upington markets and manufactures and sells PET plastic bottles to segments within the beverage industry.
The decision to dispose of Hilfort fits in with Astrapak's strategic objective to focus on operations of scale.
Boxmore will acquire Hilfort with effect from December 3 2014. The purchase consideration of approximately R41 000,000 payable to Astrapak, shall be discharged by Boxmore paying the purchase consideration in cash into the nominated bank account by close of business on December 5 2014. The proceeds will be applied to reduce Astrapak's net borrowing position.
The net asset value of the business of Hilfort at the effective date will be approximately R28 099 988 and the annual net profits after tax attributable to the net assets that are the subject of the transaction is R5 301 360.
All conditions precedent has been met and the transaction will therefore be implemented from the effective date.
