News/ Article

SENS

Announcement regarding completion of the disposal by the AECI group of its surplus property assets at Modderfontein to Shanghai Zendai Property Ltd

Thursday, 20 March 2014

Shareholders of AECI (“Shareholders”) are referred to the announcement released on the Stock Exchange News Service (“SENS”) of the JSE Limited on Monday, 4 November 2013 which provided details of the disposal by the AECI Group of the bulk of its surplus property assets at Modderfontein and its property development business, to Shanghai Zendai (“the Transaction”).

Shareholders are further referred to the announcement released on SENS on Tuesday, 28 January 2014 whereby Shareholders were advised of the conditions precedent having been fulfilled, other than the transfer of the properties subject to the Transaction which have an aggregate acquisition price of R513 million (including VAT) or such lesser amount as agreed by Shanghai Zendai, to the South African subsidiaries of Shanghai Zendai, namely Zendai Development (South Africa) Proprietary Limited and Zendai Investment Management (South Africa) Proprietary Limited (“the Transfer”).

AECI is pleased to announce that the Transfer has been completed and that no outstanding conditions precedent to the Transaction remain.  Accordingly, the Transaction became effective on 20 March 2014 and AECI has received the Transaction price in full in cash in the amount of R1 060 974 457 (including VAT).

Woodmead, Sandton
20 March 2014

Investment Bank and Transaction Sponsor
The Standard Bank of South Africa Limited

Legal Adviser
Webber Wentzel


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