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LIFE HEALTHCARE GROUP HOLDINGS LIMITED - Conclusion of the disposal of interest in Max Healthcare Institute Limited

Release Date: 24/06/2019 07:05
Code(s): LHC     PDF:  
 
Wrap Text
Conclusion of the disposal of interest in Max Healthcare Institute Limited

Life Healthcare Group Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 2003/002733/06
ISIN: ZAE000145892
Share Code: LHC
(“Life Healthcare” or “the Company”)

CONCLUSION OF THE DISPOSAL OF INTEREST IN MAX HEALTHCARE INSTITUTE LIMITED

Further to the announcements released on the Stock Exchange News Service on 20 September 2018
and 7 January 2019, shareholders are advised that Life Healthcare International Proprietary Limited (a
wholly owned subsidiary of the Company) and Radiant Life Care Private Limited (“Radiant”), have
concluded the share purchase agreement (“Agreement”) entered into on 24 December 2018, with the
fulfilment of all conditions precedent to the Agreement and receipt of the sale proceeds.

Through the successful conclusion of this transaction, Radiant has acquired the 49.7% stake held by
Life Healthcare International Proprietary Limited in Max Healthcare Institute Limited, with effect from
21 June 2019.

In terms of the Agreement, Radiant acquired the 49.7% stake for 80 Rupees per share, which equates
to approximately R3.7 billion of net proceeds received after costs, hedges and taxes. This has resulted
in a profit on disposal of approximately R900 million.

As communicated previously to shareholders, the Company will utilise the funds received to settle
debt.

Illovo
24 June 2019

Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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