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AFROCENTRIC INVESTMENT CORPORATION LIMITED - Finalisation announcement Exeltis South Africa Proprietary Limited acquisition

Release Date: 02/08/2021 14:10
Code(s): ACT     PDF:  
Wrap Text
Finalisation announcement – Exeltis South Africa Proprietary Limited acquisition

AfroCentric Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: ACT     ISIN: ZAE000078416
(“AfroCentric” or “the Company”)



AfroCentric shareholders (“Shareholders”) are referred to the detailed transaction announcement
published on the Stock Exchange News Service of the JSE Limited on 28 April 2021 (‘the
Announcement”), wherein they were advised that AfroCentric via its subsidiary, Activo Health
Proprietary Limited (“Activo Health”), has entered into a sale of shares agreement with Shelsley
Chemicals Proprietary Limited (“Shelsley”) to acquire all of the shares in Exeltis SA Proprietary
Limited (“Exeltis SA”).

2. Progress on Integration to the Pharmaceutical Business Unit

Further to Announcement, the key milestones for integration of the products and services into Activo
Health have been met. The marketing agreements for the products were concluded and all product
manufacturers’ terms and conditions are aligned to the Activo Health process. This has resulted in a
consistent supply of products that will enhance and complement Activo Health’s current offering.

Based on the above trading for the past 3 months, sales volumes are being achieved in line with
expectations. It should be noted that the further progress payments detailed in the Announcement are
based on the successful registration of additional products by Exeltis SA and its subsidiaries, as well
as sales targets to be achieved during the 2022 and 2023 years.

Activo Health’s sales team is able to market the Exeltis SA products with minimal additional cost
when they register, making it possible to realise the anticipated value from the acquisition. Exeltis SA
will also be renamed Activo Healthcare Assets (Proprietary) Limited with effect from 2 August 2021.


All suspensive conditions have been met and the acquisition has now become unconditional and will
be implemented according to its terms. The effective date of the acquisition will be 1 August 2021.

2 August 2021

Sasfin Capital (a member of the Sasfin group)

Date: 02-08-2021 02:10:00
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