Capespan gets full control of global unit
SA's largest fruit exporter, Capespan, has concluded its purchase of the remaining 50% shareholding in Capespan International, the group's European and UK marketing arm, from Dublin-based Total Produce for €13m (about R138m).
The company said the purchase would be settled partly in cash (€8,5m) and partly by the issue of 20 million new Capespan shares.
Capespan executive director Dawie Ferreira said the deal was a strategic expansion into international fruit markets to provide customers with "the desired product all-year round".
The equity consideration is subject to Capespan shareholders' approval and a circular in this regard will be posted to shareholders early next year.
It is also subject to all regulatory approvals, including approval by the Reserve Bank by no later than 31 March, the company said.
Unlisted Capespan advised shareholders to continue exercising caution when dealing in its over-the-counter shares, saying the financial effects of the transaction would be communicated in due course.
Bidding war
Capespan has been the subject of a bidding war this year between its two main shareholders. Zeder Investments, which has a 40% stake, made a bid for the company in June, followed by an offer from Bidvest , which has an 8% stake.
Friday's announcement about the purchase was made simultaneously with that of the appointment of Abrie de Swardt as MD of Capespan Exports.
De Swardt is expected to start on 16 January.
Meanwhile, Capespan said that it had sold its ExperiCo Fruit Technology Solutions division "as a going concern to Farmsecure Agri Science".
Ferreira said at the time that the company had taken a strategic decision to focus on its core businesses, fruit marketing and logistical services.
"We realised that we didn't need to own ExperiCo to have access to its expertise and support, seeing that it had been providing services to all exporters."
"Capespan will still have access to ExperiCo's know-how in much the same way as has been the case over the last few years," he said.
Dr Ferreira argued that Capespan's logistical business planned to focus on utilising ExperiCo's capabilities "in port and inland terminals to deliver integrated logistical solutions".
ExperiCo specialises in commercial quality maintenance research on harvesting, packaging and storing all fruit kinds destined for local and international markets. It also commercialises innovative fruit-related technologies in collaboration with global clients, partners or investors.
All ExperiCo employees, assets and facilities were included in the transaction.
Source: Business Day via I-Net Bridge
Source: I-Net Bridge
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