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STELLAR CAPITAL PARTNERS LIMITED - Voluntary announcement in respect of the disposal of two Tellumat business units

Release Date: 30/06/2020 08:00
Code(s): SCP     PDF:  
 
Wrap Text
Voluntary announcement in respect of the disposal of two Tellumat business units

STELLAR CAPITAL PARTNERS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/015580/06)
Share code: SCP     ISIN: ZAE000198586
("Stellar Capital")

VOLUNTARY ANNOUNCEMENT IN RESPECT OF THE DISPOSAL OF TWO
TELLUMAT BUSINESS UNITS

Stellar Capital wishes to inform shareholders that Tellumat
Proprietary Limited (“Tellumat”), a 49% investee company of
Stellar Capital, have disposed of its Air Traffic Management
and Defence & Security business units to Hensoldt South Africa
(“Transaction”).

The Transaction will be effective as soon as all regulatory
approvals have been obtained and is subject to warranties and
guarantees that are normal for a transaction of this nature.

Hensoldt South Africa and Tellumat have business areas that
complement each other, including sensors and communications,
particularly for unmanned aerial vehicles and other airborne
intelligence, surveillance and reconnaissance (ISR)
applications.

The Transaction does not meet the requirements for a
categorised transaction which require disclosure in terms of
the JSE Limited Listings Requirements as Tellumat is not a
subsidiary of Stellar Capital. Nevertheless, the Board of
Stellar Capital deemed it appropriate to inform shareholders
of the Transaction.

Cape Town
30 June 2020

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

Date: 30-06-2020 08:00:00
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