Dewei purchases PG for R500,000

Dewei purchases PG for R500,000
Published: 14 July 2016
Hardware retailer PG Industries says it has found an investor, Dewei Investments Limited, to buy the entire company's share register at a cost of $500,000.

The company has been under a High Court sanctioned scheme of arrangement since last April designed to protect its assets while it restructures its debts. The purchase by Dewei sets aside the scheme, subject to sanction by the High Court.

"The Members shall specifically approve; the sale by members, to Dewei Investments Limited of their entire 8,640,860,097 (eight billion six hundred and forty million eight hundred and sixty thousand and ninety-seven) shares in PG for a consideration of US$500 000 or 0.0058 cents per share," the company said on Thursday in a statement.

Shareholders are expected to approve the deal at a scheme meeting on the 5th of August.
- online
Tags: PG,

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