PHOENIX Consolidated Industries Ltd shareholders have finally approved the acquisition of two subsidiaries that were being sold to them by Apex Corporation of Zimbabwe Ltd.
At the company’s extraordinary general meeting held on Monday, the transaction was unanimously approved by the shareholders.
Apex was disposing of two of its subsidiaries, Bardwell Printers and RCP Belmont Printers, to Phoenix for $6,7 billion.
Mike Frudd, chairman of Phoenix, said the transaction would not affect the shareholding structure of Phoenix. The transaction was a result of direct acquisition of all the assets and assumed liabilities of Bardwell and RCP at a total purchase consideration of $6,7 billion.
Frudd said the purchase consideration was arrived at based on an independent valuation performed by CB Richard Ellis.
“The purchase consideration is to be settled partly by settlement of debt due from Apex and partly in cash and the effective date of the transaction will be the date when all the conditions precedent have been fulfilled,” he said.