BRIEF-Purple Group announces proposed sale of shares in First World Trader Proprietary Ltd
Aug 14 (Reuters) - PURPLE GROUP LTD:
* PROPOSED SALE OF SHARES IN FIRST WORLD TRADER PROPRIETARY LIMITED BY PURPLE
* ENTERED INTO AGREEMENTS WITH SANLAM INVESTMENT HOLDINGS PROPRIETARY LIMITED (SIH), A WHOLLY-OWNED SUBSIDIARY OF SANLAM LIMITED
* SALE AGREEMENT IN TERMS OF WHICH SIH WILL ACQUIRE 450,000 ORDINARY SHARES, CONSTITUTING 30 PERCENT OF ALL SHARES, OF FIRST WORLD TRADER PROPRIETARY FROM PURPLE GROUP
* SIH WILL ACQUIRE A 30 PERCENT SHAREHOLDING IN EASYEQUITIES FOR A CONSIDERATION OF R100 MILLION
* PURCHASE CONSIDERATION WILL BE SETTLED IN CASH AND BE UTILISED BY PGL AND ITS OTHER SUBSIDIARIES TO SETTLE INTER-GROUP LOANS, CURRENTLY OWING TO FIRST WORLD TRADER PROPRIETARY Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)