AECI LIMITED
Incorporated in the Republic of South
Africa
Registration Number 1924/002590/06)
Share code: AFE ISIN:
ZAE000000220
(“AECI”)
SALE OF SURPLUS LAND IN CAPE
TOWN
Paardevlei Properties Proprietary Limited (“Paardevlei”), a
wholly-owned subsidiary of AECI, and the City of Cape Town (“the City”) have entered
into an agreement in terms of which the City will acquire 709
hectares of land, and certain buildings, of the total 734 hectares
of land owned by Paardevlei in Somerset West, Cape Town (“the Transaction”). These
assets have become surplus to AECI’s and Paardevlei's operational
requirements.
The Transaction is for a cash consideration of R400 million
(plus VAT if applicable). It excludes Precinct 1, which is 25
hectares in extent and was valued at R119 million by the Standard
Bank Property Group in 2014.
The Transaction is subject to approval by the Competition
Commission of South Africa.
Woodmead, Sandton
5 June 2015
Sponsor: RAND MERCHANT BANK
(A Division of FirstRand Bank Limited)
Legal advisors to AECI - Webber
Wentzel