Super Group Offloads Mica
Sep 07 2009
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Supply chain management business Super Group announced last week that it had disposed of its retail hardware business Mica, to Servistar, which trades as Builder's Express for a sum of R27m.

The two groups reached an agreement in terms of which Builder's Express will acquire the three retail hardware businesses conducted by Power Plus Performance, a wholly-owned subsidiary of Super Group, trading under the name of Mica Norwood, Mica Umhlanga and Mica South Coast.

The sale comes as a result of a decision by the board of directors at Super Group to implement a refocused strategy leading to resultant disposals of non-core assets; and an announcement of a recapitalisation and debt restructure for Super Group.

The transaction takes effect from September 14.

Super Group added that its discussions with regard to an alternative recapitalisation and the negotiations with regard to the disposal of its Autozone and Emerald businesses are still in progress which, if successfully concluded, may have a material effect on the price of Super Group's securities.

"Accordingly, shareholders are advised to continue exercising caution when dealing in Super Group's securities until a full announcement is made," it said.

Adapted from source: www.fin24.com, 4 September 2009