Source: The JSE SENS Department
Invicta is pleased to announce that its subsidiary, Invicta South Africa Holdings (Pty) Ltd, has entered into an agreement to acquire the business assets of the Forge Industrial Group (the “Acquisition”). The Acquisition will be complete after the fulfilment of certain conditions precedent, including Competition Commission approval.
The Forge Industrial Group comprises of importers and distributors of engineering related products (Toolquip and Allied), machining tools (F and H Machine Tools) and industrial conveyer belting and related components (Belt Brokers). It operates through 11 branches countrywide including three distribution centers in Gauteng.
Invicta’s position as one of the leading firms in the industrial and engineering industry is further entrenched by this acquisition of the Forge Industrial Group, which will form part of Invicta’s Engineering Supply Group (ESG).
In terms of the JSE Limited’s Listings Requirements’ categorisation rules for transactions, the Acquisition falls below the threshold for announcement on SENS. Nevertheless, the board of Invicta deems it appropriate to inform its various stakeholders of the Acquisition.