African Oxygen Limited (Afrox) recently announced it has agreed to sell its entire holding in Afrox Healthcare to a consortium of Black Economic Empowerment (BEE).
The sale by Afrox and the associated offer by the BEE consortium to minority shareholders in Afrox Healthcare are subject to certain conditions, including clearance from the relevant competition and other regulatory authorities.
Afrox's holding in Afrox Healthcare will be acquired at a price of 13.85 rand per share, increased at an effective rate of 5.6 per cent per annum from 1 October 2003 until the operative completion date.
For reference, BOC which has 56 percent shareholding in Afrox, has an economic interest of approximately 38.7 percent in Afrox Healthcare.
