South African Breweries (SAB) said it expected to get US$ 230 million from selling its stake in Plate Glass and Shatterprufe Industries (PGSI), and would use the money to reduce its debt.
Belgian com…
South African Breweries (SAB) said it expected to get US$ 230 million from selling its stake in Plate Glass and Shatterprufe Industries (PGSI), and would use the money to reduce its debt. Belgian companies D“Ieteren and Cobepa said they had agreed to buy SAB“s 68.3% stake in the South African auto glass firm. They are paying Euros 7.65 in cash, or a minimum 48 rand, per ordinary share, thus valuing all of PGSI at approximately Euros 340 million. They said they planned to acquire 100% of the shares and would convene an extraordinary meeting of PGSI shareholders on 5 November to make the offer.