- GREA’s shareholders, Grit and the
Public Investment Corporation of South Africa ("PIC") acting in its capacity as the nominated asset manager and duly authorised agent of theGovernment Employees Pension Fund (“GEPF”), have conditionally agreed to subscribe, pro rata to their existing shareholdings (as between themselves), for a total ofUS$100 million of new equity in GREA (the "GREA Capital Raise"). - Grit will, conditional upon shareholder approval, meet its obligations to the GREA Capital Raise with proceeds raised from the disposal of its interests in
Bora Africa and the partial disposal of its interests inAcacia Estates to GREA. The remaining funds (receivable in cash from PIC) will provide GREA with the opportunity to develop new industrial and logistics assets and enable it to expand its diplomatic housing portfolio. These disposals are considered related party transactions for the purposes of the Listing Rules and are together considered a Class 2 transaction (the “Related Party Transactions”). Details include:
1. Grit disposing of a 99.9% interest in
2. Grit selling to GREA a 48.5 per cent. interest in