Distribution And Warehousing Network (Dawn) has written undertakings from five shareholders holding 72.5% of the company’s total shares that they will vote in favour of the sale of its 49% interest in Grohe Dawn Watertech (GDW) to Japan’s Lixil building and materials group. The names of the shareholders have not been disclosed and a meeting date for general shareholders to implement the deal is not yet known. Lixil will buy the remaining 49% of ordinary shares in GDW held by Dawn for about R324.5m. “It is therefore anticipated that the resolutions necessary to implement the transaction will be passed at the general meeting,” Dawn said on Monday. Lixil already holds a 51% controlling stake in GDW, a maker of sanitaryware, including the Cobra taps and Vaal brands. GDW contributed about 10% of Dawn’s annual revenues. These were R4.3bn to March 2017 and R5bn in the year to March 2016. The company said full details of the transaction would be included in a circular posted to shareholders...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.