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Disposal of assets by Eskom Finance Company SOC Limited to African Bank Limited - NQA
NQABA FINANCE 1 (RF) LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 2005/040050/06)
(JSE Alpha code: NQA)
("Nqaba" or the "Issuer)
Disposal of assets by Eskom Finance Company SOC Limited to African Bank Limited
In compliance with paragraph 6.24(a)(i) of the JSE Limited ("JSE") Debt & Specialist Securities
Listings Requirements, Nqaba wishes to advise the noteholders that it has been informed that
Eskom Finance Company SOC Limited ("EFC") wishes to dispose of all or a greater part of its
assets to African Bank Limited ("ABL") in accordance with the terms of a Sale of Business Assets
Agreement ("SOBAA") to be concluded in due course with ABL.
In order for EFC to implement the SOBAA, EFC is required to assign and/or cede and delegate
its rights and obligations under the Nqaba Securitisation Scheme agreements to ABL with effect
from the Closing Date, which date is still to be determined ("Closing Date").
The agreements are: the Management Agreement, the Preference Share Subscription
Agreement, the Home Loan Sale Agreement, and the Subordinated Loan Agreement, all entered
into on 13 April 2006, and the Common Terms Agreement, entered into on 24 May 2011.
Accordingly, Nqaba has consented to the assignment of various rights and obligations of EFC to
ABL. This consent is conditional upon all conditions precedent, as included in the duly-executed
SOBAA, being satisfied by the Closing Date, and upon ABL executing a Deed of Adherence to
the Common Terms Agreement of 24 May 2011, and delivering it to the Issuer on or before the
Closing Date.
Noteholders will be informed once further developments are known to the Company.
7 March 2025
Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 07-03-2025 01:43:00
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