enX GROUP LIMITED - Completion Of The Disposal Of Centlube, Zestcor And Ingwe

Completion Of The Disposal Of Centlube, Zestcor And Ingwe

ENX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/029771/06)
Share code: ENX
ISIN: ZAE000222253
Listed on the General Segment of the Main Board
("enX" or "the Company" or "the Group")

GENERAL SEGMENT

COMPLETION OF THE DISPOSAL OF CENTLUBE, ZESTCOR AND INGWE

Shareholders are referred to the announcement published by enX on the Stock Exchange
News Service ("SENS") on 13 December 2024 ("Terms Announcement"), wherein the
Company advised that enX Trading Investments Proprietary Limited ("enX Trading") and enX
Leasing Investments Proprietary Limited ("enX Leasing") collectively referred to as "the
Sellers", both of which are wholly owned subsidiaries of the Company, had entered into a sale
of shares agreement ("the Agreement"), in terms of which enX Trading would dispose of its
66% interest (including loan claims) in Centlube Proprietary Limited, its 100% interest
(including loan claims) in Ingwe Lubricants Proprietary Limited ("Ingwe") and its 37% interest
in Zestcor Eleven Proprietary Limited, and enX Leasing would dispose of its loan claim in
Ingwe to Abakhulu Investments Proprietary Limited ("Purchaser") ("Disposal").

enX is pleased to announce that the Agreement has become unconditional and the Final
Transaction Price Statement (as defined in the Terms Announcement) became final and
binding and accordingly the Disposal closed today, 11 March 2025 ("Closing Date").
Shareholders are further advised that the gross proceeds due and paid to the Sellers on
Closing Date, in respect of the Disposal, is an amount equal to R287.9 million ("Transaction
Price"), which comprises of:
 (i)    R77.3 million, in respect of Zestcor;
 (ii)   R169.5 million, in respect of Centlube; and
 (iii) R41.1 million, in respect of Ingwe.

Furthermore, as detailed in paragraph 5.3 of the Terms Announcement, ten percent of the
Transaction Price amounting to R28.8 million will be held in the escrow account of an agreed
escrow agent, for the benefit of the Sellers for a period of 24 months from the Closing Date,
as security for any warranty and indemnity claims post the Closing Date, or for such longer
period in the event that there are any unresolved claims that arise on or prior to the last day
of the 24 month period.

Shareholders should further note that a separate announcement regarding the proposed
return of capital to shareholders, as detailed in paragraph 5.4 of the Terms Announcement,
will be published on SENS in due course.

Johannesburg
11 March 2025
                                                                                             1
Transaction Sponsor and Advisor
Valeo Capital (Pty) Ltd

Sponsor to enX:
The Standard Bank of South Africa Limited

Transaction advisor to
the Purchaser:
BSM Advisory (Pty) Ltd

Legal advisor to    the
Purchaser:
Webber Wentzel

Legal advisor to the
Seller:
Munro Smith Parker Law
and Thomson Wilks




                                  
Date: 11-03-2025 05:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.