African Phoenix Investments Limited (JSE:AXL) agreed to acquire API Capital Proprietary Limited from Siyabonga Sizo Nhlumayo, Shafiek Ahmed Rawoot, Alupheli Kwanele Sithebe, Kamogelo Mudimbu and Crocopillar Proprietary Limited for ZAR 54 million on December 2, 2019. An amount of ZAR 4 million is paid in respect of the shareholder loans and ZAR 49 million in respect of the sale shares. The transaction is subject to the approval of the shareholders of API Capital, Crocopillar and African Phoenix of the terms and conditions of the API Capital acquisition agreement, to the extent required in terms of the Companies Act, the API Capital shareholder’s agreement and the API Capital, memorandum of incorporation, any statutory and/or regulatory obligations on the sellers, African Phoenix and API Capital Fund in relation to API Capital acquisition having been satisfactorily fulfilled, including securing a fairness opinion from an independent expert as to the fairness of the terms of the API acquisition. As of December 18, 2019, the acquisition is not subject to shareholder approval and all the conditions precedent to the API Capital transactions have been fulfilled. The transaction is expected to close on December 31, 2019. Mazars Corporate Finance provided fairness opinion to African Phoenix Investments. Java Capital (Proprietary) Limited acted as financial advisor and Webber Wentzel acted as legal advisor to African Phoenix.