King Price Financial Services Pty Ltd entered into a sale and purchase agreement to acquire The Standard General Insurance Company Limited from African Phoenix Investments Limited (JSE:AXL) for ZAR 140 million on June 28, 2019. Consideration will be based on Standard General's audited Net Asset Value as at September 30, 2019. Standard General generated profit after tax of ZAR 45.8 million for the year ended September 30, 2018. Transaction is subject to regulatory approvals, including approvals by the Competition Authorities and the Financial Services Authorities; and the declaration of a dividend to African Phoenix before September 30, 2019. Transaction is expected to close on October 1, 2019. As of October 1, 2019 shareholders are advised that while the parties to the Agreement have agreed to the extension of the date of fulfillment of the conditions precedent to November 29, 2019. As on February 28, 2020, the transaction received regulatory approval from the Financial Services Authorities. Consequently, all conditions precedent have been fulfilled and the disposal becomes unconditional. Webber Wentzel acted as legal advisor for African Phoenix. King Price Financial Services Pty Ltd completed the acquisition of The Standard General Insurance Company Limited from African Phoenix Investments Limited (JSE:AXL) on March 3, 2020.