MCC Contracts Limited and African Phoenix Investments Limited made an offer to acquire remaining 62% stake in enX Group Limited from a group of shareholders for approximately ZAR 630 million.

MCC Contracts (Pty) Limited and African Phoenix Investments Limited made an offer to acquire remaining 62% stake in enX Group Limited (JSE:ENX) from a group of shareholders for approximately ZAR 630 million on January 28, 2022. Offerors will pay ZAR 5.6 per share in cash as consideration under the Offer. In a related transaction, African Phoenix Investments Limited acquired a 4.2% stake enX Group Limited from Sunwood Trading & Investments Pty Ltd for ZAR 42.3 million on January 28, 2022.

MCC Contracts (Pty) Limited and African Phoenix Investments Limited holds 61,305,360 shares representing 33.6% stake and 7,559,375 shares representing 4.2% stake in enX respectively. The Mandatory Offer will not be subject to any conditions. In accordance with the provisions of the Companies Act and the Takeover Regulations, an independent sub-committee of the enX Board comprising Babalwa Ngonyama, Lerato Molefe and Vuyani Jarana has been appointed to advise enX shareholders on the Mandatory Offer.

The transaction is expected to close on June 3, 2022. Java Capital acted as corporate advisor, BDO Corporate Finance Proprietary Limited acted as independent expert and Bowman Gilfillan, Inc. acted as legal advisor for enX Group.