South African fashion retailer Truworths International said on Monday it has entered into an agreement to buy an 88.9 percent stake in Britain's Office Retail Group for 5.5 billion rand ($382 million).
ADVERTISEMENT
South Africa's firm to buy majority stake in Office Retail Group
The British retailer's management will retain an 11.1 percent stake in Office. Truworths has the option to buy that stake within 3 to 5 years, it said in a statement.
Shoppers walk past a Truworths shop with Sale advertisements on its windows at the Sandton shopping mall in Johannesburg January 30, 2012. REUTERS/Siphiwe Sibeko
The British retailer's management will retain an 11.1 percent stake in Office. Truworths has the option to buy that stake within 3 to 5 years, it said in a statement.
Office, a footwear retailer with 150 stores, would be Truworths' first foray into Europe.
Shares in Truworths traded down 0.8 percent at 95.25 rand by 0740 GMT, while the Johannesburg Securities Exchange's All Share index was flat.
ADVERTISEMENT
($1 = 14.4093 rand)
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Parents will soon beg for their children to enrol in public basic schools -Dr Osei- Adutwum
Government rebrands public basic schools, set to change brown and yellow uniforms
I won’t apologize for ECG Manager's arrest – Ashanti Regional Minister
Trailblazing Prof. Jane Agyemang: The political powerhouse shaking up the NDC!
John Mahama can’t succeed me as President because I defeated him twice – Akufo-Addo
President Biden signs law to potentially ban TikTok if not sold
I won’t be a driver’s mate to John Mahama – Prof. Naana Opoku-Agyeman
‘Dumsor’ challenges will end in a few days – ECG Board Chairman assures Ghanaians