| Notes to the consolidated financial statements - Note 40 |
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| 40. |
Subsequent event |
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With effect from July 1 2013 the Group acquired the entire issued share capital of Home of Living Brands Holdings Limited (formerly
Amalgamated Appliance Holdings Limited) (HLB) that it did not already own, being 71,7%, for a consideration of R532 million.
The Group’s management believes that the acquisition will enable HLB to continue to service its customers more efficiently, with a
significantly enhanced offering. HLB will also benefit from being able to offer its products to the wider customer base of the Group.
The Group funded the acquisition from its existing banking resources.
As the initial accounting for this acquisition was not completed at the time that the financial statements were authorised for issue,
details of the values of assets acquired and liabilities assumed have not been provided. |
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| Notes to the consolidated financial statements - Note 40 |
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