Afine Investments Limited (JSE:ANI) agreed to acquire Glomor Three (Pty) Limited from Petroland Group Proprietary Limited and Terra Optimus Proprietary Limited for ZAR 53.2 million on March 1, 2022. The consideration will be paid in combination of ZAR 2 million cash and 8,536,585 Afine shares. Glomor had audited net asset of ZAR 29.7 million and profit after tax of ZAR 22.1 million, for the 12 month period ended February 28, 2022. The acquisition will only require approval by Afine shareholders if/in the event that the Independent Expert determines that the terms of the acquisition from the Related Party are unfair as far as shareholders are concerned. AcaciaCap Advisors Proprietary Limited has been appointed as fairness opinion provider of Afine.

Afine Investments Limited (JSE:ANI) completed the acquisition of Petroland Group Proprietary Limited and Terra Optimus Proprietary Limited on July 7, 2022.