Masimong Group Holdings (Pty) Ltd entered into an agreement to acquire 60% stake in Anchor Stockbrokers Proprietary Limited from Anchor Group Limited (JSE:ACG) and Clyrofon Proprietary Limited for ZAR 18.5 million on November 29, 2019. Pursuant to the terms of agreement, Anchor Group will sell 9% stake and retain 40% stake while Clyrofon will sell 51% stake in Anchor Stockbrokers to Masimong. Masimong will also acquire 51% equity rights of Anchor Private Client business currently hold by Anchor Group. Masimong will pay ZAR 8.1 million to Clyrofon and ZAR 10.3 million to Anchor Group. The consideration is payable in cash at closing. Masimong will grant an option to and in favor of Anchor Group to purchase the shares in Anchor Stockbroking held by Masimong from the date on which Anchor qualifies as a black owned company. The transaction will be financed under the financing agreement between Masimong and Rand Merchant Bank Division. The transaction is subject to approval from third parties, regulatory authorities , including approval from JSE Limited, Takeover Regulation Panel and the Competition Authorities and adoption of new Memorandum of Incorporation by the shareholders of Anchor Stockbrokers.