LB Pipes Proprietary Limited completed the acquisition of 50% stake in Group Five Pipe from Group Five Limited.

LB Pipes Proprietary Limited entered into an agreement to acquire 50% stake in Group Five Pipe from Group Five Limited (JSE:GRF) for ZAR 80 million on November 22, 2017. The consideration is payable in cash. Group Five Limited will also receive ZAR 25 million as its share from available cash in Group Five Pipe. The transaction is subject to board approval from concerned parties, approval from competition commission and consummation of due diligence investigation to be carried out by LB Pipes. The transaction further requires registration of LB Pipes as VAT vendor, each counterparty to any contract being executed by the business accepts the change in ownership and proof of the buyer's ability to timeously meet its payment and delivery obligations. The transaction did not requires shareholder approval. The transaction proceeds will be retained by Group Five Construction Pty Ltd and will be applied accordingly. Werksmans Attorneys Incorporating Jan S. de Villiers acted as legal advisor to Group Five Limited. LB Pipes Proprietary Limited completed the acquisition of 50% stake in Group Five Pipe from Group Five Limited (JSE:GRF) on May 14, 2018. All conditions precedent have been fulfilled.