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Pinnacle -- acquisition
Pinnacle announced its acquisition of PrecisionICT (Pty) Ltd. ("Precision ICT") and Modrac (Pty) Ltd. ("Modrac") with effect from 1 June 2013, subject inter alia to the completion of a due diligence review.
Precision ICT is an engineering company focused on the design, manufacture and assembly of quality electronic enclosures and server racking for the ICT and other specialist markets. Precision ICT manufactures the popular Modrac™ and Envirorac™ ranges of products. With a proven market reputation, Precision ICT is the single largest manufacturer of electronic enclosures in Africa and exports products to the United Kingdom, Middle East, Europe and Africa. Both companies operate out of a state of the art 10 000m2 factory in Wynberg, Sandton.
The value of the acquisition is below the minimum threshold for category 2 transactions specified in paragraph 9.5 of the JSE Listings Requirements and the transaction was not concluded with any related parties.
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