AltX-listed Celcom Group is awaiting approval from Vodacom to proceed with its R9 million acquisition of retail outlet Vodashop Kolonnade.
In a statement to shareholders yesterday, the diversified cellular communications group said the store would be integrated into and managed by Celcom Group subsidiary V Cellular Stores.
V Cellular operates a chain of 15 Vodacom retail franchise outlets in the Gauteng region.
Vodashop Kolonnade is being acquired from Daniel and Nora Zeelie and Zeelie Marketing Corporation CC, for a cash amount of R7 million and the issue of 1.85 million Celcom shares. These shares will be subject to trading restrictions for a period of three years following implementation of the acquisition.
Celcom advised shareholders to continue exercising caution when dealing in its securities, in light of ongoing negotiations. It did not clarify whether these negotiations related to Vodacom's approval, or if it were conducting negotiations with additional acquisition targets.
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