26/10/2021

discoverIE Group PLC to sell Vertec Scientific SA Proprietary Ltd to unit’s management and key employees

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Vertec is an importer and supplier of clinical gear and similar consumables in South Africa

discoverIE Team PLC, a designer, producer and supplier of customised electronics to market, mentioned it will provide Vertec Scientific SA Proprietary Ltd to the administration staff and key employees of the South African distribution enterprise.

Vertec, which is component of the Tailor made Offer division, is an importer and supplier of clinical gear and similar consumables in South Africa.

discoverIE will get an first 25mln South African rand (£1.25mln) in dollars, before transaction fees and completion adjustments, and a deferred consideration of 20mln rand payable in dollars above the up coming 3 years.

The sale is topic to regulatory approvals which are envisioned to be obtained throughout the 3rd quarter of the current money yr.

The Tailor made Offer division comprises of only two businesses – Acal BFi and Vertec – with Acal BFi accounting for most of the divisional income.