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Simeka concludes Premium Ideas buy-out

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Simeka BSG has bought the remaining issued share capital of Premium Ideas, and now owns 100% of the company for a total cost of R144-million. 

The company had previously bought 91,24% of Premium Ideas' shares.
Payment of the full R144-million will be paid in cash (R43,2-million) and through the the issue of Simeka shares to the value of R28,8-million within in 30 days of the transaction bcoming uncondtional and then an identical arrangement within 30 days of the approval of audited financials.
Earlier this year, Simeka BSG concluded an agreement to acquire Sahara, which was later cancelled.