3Energy Renewables Proprietary Limited entered into a sale of shares agreement to acquire Consolidated Power Maintenance Investments Proprietary Limited from Consolidated Infrastructure Group Limited (JSE:CIL) and Consolidated Power Projects Proprietary Limited for ZAR 5.9 million on March 26, 2021. The aggregate purchase price payable by the Purchaser to the Sellers for the Sale Interest is an amount equal to the sum of ZAR 500 000 (“Base Purchase Price”) plus (i) the first agterskot amount of ZAR 2 100 000 (“First Agterskot”), (ii) the further agterskot amount of ZAR 1 300 000 (“Further Agterskot”) and (iii) the final agterskot amount of ZAR 2 000 000. As at December 31, 2020 Consolidated Power Maintenance Investments Proprietary Limited has negative net assets of ZAR 59.3 million. The Transaction is subject to the payment of the March 2021 payroll by Consolidated Power Maintenance Investments Proprietary Limited and the shareholders of the Purchaser and the board of directors of the Purchaser respectively pass all resolutions required for the lawful implementation of the Transaction. The proceeds from the Transaction, together with other cashflow initiatives being undertaken by the business rescue practitioners, will provide CIL with the liquidity required to continue to meet its general and business rescue operating cost obligations (and thus avoid immediate liquidation) while the business rescue plan is being finalised. BSM Advisory Proprietary Limited and Java Capital acted as financial adviser for CIL.