Invicta Holdings Limited entered into a heads of agreement to acquire 78% stake in Dartcom SA Proprietary Limited from Tuludi Capital Proprietary Limited for approximately ZAR 500 million.

Invicta Holdings Limited (JSE:IVT) entered into a heads of agreement to acquire 78% stake in Dartcom SA Proprietary Limited from Tuludi Capital Proprietary Limited for approximately ZAR 500 million on October 7, 2021. Invicta Holdings Limited entered into formal agreements to acquire 78% stake in Dartcom SA Proprietary Limited from Tuludi Capital Proprietary Limited on November 29, 2021. For the year ended March 31, 2021 DSA had a net profit of ZAR 14.2 million and total common equity of approximately ZAR 230 million.

The deal is subject to Invicta board and shareholder approval, Tuludi, New GX, Kgalauwane and Dartcom Group board and shareholder approvals, competition authority and regulatory approval. As of December 14, 2021 the tribunal has unconditionally approved the merger whereby Invicta Holdings Limited intends to acquire, as one divisible transaction, a specified percentage of the entire issued share capital of Dartcom SA (Pty) Ltd from Tuludi Capital (Pty) Ltd, and shares in and claims against Kgalauwane 2 (Pty) Ltd.