Simbisa Brands Limited (ZMSE:SIM) entered into a sale and purchase agreement to acquire Foodfund Group from SSCG Africa Holdings Ltd and Costa Tomazos for approximately AED 310 million on January 12, 2018. Foodfund acquisition, is to be settled via a staggered issuance of 198.6 million Simbisa ordinary shares, being 127.75 shares, on the effective date of the Foodfund acquisition and subsequently against the earn out targets being met as prescribed, up to 70.9 million Foodfund Performance Based Earn-out Shares, as purchase consideration in terms of the sale and purchase agreements, subject only to the fulfillment or waiver of the conditions precedent. The transaction will be financed, through proposed secondary listing which will be consummated through the issue of new shares in the Simbisa Brands and their listing on Alternative Investment Market. In the year ended June 30, 2017, Foodfund achieved revenue of AED 153 million and a profit after tax for the year of AED 7.9 million. The transaction is subject to approval of the majority of Simbisa shareholders, Reserve Bank of Zimbabwe approval, execution of the sale and purchase agreement by all parties in the agreed form and the sale and purchase agreement becoming unconditional, successful completion of the due diligence process on Foodfund, regulatory requirements according to the Alternative Investment Market listing requirements and the successful listing of Simbisa on Alternative Investment Market. The transaction is unanimously approved by the Board of Simbisa. The deal is expected to be completed on July 1, 2018. Simbisa Brands Limited agreed to acquire 50% stake in Foodfund Group from SSCG Africa Holdings Ltd and Costa Tomazos for approximately AED 120 million on March 21, 2018. The transaction will be settled by the issuance of 99.3 million. 21.7 million shares are payable upon closing while the remaining 77.6 million shares will be issued at the end of year 4 (FY 2022) conditional upon Foodfund achieving pre-determined financial targets. The transaction is approved by the shareholders of Simbisa. Deloitte Advisory Services (Private) Limited acted as independent financial advisors, Imara Corporate Finance Zimbabwe (Pvt) Limited acted as advisor, Kantor & Immerman Legal Practitioners acted as legal advisor, Corpserve (pvt) Ltd acted as transfer agent, Inter-Horizon Advisory (Pvt) Limited acted as financial advisor while Ernst & Young Chartered Accountants (Zimbabwe) acted as independent auditor to Simbisa Brands Limited. Kantor & Immerman will receive $0.04 million (AED 0.15 million) fee.