16/10/2021

Tannochbrae

Built Business Tough

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

Vertec is an importer and supplier of healthcare devices and similar consumables in South Africa

discoverIE Team PLC, a designer, manufacturer and supplier of customised electronics to market, mentioned it will offer Vertec Scientific SA Proprietary Ltd to the administration team and critical personnel of the South African distribution business enterprise.

Vertec, which is part of the Customized Source division, is an importer and supplier of healthcare devices and similar consumables in South Africa.

discoverIE will obtain an first 25mln South African rand (£1.25mln) in cash, before transaction expenses and completion adjustments, and a deferred thing to consider of 20mln rand payable in cash more than the subsequent three yrs.

The sale is topic to regulatory approvals which are expected to be obtained for the duration of the third quarter of the current economical calendar year.

The Customized Source division comprises of only two businesses – Acal BFi and Vertec – with Acal BFi accounting for most of the divisional revenue.