Page 7 - Niveus - Integrated report 2013

Changes to THE group that would result
in comparative information not being
During the year under review, Niveus acquired a 100% interest in Galaxy Bingo
International South Africa Proprietary Limited and its subsidiaries (“Galaxy Bingo”)
and a 90% interest in Formex Industries Proprietary Limited (“Formex”) with effect
from 1 July 2012. Up to that date, the company was the holding company of mainly
Vukani Gaming Corporation Proprietary Limited and its subsidiaries (“Vukani”). As
the acquisitions were made from Niveus’s holding company Hosken Consolidated
Investments Limited (“HCI”), acquisitions were accounted for as common control
acquisitions due to HCI retaining control of Niveus. The transactions included the
acquisitions of shareholder loans for which Niveus shares were issued to its then
wholly owned shareholder, HCI.
In September 2012, HCI repurchased some of its own shares and issued Niveus
shares as consideration. This resulted in the interest in Niveus diluting from 100% to
Subsequent to the repurchase and distribution, the Niveus shares were listed
on the JSE.
The investment in Formex was sold back to HCI in January 2013, following a
decision by HCI to consolidate its manufacturing interests in HCI to leverage its
manufacturing skill set.
The interest in KWV Holdings Limited (“KWV”) was increased from 35,5% to 39,9%
in July 2012. In December 2012, Niveus obtained a controlling stake in KWV,
the purchase price of which was partially settled by the issue of Niveus shares.
This resulted in Niveus increasing its investment in KWV to 51,6%.
Niveus Investments Limited integrated Report 2013