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TPS Eastern Africa Ltd to Acquire 79.19% Stake in TPS (Uganda) Limited from Two Sellers by Allotting Its 41,252,568 New Shares in Total


Sunday, 27 Jan 2013 07:00pm EST 

TPS Eastern Africa Ltd (TPSEA) announced that the Shareholders of TPSEA approved the acquisition of up to 79.19% of the issued share capital of TPS (Uganda) Limited (TPS) on January 11, 2013. In accordance with the terms of the Share Swap Agreement dated October 12, 2012, the transaction will be completed by allotting 33,963,468 new shares in TPSEA to the Aga Khan Fund for Economic Development (AKFED) and 7,289,100 new shares in TPSEA to The National Social Security Fund (Uganda) (NSSF), the sellers, in consideration for the acquisition of shares held by the sellers in TPS, which gives the global amount of 41,252,568 new ordinary shares in TPSEA. Accordingly, TPSEA is to acquire 90,860 ordinary shares in TPS, representing 65.20% of the authorized and issued share capital of TPS, from AKFED and has issued 33,963,468 new ordinary shares in TPSEA to AKFED as part of the consideration for the acquisition, the allotment being effective from January 11, 2013. Finally, TPSEA is to issue a further 7,289,100 new ordinary shares in TPSEA to NSSF as part of the consideration for the acquisition of 19,500 ordinary shares in TPS, representing 13.99% of the authorized and issued share capital of TPS, pursuant to the terms of the Share Swap Agreement. Under the terms of the Share Swap Agreement, the acquisition of the 19,500 shares held by NSSF will be completed under the same terms as the acquisition of AKFED's shares as at January 11, 2013 and will not be subject to any further changes. 

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