February 2, 2018 / 2:44 PM / 20 days ago

BRIEF-Argent Industrial Agrees to Sell Paint Business

Feb 2 (Reuters) - Argent Industrial Ltd:

* DISPOSAL OF PAINT BUSINESS

* ‍HAS ENTERED INTO AGREEMENTS TO DISPOSE PAINT BUSINESS

* SALE ‍TO FREECALL TRADING 7 PROPRIETARY LIMITED AND PROMAC PAINTS PROPRIETARY LIMITED FOR AN ESTIMATED CONSIDERATION OF R51 MILLION​

* ‍RATIONALE FOR TRANSACTION IS TO EXIT PAINT MANUFACTURING AND RETAIL INDUSTRIES​

* ‍PROCEEDS OF TRANSACTION WILL BE USED TO SETTLE EXISTING BANKING FACILITIES AND TO BUY BACK ARGENTS SHARES Source text for Eikon: Further company coverage:

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