NOTES ( CONTINUED )
Grain divisions : The grain divisions of Suidwes Landbou and Senwes will be transferred to Africum Commodities in order to combine the two grain divisions . The silo assets currently held in Suidwes Agriculture , will remain there until such time as it is deemed necessary to transfer .
Agribel Capital : During the year Agribel Capital ( Pty ) Ltd was created in which Agribel Holdings holds 100 % of the issued share capital . Agribel Capital will be used to facilitate a share buy-back programme of Agribel Holdings shares in the market to hold as treasury shares . The buy-back programme was launched on 2 November 2020 .
Share purchase : The Directors approved the proposal to submit an offer to purchase 37 395 213 Senwes shares currently held by Grindrod Trading Holdings ( Pty ) Ltd . If the offer is accepted , the shareholding in Senwes will increase from the current 53,7 % to 74,4 %.
Except for the above , the directors are not aware of any material event which occurred after the reporting period and up to the date of this report .
6 . CHANGES IN ACCOUNTING STANDARDS Since the last reported financial statements , namely the annual financial statements for the year ended 30 April 2020 , there were no significant new standards which were evaluated and implemented in the financial statements of the group .
7 . NAME CHANGE During the year the shareholders of Senwesbel Limited adopted a special resolution to change the name of Senwesbel to Agribel Holdings Limited .
By order of the board :
AJ Kruger Chairman
NDP Liebenberg Vice-Chairman
Klerksdorp 3 December 2020
DIRECTORS : AJ Kruger ( Chairman ), NDP Liebenberg ( Vice-Chairman ), JDM Minnaar , JJ Minnaar , GL Malherbe , JJ Viljoen and WH van Zyl .
REGISTERED OFFICE : 1 Charel de Klerk Street , Klerksdorp , 2570 Postal address : PO Box 31 , Klerksdorp , 2570 Telephone : ( 018 ) 464 7800
TRANSFER SECRETARIES : The Company Secretary Agribel Holdings Limited PO Box 31 Klerksdorp 2570 Telephone : ( 076 ) 212 1776
AGRIBEL HOLDINGS INTERIM RESULTS 31 OCTOBER 2020
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