2.3 Staalmeester Agricultural Equipment ( Pty ) Ltd
(“ Staalmeester ”) Senwes purchased the remaining shares ( 25 %) in Staalmeester Agricultural Equipment ( Pty ) Ltd (“ Staalmeester ”) from the non-controlling shareholder for R10 million on 1 May 2022 . The transaction resulted in the change in ownership reserve being reduced by R3 million . Subsequently , Falcon Agricultural Equipment ( Pty ) Ltd (“ Falcon ”) acquired the total business operations of Staalmeester with effect from 1 May 2022 in terms of a disposal agreement .
The consolidated business operations of both parties , which deal in the importing and manufacturing of bespoke agricultural equipment , will lead to further unlocking of synergies within the group and avoid any possible duplication of services and expenses .
SENWES INTERIM RESULTS OCTOBER 2022
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