Deacons shareholders approved resolutions that will see the creation of a joint venture in which Woolworths will be the majority shareholder.
A joint venture deal between clothes retailer Deacons and Woolworths is expected to be completed by end of March following shareholders’ approval of the transaction.
Deacons shareholders approved resolutions that will see the creation of a joint venture in which Woolworths will be the majority shareholder.
Deacons, which operates a chain of clothing stores, said in a statement its shareholders had approved the Joint Venture with Woolworths Holdings Mauritius Limited (WHML).
Woolworths Holdings will own 51 per cent of the shares of Woolworths Kenya Proprietary Ltd (WKPL), the holding company of operations in Kenya, while Deacons will own the rest of the shares.
Woolworths Mauritius is registered in Mauritius and was established to hold companies that operate Woolworths’ stores in various countries in Africa outside of South Africa.
“One of the key resolutions passed was to approve the formation of a joint-venture company to be known as Woolworths Kenya Proprietary Ltd (WKPL).
"Subject to regulatory approvals in Kenya and South Africa, the acquisition of shares in WKPL by WHML will likely take place after the sale of the target business to WHML effective March 31, 2013,” said Deacons chairman Peter Njoka in a statement.
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