BUKA INVESTMENTS LIMITED – Update on the acquisition of the Socrati Group and suspension of its shares


Update on the acquisition of the Socrati Group and suspension of its shares

(Previously known as Imbalie Beauty Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2003/025374/06)
JSE code: ILE
ISIN: ZAE000165239
(‘Buka’ or ‘the Company’)

Update on the acquisition of the Socrati Group and suspension of its shares

Shareholders are referred to the announcement dated 15 July 2022 regarding the
acquisition by the Company of Caralli Leather Works (Pty) Ltd and Socrati Footwear (Pty)
Ltd (collectively ‘the Socrati Group’) from B&B Media (Pty) Ltd (‘B&B Media’) and Moltera
Group (Pty) Ltd (‘the Transaction’).

B&B Media, a material shareholder in Buka, is in the final stages of discussions to acquire
a well established South African shoe manufacturer (‘Shoe Manufacturing Business’).
B&B Media plans to merge the Shoe Manufacturing Business into the Socrati Group and
has requested Buka not to proceed with the Transaction until such time as the Shoe
Manufacturing Business has been merged into the Socrati Group “larger Socrati Group”).

Consequently, the board of directors of Buka have considered the request and have
agreed not to proceed with the Transaction at this time.

As a result of the above, Buka has not complied to comply with section 3.26 of the JSE
Listings Requirements which requires a cash shell, within six months after classification
as such, to enter into an agreement and make an announcement relating to the acquisition
of viable assets that satisfy the conditions for listing in terms of the JSE Listing
Requirements. Consequently, the JSE will suspend Buka’s listing with effect from 24
February 2023.

Buka is committed to adhering to the JSE Listings Requirements during its suspension.
Buka will actively pursue acquisition opportunities that fits its strategy while it waits to
complete the acquisition of the larger Socrati Group.

24 February 2023

Designated Advisor
Exchange Sponsors

Date: 24-02-2023 07:40:00
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