Durban - Anchor Group on Tuesday announced that it has acquired a 50 percent stake in AG Capital for an undisclosed amount.
The group said that the acquisition would take effect this month.
It said it fell outside the JSE listing requirements as the announcement was voluntary.
However, the news failed to lift the group shares as they continued to trade sideways for the better part of the day yesterday.
Anchor’s shares were 1.01 percent down to R9.85 at the close of the JSE on Tuesday.
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Anchor also announced that the acquisition of AG Capital would be financed by debt.
Anchor has three distinct business units: Private Clients, Asset Management and Stockbroking, while AG Capital is an intermediate prime broker.