EnX Group divests interest in West African International

enX Group Limited has announced an agreement for the divestment of its interest in West African International (WAI) through a Subscription and Options Agreement with Trichem South Africa. Trichem SA will initially subscribe for 25% of WAI's share capital for an amount determined by a formula based on WAI's net asset value (NAV). The agreement provides Trichem SA with options to either sell its shares back to enX Trading or acquire the remaining 75% interest held by enX Trading. To secure enX Trading's payment obligations, an Escrow Account will be established with funds equal to the initial subscription price. The maximum aggregate of the First Subscription Price and the Full Ownership Option Subscription Price is capped at ZAR450,000,000. The transaction is subject to various suspensive conditions, including regulatory approvals and shareholder consent. enX intends to return surplus cash to shareholders following the disposal.