Eurolux (Proprietary) Limited entered into agreement to acquire Radiant Group (Pty) Ltd from South Ocean Holdings Limited for approximately ZAR 120 million on August 14, 2018. The “Radiant Disposal Consideration” for the Sale Equity will be calculated on the Effective Date. The final price paid will be based on tangible net asset value of Radiant to be determined as at the Effective Date less; A fixed amount of ZAR 20 million, subject to a maximum Radiant Disposal Consideration of ZAR 117 million. In related transaction, the South Ocean Holdings Limited through its wholly-owned subsidiary, Anchor Park Investments 48 Proprietary Limited, entered into an agreement with Eurolux for the disposal of the properties from which Radiant operates. As of November 7, 2018, the consideration for the transaction is between ZAR 175 million to ZAR 185 million. The transaction price of ZAR 185 million is inclusive of ZAR 88 million to be paid for the properties. The closing of transaction is subjected to antitrust approvals, completion of a due diligence investigation, Approval of offer by the acquirer board, obtaining all third-party consents, the release of any security held by third party funders over any of the assets of Radiant and Approval of the transaction by the shareholders of South Ocean Holdings Limited. As of November 7, 2018, only two of the conditions for the transaction remain unfulfilled. As of November 29, 2018, South Ocean Holdings Limited's shareholders approved the transaction. As of December 5, 2018, the transaction receives Competition Commission approval. Subsequently, all precedent closing conditions have been fulfilled. As of December 4, 2018, the transaction is expected to be finalized on January 1, 2019. Eurolux (Proprietary) Limited completed the acquisition of Radiant Group (Pty) Ltd from South Ocean Holdings Limited for ZAR 96.8 million on January 1, 2019. The final price was paid for the shares of Radiant and was paid as, ZAR 77 million on January 18, 2019 and the balance to be paid by March 31, 2019. The transaction for the properties was also completed on January 1, 2019. The transfer of the properties is expected to be done by June 2019. Eurolux and Radiant will continue operating under their own names. Radiant had revenues of ZAR 304.9 million in 2017. In Johannesburg, the Eurolux team will move across to the existing Radiant buildings in Wynberg, Sandton, where several interesting showroom concepts will be launched during the course of 2019. This new chapter will also see the brands establish a presence in Durban with a new showroom in the works. In Cape Town, the Radiant team has already moved into the Eurolux offices in Milnerton.