In a significant development in the South African business landscape, Credit Suisse Group AG has acquired a 5.38% stake in Insimibi Industrial Holdings Limited (ISB). The announcement, made in compliance with the Companies Act and JSE Limited Listings Requirements on the 1st June 2023, drew attention to the potential changes this acquisition could bring to Insimibi and its operations.

According to the disclosure, Credit Suisse Group AG, a renowned financial institution, submitted a formal notification to Insimibi, confirming its beneficial interest in the company’s securities. With the acquisition, Credit Suisse held 5.38% of the total issued ordinary share capital of Insimibi Industrial Holdings Limited.

To ensure transparency and regulatory compliance, Insimibi filed the necessary notice, as required by the Companies Act, with the Takeover Regulation Panel. The step underscores the commitment of both companies to follow established protocols and guidelines during such transactions.

The board of Insimibi Industrial Holdings Limited took responsibility for the accuracy of the information provided in the announcement. They asserted that the details accurately reflected the information contained in the TRP 121.1 form received from Credit Suisse Group AG. Notably, the board had confirmed that no crucial information has been omitted that could affect the significance of this announcement.

With Credit Suisse Group AG’s increased stake in Insimibi, the ownership structure of the company will experience changes it was stated, potentially impacting its corporate governance and decision-making processes. This acquisition represented a notable milestone that could shape Insimibi’s future direction and strategic initiatives.

Market observers were eagerly watching to see how the development could influence Insimibi Industrial Holdings Limited, particularly in terms of potential collaborations and business opportunities that may arise from Credit Suisse Group AG’s increased involvement. Shareholders, in particular, were closely monitoring any subsequent updates or announcements from the company regarding the transaction.

Disclosure of acquisition of securities
In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (“Companies Act”), and paragraph 3.83(b) of the JSE Limited Listings Requirements, shareholders were advised that the Company had received formal notification in the prescribed form from Credit Suisse Group AG, advising that it has acquired a beneficial interest in securities of the Company, such that the total of all beneficial interests held by it amounts to 5.38% of the Company’s total issued ordinary share capital.

Disclosure by Insimbi Industrial Holdings of disposal by Credit Suisse Group AG and the acquisition of securities by UBS Group AG
Then came the announcement on the 16th June 2023 that in accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (“Companies Act”), and paragraph 3.83(b) of the JSE Limited Listings Requirements, shareholders are hereby advised that:

• The Company (Insimbi Industrial Holdings) has received formal notification in the prescribed form from Credit Suisse Group AG, advising that it has disposed of a beneficial interest in securities of the Company, such that the total of all beneficial interests held by it amounts to 0% of the Company’s total issued ordinary share capital; and

• The Company has received formal notification in the prescribed form from UBS Group AG, advising that it has acquired a beneficial interest in securities of the Company, such that the total of all beneficial interests held by it amounts to 5.38% of the Company’s total issued ordinary share capital

The requisite notice in terms of section 122(3)(a) of the Companies Act has been filed with the Takeover Regulation Panel. The board of the Company accepts responsibility for the information contained in this announcement and confirms that, to the best of its knowledge and belief, such information accurately reflects the information contained in the TRP 121.1 form received by the Company from Credit Suisse Group AG. The announcement does not omit anything likely to affect the importance of the information contained in the announcement.