JSE-listed Labat Africa, in terms of a sale of business and assets agreement, will acquire the remaining 30% interest in CannAfrica from a private owner for R6.4-million to be settled through the issue of 29.9-million Labat Africa shares and the balance in cash of R2.8-million, which will be offset against a loan account owed by the private owner to CannAfrica. The effective date of the acquisition is June 1.
