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Mr Price Group completes due diligence of Galaxy Jewellery Division

25
Jul '05

Durban based Mr Price has concluded negotiations in terms of which the Galaxy jewellery division will, subject to the satisfactory conclusion of due diligence and the fulfillment of various conditions precedent, be sold to a consortium comprised of management of that division. The effective date of the transaction is 27 March 2005.

The directors of Mr Price consider that the business of Galaxy does not represent a core retail activity of the Mr Price group and believe that the sale of the division will not have a material impact on the earnings of the group.

Retailer Mr Price Group Limited and its subsidiaries operate over 800 stores across Southern Africa with six retail divisions, focusing on clothing, footwear, accessories, homewares and jewellery. These divisions are divided into two operational divisions, the cash division and the credit division.

From kitchenware to lounge living, Mr Price Home is about affordable modern living. Launched in 1998 and located throughout Southern Africa, Mr Price Home offers customers the latest in contemporary home textiles, kitchenware and home accessories. The products are inspired by local design talent to provide style with a distinctive local flavour.

Mr Price Group