Hela Apparel completes US $ 8mn divestment of UK-based Focus Brands

Hela Apparel Holdings PLC has completed the sale of its UK-based Focus Brands Limited, marking a full exit from the business, as part of a strategic divestment approved by the shareholders earlier this month. In a stock exchange filing, the company said that its wholly-owned subsidiary Hela Brands Limited (Mauritius) sold its entire shareholding in Focus Brands to two investors, Mohamed Salim Suhurdeen and Mohamed Salihu Fazeldeen, for a total consideration of US $ 8 million.

The transaction, finalised following the signing of a Share Sale and Purchase Agreement on April 14, was completed with the payment made in accordance with the agreed terms. The divestment follows the shareholder approval secured at an Extraordinary General Meeting held on April 03, enabling Hela to fully exit its investment in the UK entity. The buyers had previously been identified as strategic investors in a shareholder circular issued in March.