Dawn signs nonbiding MoU for potential disposal of shares

JSE-listed branded hardware, sanitaryware and civil products manufacturer Distribution and Warehousing Network (Dawn) has signed a non-binding memorandum of understanding with the controlling shareholders of Grohe Dawn Watertech (GDW) for the potential disposal of Dawn’s 49% shareholding to GDW. If this deal is concluded, it may have a material effect on the price of Dawn’s securities, the company advised on Tuesday, adding that no price had been agreed on as yet. Dawn further noted, however, that there was there was no certainty that the negotiations would lead to definitive and binding agreements and, therefore, no certainty that the transaction would ultimately be concluded and implemented.