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South Africa's Imperial Holdings (IPLJ.J) said on Wednesday it will sell its German chemicals unit, Schirm GmbH and related assets, to AECI (AFEJ.J) for 110.5 million euro (97.32 million pounds) as it focuses on developing its core businesses. Imperial, which sells imported vehicles and runs a car rental agency in South Africa, has sold off assets, including a short-term insurance business as it aims to make the group less vulnerable to swings in the value of its home market's volatile rand currency. Under the deal, its subsidiary Imperial Chemical Logistics GmbH (ICL) will retain the customer warehousing, transportation and distribution services on sites on which Schirm operates, it said in a statement.
The chairman of Emergent's board said the SEC's investigation had been "stagnant a long time," and its conclusion is a positive development for the company.