Supplier and distributor of wooden boards KayDav announced on Friday that its subsidiary, Sign and Seal, had concluded an agreement to acquire a property letting enterprise from Foster Properties CC for R13.8 million.

Sign and Seal is acquiring the business to secure the KayDav's tenure of the premises which currently houses its head office as well as its Ottery warehouse.

The acquisition is subject to the suspensive condition that Sign and Seal is granted a loan for a minimum amount of R9.695 million by a financial institution.