Feb 2 (Reuters) - Argent Industrial Ltd ARTJ.J :
* DISPOSAL OF PAINT BUSINESS
* HAS ENTERED INTO AGREEMENTS TO DISPOSE PAINT BUSINESS
* SALE TO FREECALL TRADING 7 PROPRIETARY LIMITED AND PROMAC PAINTS PROPRIETARY LIMITED FOR AN ESTIMATED CONSIDERATION OF R51 MILLION
* RATIONALE FOR TRANSACTION IS TO EXIT PAINT MANUFACTURING AND RETAIL INDUSTRIES
* PROCEEDS OF TRANSACTION WILL BE USED TO SETTLE EXISTING BANKING FACILITIES AND TO BUY BACK ARGENTS SHARES