| Wed 23 May 2007, 7:01 | | SKJ - Sekunjalo - - Absa corporate and business ba |
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SKJ
SKJ
SKJ - Sekunjalo - - Absa corporate and business bank announces investment in
Sekunjalo
Sekunjalo Investments Limited
(Incorporated in the Republic of South Africa)
(Company registration no: 1996/006093/06)
Share code: SKJ & ISIN: ZAE000017893
("Sekunjalo")
Press Statement
Absa Corporate and Business Bank announces investment in Sekunjalo
23 May 2007
Absa Corporate and Business Bank (ACBB) has announced the acquisition of nearly
10% of the "B" shares in JSE listed top empowerment group Sekunjalo Investments
Limited (SIL).
The shares are issued at 82 cents per share and the cash resources will have an
earnings enhancement on the group.
ACBB will act as a strategic partner to assist SIL with their funding
requirements as they embark on their new strategy to invest in large scale broad
based black economic empowerment opportunities in quality businesses.
"Our investment in SIL is not only in line with the Absa Group`s strategic
intent to support black economic empowerment, but also a sound investment in a
reputable group," says Robert Emslie, Managing Executive of Absa Corporate and
Business Bank.
ACBB`s decision to invest in SIL is based on the philosophy of providing a full
package of financial services. Says Emslie: "We do not want to make equity
investments in isolation. We hope to use this equity investment to complement
the current services that ACBB is already providing to Sekunjalo."
Says Dr Iqbal Surve, Chairman and CEO of Sekunjalo, "We see this as the basis of
a long-term association between SIL and Absa. The cash resources will be used
to exponentially grow the higher margin businesses, expand the existing business
units and fund new investment opportunities. This is important in the context
of our strategic relationship and positioning our group for the larger BEE
transactions."
SIL is black owned, controlled and managed and has sound BEE credentials. Its
principal investments include healthcare and pharmaceuticals, information
technology, financial services, aquaculture and biotechnology, fishing, and
enterprise development.
SIL was recognised in 2006 as South Africa`s top empowerment company by a
Financial Mail and Empowerdex survey of the Top 200 listed companies.
-ends-
Issued by:
Absa Media Office
(011) 350-3575
For more information please contact:
Dr Iqbal Surve
Sekunjalo Investments Limited
Tel: (021) 702 7700/ 082 491 0179
Niek Joubert
Absa Corporate and Business Bank
Tel: (011) 350 2079
About Absa:
The Absa Group Limited (Absa), listed on the JSE Limited, is one of South
Africa`s largest financial services groups offering a complete range of banking,
bancassurance and wealth management products and services.
Absa`s business is conducted primarily in South Africa and on the African
continent, where it has equity holdings in banks in Mozambique, Angola and
Tanzania.
At 31 December 2006, the Group had 672,0 million shares in issue and a market
capitalisation of R84,1 billion.
At 31 December 2006, Absa had assets of R495,1 billion, 749 physical outlets,
8,4 million customers, 7 053 automated teller machines and 35 154 permanent
employees.
Absa is a subsidiary of Barclays Bank PLC, which holds a stake of 56,6% in the
Group. Barclays is an international financial services group engaged in retail
and commercial banking, credit card issuing, investment banking, wealth
management and investment management services.
For more information, please visit the Absa website: www.absa.co.za.
About SIL
OVERVIEW
CORPORATE PROFILE
Sekunjalo Investments Limited is a Black-controlled investment holding company
domiciled in the Republic of South Africa with international operations and
points of representation in London and Mauritius. SIL is listed on the JSE
Limited ("JSE").
The Sekunjalo Group is invested in two primary sectors i. e. Manufacturing and
Resource-driven and Technology and Innovation-driven sectors. Within the
Manufacturing and Resource-driven sector, the major investments are in
Industrials (primarily fishing) and within the Technology and Innovation-driven
sectors, the main investments are in Healthcare and Pharmaceuticals, Information
Technology and Communication, Financial Services, Aquaculture, Biotechnology and
Enterprise Development.
Sekunjalo has recently received a number of prestigious BEE awards:
- The BusinessMap Foundation Top BEE Partnership Award for 2007
- Financial Mail/ Empowerdex 2006 Award for Top Ranked BEE firm
- The Financial Mail Empowerdex Award for 2007 for the Top-Ranked BEE Firm in
the General Industrials sector of the JSE
For more information, please visit the Sekunjalo website: www.sekunjalo.com
Date: 23/05/2007 07:01:01 Produced by the JSE SENS Department.
