AFRICA GLASS INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1980/004051/06)
("Africa Glass")
FURTHER ANNOUNCEMENT REGARDING THE ACQUISITION OF A CONTROLLING INTEREST IN
GULFSTAR INDUSTRIES INC.
On 28 March 2001 Africa Glass published an announcement concerning the
acquisition of a controlling interest in Gulfstar Industries Inc. ("Gulfstar")
("the acquisition") subject to certain conditions precedent ("the conditions").
Africa Glass is now pleased to announce that, following the satisfaction of the
conditions, the acquisition has been successfully concluded.
Based on the effective date of acquisition, being 20 March 2001, when Gulfstar
fell under Africa Glass' management control, it is anticipated that the
acquisition will contribute positively to Africa Glass' fully diluted headline
earnings per share for the year ended 30 June 2001. The inclusion of Gulfstar's
12 month results in Africa Glass' 2002 financial year results is therefore
expected to achieve a significantly higher contribution to Africa Glass'
headline earnings for the year ended 2002. Hard currency earnings are,
likewise, expected to increase significantly for the period. This should be
augmented further as Gulfstar's programme for the manufacture of value added
product begins to contribute to revenue and margin alike during the 2002
financial year.
Johannesburg
2 May 2001
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