Liberty Group Limited
(Registration Number 1957/002788/06)
Liberty Holdings Limited
(Registration Number 1968/002095/06
Liberty Group Limited ("Liberty"), Simeka Investment Holdings (Pty) Limited
("Simeka") and Genesis Capital (Pty) Limited ("Genesis Capital") are pleased
to announce an innovative, credible entry into the empowerment arena with
the formation of a new Financial Services company - Simeka Financial
Services (Pty) Limited.
In a new model for empowerment, Liberty, Simeka and Genesis Capital will be
building a world class financial services business leveraging off the
respective skills and expertise of the shareholders. Liberty will be
providing its experience and financial services infrastructure to Simeka
Financial Services.
Simeka Investment Holdings is the majority shareholder in Simeka Financial
Services with Liberty and Genesis holding the remaining shareholding.
Simeka Financial Services will provide financial services solutions to its
target market of the public sector with the initial focus on asset
management. The proven track record of Simeka with its existing customer
base, together with the impressive asset management performance of Libam
(Liberty Asset Management Limited) and the marketing and business
development strengths of Genesis Capital have combined to form a unique
offering to the market.
Simeka is an established player in the provision of management consulting
services to Government and public corporations. Established in 1996, Simeka
has built an enviable track record working with Government in the provision
of specialist management consulting on a diverse range of assignments
focussed on providing advice and guidance in managing change and
transformation. Simeka's success in the public sector has won it the PMR
award for the last two years in the category of "Best consultancy to
government" against formidable competition from all the large established
management consultancy companies. Simeka's intimate knowledge of the public
sector will enable it to shape the strategy of Simeka Financial Services in
order to deliver appropriate solutions to its established customer base.
Simeka Financial Services has been appropriately capitalised by all the
shareholders in regard to its requirements for its initial setup phase and
will be committing substantial funds to the development, training and
mentoring of human capital resources directly within Simeka Financial
Services.
Liberty has committed to conduct all future empowerment developments through
Simeka Financial Services and has confidence that the unique combination of
skills of the three parties will differentiate this initiative from the
traditional approach to black empowerment.
There will be no immediate impact on earnings or net asset value for Liberty
or Liberty Holdings, but Liberty expect substantial benefits to accrue to
shareholders over time.
Attorneys Sponsor
Werksmans Attorneys Merrill Lynch South Africa (Pty) Ltd
Johannesburg
4 July 2001
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