Unifer Takes Emerging Market Financial Services To
MEDIA RELEASE
JULY 2001
UniFer, a leading South African emerging market financial services group,
has expanded its microfinance activities to Botswana with the acquisition of
a 100% interest in Penrich Employee Benefits, an approved financial
institution with the Bank of Botswana (the central bank), offering loans to
Botswana's growing economy.
"This is a groundbreaking event for us," says Gavin Kretzschmar, UniFer CEO,
"as it represents one of the first implementations by a South African
company of a microfinance operation in another African country. It is also
Botswana's first ethical financial company committed to the microfinance
industry.
"This is our first step into Africa," says Kretzschmar. "We'll use the
opportunity to establish ourselves strongly in Botswana, work together with
government, grow union support across national borders, make a meaningful
contribution to the economy of Botswana and use this venture as a
springboard into the rest of the African continent."
Kretzschmar notes that not only was UniFer a signatory to the recent new
agreement with the South African government on the rules regulating the new
payroll deduction system, Persal, they also played a fundamental role in
drafting them. "We'll build on our Persal involvement as we widen our
sphere of operations into other African countries."
Corne Ferreira, UniFer's group marketing director, said: "Through Penrich we
have negotiated exclusivity with various unions, the largest of which is The
Manual Workers Union with 70 000 members. They have also secured a system
of loan repayment wage deduction facilities, similar to Persal, with the
Botswana government. A strong culture of payment exists in Botswana that
goes a long way to sustain the stability of institutional infrastructure.
"Union leadership recognizes and appreciates the services we have to offer
and the added drive we can infuse in the national economy through our
support for the emerging economic sector."
Patrick Balopi, chairman of the Botswana operation and a long-serving former
chief executive secretary and cabinet minister with the ruling Botswana
Democratic Party, says the transfer of financial and managerial skills
provided by UniFer in the initial phases of the joint venture "will lay a
strong foundation for the operation. It is Penrich's stated priority to
make a meaningful contribution to the economic empowerment of the people of
Botswana. Our association with UniFer does much to achieve that ambition."
Balopi concludes: "UniFer's unique combination of entrepreneurial competence
and strong shareholder backing means a lot and we are delighted that UniFer
has chosen Botswana as the platform from which to expand its operations into
the rest of Africa."
(ends)
ISSUED BY : Bullion PR and Communication
Contact person : Lola Lazarus
Tel: (011) 803-3615
e-mail : lola@bullionpr.com
ON BEHALF OF : UniFer Holdings
Contact person : Gavin Kretzschmar, Chief Executive
Officer
Tel: (011) 259-7030
Mobile: 082 555 8483
Contact person : Ronel Muller, Investor Relations
Tel: (011) 259-7040
Mobile: 083 326 5996
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