Kersaf Investments Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1967/007528/06)
Share code: KER ISIN number: ZAE 000003844
("the Kersaf Group" or "the Group")
TRADING UPDATE
Shareholders are referred to the trading update which was issued by Sun
International (South Africa) Limited ("SISA") today and to the Kersaf
Group's 2001 profit announcement dated 31 August 2001. The lower than
anticipated revenues and operating profits of SISA will also reduce the
Kersaf Group's management fee income. In addition, the worsening situation
in Zimbabwe and the effects of 11 September 2001 are severely depressing
occupancies at the Group's operations at Victoria Falls. The material
depreciation of the SA rand is also having the effect of increasing the
impact of the hard currency losses of the Zambian business and Ster Century
Europe.
As a consequence of the current trading conditions, the Group's
attributable earnings for the year to 30 June 2002 will be significantly
lower than previously anticipated.
Sandton
27 November 2001
Sponsor
ING Baring
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