Tradehold To Open Offices Overseas
Tradehold Limited
In view of Tradehold`s investment focus on the UK and Europe, the company
has decided to establish a branch office on the Continent to more
effectively manage its investments and envisaged expansion there.
Luxemburg was identified as a suitable base from which to manage the
company`s investment holding activities. A treasury and financing function
will be located in a separate office.
In view of these developments the company`s board of directors is being
reconstituted. Three of the local non-executive directors - Messrs Doug
Anderson, Whitey Basson and Jimmy Fouch - have resigned to be replaced by
non-executive directors from outside South Africa`s borders. Mr Guy Bernard
of Luxemburg is the first of these directors to be appointed, effective 2
July 2002.
Tradehold chairman Christo Wiese said the company would remain incorporated
in South Africa. Its listing on the JSE Securities Exchange South Africa is
also not affected. "On a practical level the move will have no effect on
Tradehold`s shareholders," he said.
"Tradehold`s interests are all located overseas. Its biggest asset by far is
the 55% interest it holds in Brown & Jackson, the British retail group
listed on the London Stock Exchange. An office in Europe will be in a far
better position to support Brown & Jackson`s top management operationally
than we could ever do from Cape Town. Such an office would also be able to
keep an eye on Tradehold`s other overseas interests.
"These are intended as pro-active steps," Wiese said. "Brown & Jackson
already has a presence in Poland and further expansion on the Continent is
envisaged. A European office would therefore greatly facilitate any further
developments and expansions Tradehold might wish to undertake in the
important EU markets."
ISSUED BY DEK&K COMMUNICATIONS
ON BEHALF OF TRADEHOLD
DATE ISSUED WEDNESDAY, 3 JULY 2002
MEDIA ENQUIRIES BEN DE KOCK, DEK&K (021) 424 5280
CHRISTO WIESE, TRADEHOLD (021) 933 5137
Date: 03/07/2002 02:47:32 PM Produced by the SENS Department
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