| Fri 1 Nov 2002, 16:23 | | Petronas International Corporation Ltd - Picl`s Of |
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Petronas International Corporation Ltd - Picl`s Offer For Energy Africa
Petronas International Corporation Ltd
(Incorporated in Labuan, Malaysia)
(A wholly-owned subsidiary of Petroliam Nasional Berhad)
Not for release, publication or distribution in or into Australia, Canada or
Japan
PICL`S OFFER FOR ENERGY AFRICA
Petronas International Corporation Ltd ("PICL") announced on 5 September 2002
its intention to make a final cash offer to acquire the entire issued share
capital of Energy Africa Limited ("Energy Africa"), other than those shares
already held by Engen Limited ("Engen"), PICL or their concert parties for a
final cash consideration of ZAR43.75 (the "Offer Price") per Energy Africa share
(the "Offer") (the "firm intention announcement").
As at 5 September 2002, the date of the firm intention announcement, PICL
controlled 58,458,464 Energy Africa shares indirectly through Engen, which
constitutes 56.7 per cent of the issued share capital of Energy Africa. Since
the date of the firm intention announcement, PICL has bought 8,831,043 Energy
Africa shares on the JSE at the Offer Price, constituting 8.6 per cent of the
issued share capital of Energy Africa, and has received acceptances of the Offer
for 72,532 Energy Africa shares, constituting 0.1 per cent of the issued share
capital of Energy Africa. In addition, a further 11,966,330 shares(1), or 11.6
per cent of Energy Africa`s issued share capital, have been sold in the market
since the firm intention announcement, the vast majority at ZAR45.00 per share.
Therefore, 46.7 per cent of the original 43.3 per cent not held by Engen, PICL
or their concert parties, has been sold on the JSE since the firm intention
announcement, at a weighted average price of ZAR44.49(2) per share.
The final closing date of the Offer is 12 November 2002. The Offer will not be
extended beyond 12 November 2002, and PICL will be bound in this regard by rule
28.5 of the Securities Regulation Code on Takeovers and Mergers and the Rules of
the Securities Regulation Panel relating to no extension statements.
Specifically, PICL will not be permitted to extend the Offer beyond 12 November
2002.
Note:
(1) Volumes according to I-Net and excluding off order book principal trades
which are known duplicated trades.
(2) Calculated based on volumes and prices according to I-Net.
Johannesburg
1 November 2002
This press release has been approved by Morgan Stanley & Co. Limited of 25 Cabot
Square, Canary Wharf, London E14 4QA, United Kingdom solely for the purpose of
section 21(2)(b) of the UK Financial Services and Markets Act 2000.
Morgan Stanley South Africa (Pty) Limited is acting for PICL in connection with
the abovementioned transaction and no one else and will not be responsible to
anyone other than PICL for providing the protections offered to clients of
Morgan Stanley South Africa (Pty) Limited nor for providing advice in relation
to such transaction.
Date: 01/11/2002 04:16:00 PM Produced by the JSE SENS Department
