Sasfin Holdings Limited - Change To The Board Of D
Sasfin Holdings Limited
(Registration number 1987/002097/06)
Share code : SFN ISIN code: ZAE000006565
("Sasfin")
CHANGE TO THE BOARD OF DIRECTORS AND TRADING UPDATE
CHANGE TO THE BOARD OF DIRECTORS
Alan Greenstein, an executive director of Sasfin and Sasfin Bank Limited, has
been appointed Managing Director of both companies with immediate effect. He
will manage the businesses in conjunction with Roland Sassoon, who remains the
Chief Executive Officer of both companies.
Jeff van der Watt has resigned as an Executive Director of both companies with
effect from 31 January 2003.
TRADING UPDATE
As a result of a concerted effort to reduce overhead costs, a number of
retrenchments have taken place and certain people who have resigned have not
been replaced. This, together with other improvements, should result in
increased profitability after the related costs have been absorbed.
Sasfin`s capital is substantially held in foreign currency. In accordance with
Generally Accepted Accounting Practice, profits or losses on currency
fluctuations are brought to account through the income statement. This had a
material impact on results particularly for the six months ended December 2001
and the year ended June 2002, during which period the Rand weakened against
currencies in which the group was invested. Conversely, the recent
strengthening of the Rand will have an adverse impact on the results for the six
months ended December 2002.
Notwithstanding the aforegoing, the directors are of the opinion that a small
profit will be achieved as the underlying businesses have improved. The interim
results announcement is expected to be published towards the end of February
2003.
JOHANNESBURG
21 January 2003
Joint sponsors
KPMG INC.
SASFIN BANK LIMITED
Date: 21/01/2003 12:42:03 PM Produced by the JSE SENS Department
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