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MONEYWEB PARTNERS WITH VESTACT (PTY)LIMITED ("VESTACT")
MONEYWEB HOLDINGS LIMITED
(Registration No:1998/025067/06)
Share code:MNY ISIN code:ZAE000025409
("Moneyweb")
MONEYWEB PARTNERS WITH VESTACT (PTY)LIMITED ("VESTACT")
Paul Theron, former CEO of online broker Tradek has launched a new business -
Vestact - in partnership with Moneyweb.
Vestact is an online financial management service which allows clients to
accumulate JSE shares and invest in the money market. The company operates
online at (www.vestact.com), by telephone, and face-to-face from its
Johannesburg-based offices.
In its first phase of development Vestact will utilise the stockbroking
infrastructure of Barnard Jacobs Mellet Private Client Services, and First
National Bank. Once Vestact has obtained FSB approval as an investment manager,
managed portfolios may also be offered.
Moneyweb, the Internet, broadcasting and print media company has secured a
significant minority shareholding in Vestact.
Moneyweb CEO, Edwin Jay says: "We have worked with Paul in the past and are
excited by the growth potential of his new company. Moneyweb wants to broaden
its revenue base and provide additional services to its wide and growing
community through carefully selected partners.
"Moneyweb provides independent investment news and opinion on our websites, in
our print publications and via our radio and television platforms. The deal
with Vestact will also help us derive an additional revenue stream," adds Jay.
Theron says the Moneyweb relationship is crucial to the rapid expansion of
Vestact`s client base.
"More wealthy South Africans should be investing directly on the JSE instead of
buying complex products such as endowments and expensively managed products like
unit trusts. We are targeting the intelligent layman who intuitively knows that
it`s possible - at a fraction of the cost - to invest directly in the same
stocks at the core of all professionally managed funds."
Theron believes private investors should not be tempted into trading too often,
and avoid speculative investments such as warrants.
"We advise our clients to follow the strategies which have worked so well for
people like the world`s most successful investor, Warren Buffett - accumulate
quality holdings and, over time, be buyers rather than sellers." he explains.
On the role of the Internet, Theron says the web is a "wonderful tool for
private investors to learn about the market, and to follow the fortunes of their
holdings.
"Nearly a million South Africans access the web to do their banking, and we
expect more to recognise the merits of using the Internet to manage their
investments. Vestact has one of the best on-line investing platforms available
in SA," he concludes.
For more information contact:
Paul Theron, Vestact: (011) 327-1092 or 084-764-3345
Edwin Jay, Moneyweb Holdings Limited:(011)327-1277 or 083-635-3546
Date: 04/03/2003 04:15:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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