AMB HOLDINGS LIMITED - ANNOUNCEMENT REGARDING THE SALE BY CSFB
AMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/003054/06)
Share Code: AMB
ISIN: ZAE 000029682
("AMB" or "the Company")
ANNOUNCEMENT REGARDING:
-THE SALE BY CREDIT SUISSE FIRST BOSTON INTERNATIONAL ("CSFB") OF ITS
SHAREHOLDING IN AMB; AND
-THE DEREGISTRATION OF AFRICAN MERCHANT BANK LIMITED AS A BANK
Further to the cautionary announcement dated 26 February 2003, AMB shareholders
are advised that the 15 008 261 AMB shares ("sold shares") held by CSFB have
been sold to a third party purchaser ("the purchaser"), such sale being
hereinafter referred to as "the transaction".
The purchaser is a South African financial institution which has agreed to
warehouse the sold shares, for the benefit of a legal entity to be formed
("Newco"). It is intended that the purchaser will finance Newco, and that AMB
management and a value adding black economic empowerment partner to be
identified will have financial interests in Newco.
Although AMB is not a party to, nor is the Company providing any financial
assistance for, the transaction, the board of directors of AMB is fully
supportive of the transaction and has satisfied itself that it is in the best
interests of all stakeholders and that principles of good corporate governance
have been and will continue to be followed in future.
AMB shareholders are also advised that the Registrar of Banks has confirmed
that, with effect from 12 March 2003, African Merchant Bank Limited was
deregistered as a bank, and accordingly the name of such company has been
changed to AMB Advisory Services Limited. Furthermore, AMB has been
deregistered as a bank controlling company. AMB will remain a focused financial
services company concentrating on equity and debt advisory activities, fund and
private equity management and treasury trading. These activities have for all
intents and purposes been the core activities of AMB over the past 18 months,
and hence the cancellation of the banking licence is unlikely to have a material
impact on AMB"s ongoing operations.
17 March 2003
Illovo
Sponsor
AMB Advisory Services Limited
(Registration number 1996/016470/06)
Legal adviser
Webber Wentzel Bowens
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