Sage Group Sells Sage Life (Bermuda) Limited To Ol
SAGE GROUP LIMITED
("SAGE") OR ("THE GROUP")
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1970/010541/06)
(SHARE CODE SGG ISIN NO ZAE000006623)
Sage Group Limited today (9 April 2003) announced the sale of Sage Life
(Bermuda) Limited, a specialist provider of customized and proprietary annuity
products to South African and other international non-US residents, to Old
Mutual plc. The agreement to sell does not include any other business units of
Sage Group Limited. The sale price is not being disclosed.
Sage Group has previously announced on 25 March 2003 that negotiations for the
disposal of the Bermuda operations were in progress and these activities have
remained operational and open for new business.
Sage Life Bermuda has not been able to be adequately capitalised in foreign
currency and Sage Group Limited has therefore decided to sell the company to a
suitable group able to deal with the international client base of the company
and to ensure sound ongoing servicing of all policyholders, both in South Africa
and abroad.
Sage Life of South Africa will maintain its Bermuda Branch and continue to
provide the existing service which it currently offers in South Africa for those
policyholders.
Old Mutual plc will retain the Sage Life Bermuda current sales and marketing
management, and maintain all current sales contracts in force. In addition,
operations and sales of existing products will continue and the company intends
to continue to support the existing distribution network.
Johannesburg
9 April 2003
Sponsors
Grant Thornton Kessel Feinstein Corporate Sponsors
(Proprietary) Limited
ENDS
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