AMB Holdings Limited - Press Release
AMB HOLDINGS LIMITED
(Registration number: 1995/003054/06)
Share Code: AMB ISIN: ZAE000029682
PRESS RELEASE
Shareholders of AMB Holdings Limited ("AMB") are referred to the announcement
dated 17 March 2003 regarding the sale by Credit Suisse First Boston
International of its shareholding in AMB ("the sold shares") ("the
announcement") to a South African Financial Institution which agreed to
warehouse the sold shares for the benefit of a legal entity to be formed. The
legal entity, being Heywood Investments (Pty) Limited ("Heywood"), has been
formed. Furthermore, AMB has been informed that in addition to the sold shares,
Heywood has acquired a further 9 million AMB shares, from various parties. As a
result, Heywood now holds a total of 24 million AMB shares.
As previously indicated in the announcement, it is anticipated that the
shareholders in Heywood will include members of the current management team of
AMB and a value adding black economic empowerment partner. In this regard, AMB
has met with various empowerment groupings with a view to their participation in
Heywood. Terms of reference have been prepared and a short list of empowerment
groups identified. The acquisition of the 24 million AMB shares by Heywood was
warehoused and is being financed by Investec Bank Limited on commercial terms
normally associated with a transaction of this nature.
The board of directors of AMB wishes to re-emphasise that it is fully supportive
of the abovementioned initiatives and although AMB is not a party to, nor
providing any financial assistance to Heywood, it has appointed an independent
sub-committee of the board to oversee this process, including the allocation of
the shareholding in Heywood, to ensure the final structure is one that adds
value to AMB and is in the best interests of all its stakeholders. Once this
process has been finalised, a further announcement will be made.
Johannesburg
29 April 2003
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
