Update Of The Disposal Of The Business Of Mgx Busi
UPDATE OF THE DISPOSAL OF THE BUSINESS OF MGX BUSINESS CONTINUITY SOLUTIONS
(PROPRIETARY) LIMITED ("BCS")
MGX Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1983/012697/06)
Share code: MGX
ISIN: ZAE000009262
For further information call:
Peter Flack on 082 800 4291 or
Alastair Moffat on 082 800 6937
UPDATE OF THE DISPOSAL OF THE BUSINESS OF MGX BUSINESS CONTINUITY SOLUTIONS
(PROPRIETARY) LIMITED ("BCS")
Johannesburg, 4 June 2003 - As announced by the MGX Holdings Limited ("MGX")
when it released its interim results for the six months ended 31 December 2002
on 29 April 2003, an agreement in principle has been reached for the sale of the
business of BCS to certain senior management of BCS, a strategic equity partner
and a black empowerment partner, Sirius Development Foundation ("the
purchasers"). A consortium of financial backers, including the Development Bank
of South Africa will be financing the transaction.
MGX is currently in negotiations with the purchasers and MGX shareholders will
be advised when a final agreement has been concluded. The transaction will have
to be approved by shareholders of MGX and various statutory bodies.
Issued by du Plessis Associates on behalf of MGX Holdings Limited. dPA contact
Kathy du Plessis on tel: 011-728 4701, mobile: 083 266 5847 or e-mail:
gen@dpapr.com.
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