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ABSA Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
("Absa")
Share code: ASA
Issuer code: AMAGB
ISIN: ZAE 000013389
In a Bloomberg"s article published today (2 July 2003) a report was filed under
the following headline: "Absa Diamondworks injunction on Zambian Oil Imports
Quashed" .
Absa would like to correct certain inaccuracies.
References to "Absa Group Ltd." should read "Absa Bank Ltd" and references to
"Diamondworks" should read "Trans Sahara Trading (IOM) Ltd" or "TST".
Please note that leave to appeal against the judgment handed down today was
granted at the same time as the judgement and the plaintiffs are considering
their options.
With reference to Bloomberg"s comment relating to the $38 000 demurrage costs,
Absa Bank Ltd. is not a party to the claim for compensation. Our understanding
however is that this matter has not been decided, and the claim was merely
mentioned in support of the initial application for injunction.
Absa Bank Ltd would like to reiterate that it is adequately collateralised,
amongst other things, through a floating charge having been registered over all
the relevant stock, both crude and refined, and a cession of debtors. No losses
have been incurred.
Absa Bank Ltd would like to confirm the facts as stated in a media statement
dated 26 June 2003, the salient facts of which are provided below for ease of
reference:
" In May 2002, Absa granted a collateralised $65 million revolving credit
facility ("the facility") to Trans Sahara Trading (TST) for the express purpose
of procuring petroleum feedstock for the Zambian market. The facility was
subsequently increased to $100 million on the same terms and conditions.
Following information that Indeni Petroleum Refinery Company Limited (Indeni)
(the refinery in Zambia) may pump their petroleum feedstock into the system
which is different in character to the present contents of the pipeline, it
became necessary for Absa and TST to apply for an injunction to protect Absa"s
security over the petroleum feedstock currently in the pipelines and tanks.
Such injunction was sought against Tazama Pipelines Ltd. (Tazama) and not
against the Zambian Government as stated in the newspaper article. The
injunction was sought to prevent the introduction of petroleum feedstock which
had the potential of contaminating the petroleum feedstock currently in the
system.
The High Court of Zambia granted such temporary injunction on 16 June 2003
against Tazama in favour of Absa and TST. The legal process is currently taking
its normal course.
Absa would like to confirm that the facility remains adequately collateralised."
Ends.
Issued by:
Errol Smith
Absa Media Services
Tel : (011) 350 5768
E-mail : errols@absa.co.za
For more information contact Liezl Squier
Account Executive : Group Communication and Public Affairs
Absa Corporate and Merchant Bank
Tel : (011) 350 4291
Cell : 083 407 6898
E-mail : liezls@absa.co.za
Johannesburg
2 July 2003
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