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AVASA HOLDINGS LIMITED - POSTING OF CIRCULAR                                    
AVASA HOLDINGS LIMITED                                                          
(formerly Dectronic Limited)                                                    
Incorporated in the Republic of South Africa                                    
(Registration number 1998/013637/06)                                            
Share Code: AVA                                                                 
ISIN: ZAE000040622                                                              
("AVASA")                                                                       
MERGER OF AVASA AND AFRICAN HARVEST CAPITAL HOLDINGS (PTY) LTD THROUGH THE      
ACQUISITION BY AVASA OF THE SHARES IN AND CLAIMS AGAINST AHCH ("the proposed    
merger")                                                                        
Further to the announcement published in the press on 29 August 2003, Ernst &   
Young Sponsors (Proprietary) Limited is authorised to announce that the circular
outlining full details of the proposed merger and including a revised listing   
statement and a notice convening the requisite AVASA general meeting, will be   
posted to shareholders today.

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