MASSMART HOLDINGS LIMITED - SALE OF SHV"s 30.9% STAKE IN MASSMART
MASSMART HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1940/014066/06)
Share code MSM ISIN ZAE000029534
("Massmart")
SALE OF SHV"s 30.9% STAKE IN MASSMART
Massmart is pleased to announce that the sale of 61,438,624 Massmart shares
owned by SHV Holdings N.V. ("SHV"), representing 30.9% of the company, were sold
to a broad spread of local and international investors, by way of an accelerated
book-building process, conducted by UBS between Monday 19th and Wednesday the
21st January 2004.
The R1.6 billion transaction was substantially oversubscribed with strong demand
generated from leading institutions in South Africa, Europe and North America.
The sale was concluded at a price of R25.75 per share, 5.7% below the closing
Massmart share price on the JSE Securities Exchange on 16th January 2004, the
business day prior to the announcement of the sale.
The transaction will result in a significant expansion of Massmart"s share
register with approximately half the shares placed with institutions outside
South Africa.
DIRECTORATE
Pursuant to the sale of these shares, Messrs. Mavuso Msimang, Folkert Schukken,
and Derk Doijer (alternate to Mr Schukken), all SHV appointees, have resigned
from the Massmart board.
MASSMART EDUCATION FOUNDATION
As a gesture of goodwill to South Africa and to Massmart"s stakeholders, SHV
have donated USD500, 000 to a cause of Massmart"s choosing. The directors of
Massmart have decided to use this money to establish a trust to be called the
Massmart Education Foundation, the proceeds and capital of which will be
directed solely to the education of underprivileged South African citizens,
consistent with the objectives of Black Economic Empowerment. The trustees of
the foundation will be appointed and announced in due course.
ACKNOWLEDGEMENT
In looking forward to a continued relationship regarding matters of common
interest, the directors of Massmart wish to thank SHV for its role as a
shareholder of reference and wish them every success in their future endeavours.
Sandton
22 January 2004
Sponsor
UBS
Date: 22/01/2004 01:38:03 PM Produced by the JSE SENS Department
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