MGX HOLDINGS LIMITED - UPDATE ON BLACK ECONOMIC EMPOWERMENT
MGX Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1983/012697/06)
Share code: MGX
ISIN: ZAE000009262
("MGX")
UPDATE ON BLACK ECONOMIC EMPOWERMENT ("BEE")
On 29 April 2003, when MGX released its interim results to 31 December 2002, the
following paragraph was included in the commentary; "It is one of the board"s
objectives to introduce a meaningful BEE component at subsidiary level as soon
as possible. Progress has also been made on this front and agreement in
principle has been reached with a prospective BEE partner, Vulisango Holdings,
regarding its participation in two of the group"s businesses, subject to
approval by the MGX board, the bank consortium and shareholders, where
appropriate."
MGX wishes to inform shareholders that on 22 January 2004, MGX and Vulisango
Technology Investments (Proprietary) Limited, by agreement, terminated these
discussions. MGX is, however, in advanced discussions with a number of
prospective BEE partners regarding participation in its subsidiary, Metrofile
(Proprietary) Limited. The directors of MGX are of the opinion that an agreement
with one of the prospective BEE partners will be concluded in the near future.
19 February 2004
Sandton
Sponsor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Date: 19/02/2004 02:18:34 PM Produced by the JSE SENS Department
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