Nedcor Limited - Disposal of Chiswell Associates
NEDCOR LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN code: ZAE000004875
("Nedcor" or "the group")
DISPOSAL OF CHISWELL ASSOCIATES
Nedcor has entered into an agreement to sell its London-based investment
management subsidiary, Chiswell Associates Limited ("Chiswell"), to Sarasin
Investment Management Ltd ("Sarasin") for GBP20.9 million.
The sale agreement between Sarasin and Chiswell is subject to various approvals
and completion is expected within three months.
Nedcor advised shareholders in November 2003 that it intended to dispose of
Chiswell as part of its strategy of reviewing all non-core assets within the
group. Nedcor"s Wealth Management strategy for its international businesses
revolves around private wealth management and, in particular, the provision of a
channel into international investment markets for its domestic customers.
Chiswell"s substantial institutional focus falls outside the scope of this
strategy.
The proceeds from the sale of Chiswell, which are in excess of the Group"s
carrying value, will be repatriated to South Africa during 2004.
Chiswell was acquired by BoE in 1998 and following the merger of BoE with
Nedcor, Chiswell has formed part of the international investment operations of
Nedcor Wealth Management.
For further information kindly contact
Tier 1 Investor Relations
Tel: +27 (0)21 702-3102
Sandton
9 March 2004
Sponsors to Nedcor:
Merrill Lynch South Africa (Pty) Limited
UBS Corporate Finance South Africa (Pty) Limited
Nedbank Corporate
Date: 09/03/2004 09:00:02 AM Produced by the JSE SENS Department
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