ALEXANDER FORBES LIMITED - NEWS RELEASE
Alexander Forbes Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1958/001974/06)
Share code: AFB ISIN: ZAE000018230
NEWS RELEASE FROM ALEXANDER FORBES LIMITED
International financial and risk services group Alexander Forbes today announced
the expansion of its black economic empowerment ("BEE") footprint to Namibia
through the sale of 30% of its Namibian business to a newly formed empowerment
company, headed by Namibian BEE Consortium Cherish Investments (Pty) Ltd.
The transaction is valued at N$25.5 million (R25.5 million) of which N$5million
will be settled in cash and the balance of N$20.5 million will be vendor
financed by Alexander Forbes.
This deal follows shortly after the successful implementation of the BEE
partnership in South Africa between Alexander Forbes and a BEE consortium headed
by Cyril Ramaphosa"s company Millennium Consolidated Investments (MCI).
Prominent Namibian businessman Sidney Martin and renowned athlete Frank
Fredericks of Cherish Investments will head up the new empowerment company,
Alexander Forbes Namibia Empowerment Holdings (Pty) Ltd.
Following the deal Cherish Investments will own an effective 25% of Alexander
Forbes Namibia. As in South Africa, there will be broad-based participation in
the transaction through the Alexander Forbes Namibia Development Trust, which
will have an effective 5% shareholding.
Transformation will be further advanced through the Alexander Forbes Namibia
Development Trust, which was established to support grassroots development in
Namibia. Its mandate is to support historically disadvantaged individuals by
providing education and training and helping organisations involved in assisting
and uplifting persons suffering from life threatening diseases such as HIV/Aids,
elderly women, children and those who require healthcare assistance.
10 March 2004
Sponsor
Investec Bank Limited
Date: 10/03/2004 12:30:04 PM Produced by the JSE SENS Department
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