ALEXANDER FORBES LIMITED - PRESS RELEASE: REDUCTION IN OFFSHORE DEBT
Alexander Forbes Limited
(Incorporated in the Republic of South Africa)
(Registration number 1958/001974/06)
JSE Share code: AFB
ISIN code: ZAE000018230
REDUCTION IN OFFSHORE DEBT
The Group has transferred GBP19 million of additional equity capital to the
United Kingdom under an approval received from the South African Reserve Bank.
This transfer was funded by the release of R227m of the Group`s deposit with
Merrill Lynch in South Africa.
The funds have been used to repay R227m of the Group`s rand denominated
liability owing to Merrill Lynch in the United Kingdom.
Following these transactions, the Merrill Lynch loan liability in the United
Kingdom has been settled in full. The effect of these transactions is to reduce
the Group`s gross borrowings and strengthen the International balance sheet.
Sandton
4 June 2004
Date: 04/06/2004 04:01:02 PM Produced by the JSE SENS Department
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