INVESTEC PLC - INVESTEC PLC TO SELL ITS STAKE IN INVESTEC BANK (ISRAEL) LTD
Investec plc
(Incorporated in the United Kingdom)
(Registration number 3633621)
JSE Share code: INP
ISIN code: GB0031773103
INVESTEC PLC TO SELL ITS STAKE IN INVESTEC BANK (ISRAEL) LIMITED
Investec plc, the controlling shareholder of Investec Bank (Israel) Limited
(`the Bank`), has reached an agreement yesterday with First International Bank
of Israel whereby it has agreed to sell its 80.28% stake in the Bank to First
International Bank of Israel.
The purchase price will be based on the net asset value of the Bank subject to
adjustments. It is the intention of the parties to sign an agreement within 14
days of today.
The transaction amounts to less than 5% of the Investec group`s combined market
capitalisation. As at 31 March 2004, as reflected in the consolidated accounts
of the combined Investec group (comprising Investec plc and Investec Limited),
the Bank reported an operating profit after taxation but before exceptional
items and amortisation of goodwill of GBP1.9 million and its shareholders` funds
was approximately GBP48 million.
The sale of the shares is dependent on the approval of the relevant regulatory
authorities in Israel, South Africa and the United Kingdom, including the Bank
of Israel and the Israeli Antitrust authorities. The agreement also requires the
approval of the Board of Directors of both parties.
A further announcement will follow once the agreement and purchase price have
been finalised.
If you have any questions in this regard please contact the Invesor Relations
division on +27 11 286 7070 or investorrelations@investec.co.za
Sandton
17 June 2004
Date: 17/06/2004 10:10:02 AM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
