Investec Limited - Investec to support the sale of Capital Alliance to Liberty
Life
Investec Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/002833/06)
Share code: INL
ISIN code: ZAE000040531
Investec to support the sale of Capital Alliance to Liberty Life
Further to today`s announcements by Liberty Group Limited (`Liberty Life`) and
Capital Alliance Holdings Limited (`Capital Alliance`), in terms of which
Liberty Life has offered to purchase the entire share capital of Capital
Alliance, Investec, as a major shareholder in Capital Alliance, has indicated to
both Capital Alliance and Liberty Life its intention to support this proposed
transaction.
This transaction, along with Investec`s reinsurance of the group risk business
in Investec Employee Benefits to Capital Alliance, will bring to an end
Investec`s exposure to the risk-based insurance business. Investec will
continue to engage in activities related to the provision of insurance
investment products, these clearly complementary to the group`s activities in
the areas of Asset Management and Financial Products.
Should the proposed transactions be completed, the proceeds ensuing as a
consequence thereof will be applied to the continued development of the group`s
Private Banking and Structured Finance activities and to take advantage of
opportunities, as and when they present themselves, in the group`s niche areas
of focus.
For further information contact:
Ursula Munitich (+27 82) 552 8808
Date: 02/12/2004 07:00:06 AM
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