| Fri 3 Dec 2004, 16:27 | | Trading Update |
|
RAH
Real Africa Holdings Limited - Trading Update
REAL AFRICA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/003919/06)
(Share code: RAH)
(ISIN: ZAE000008702)
(`RAH` or `the Company`)
The board of RAH wishes to announce that RAH has increased its shareholding in
Afrisun Leisure Investments (Pty) Limited ordinary shares (`Afrisun`) from 60%
to 66,2% for a cash consideration of R10,2 million. In addition, Afrisun has
exercised its entire entitlement on shares in Afrisun KZN for R38,5 million
cash. As a result of the increase of its shareholding in Afrisun, RAH`s
attributable economic interest in its casino operations is now as follows:
14,2% in SunWest International, which owns the GrandWest Casino in Goodwood,
Cape town and the Table Bay Hotel at the Victoria and Alfred Waterfront. The
interest of 14,2% could decrease to 9,6% if minority shareholders in Afrisun
exercise options they hold over shares in SunWest International.
21,0% in Afrisun Gauteng, which owns the Carnival City casino in Brakpan,
Gauteng.
12,8% in Afrisun KZN, which owns the Sibaya Casino in Umdloti, North of Durban,
KZN. The interest of 12,8% could decrease to 9,3% if minority shareholders in
Afrisun exercise options they hold over shares in Afrisun KZN.
2,3% in Emfuleni Resorts, which owns the BoardWalk casino in Port Elizabeth,
Eastern Cape.
21,9% in National Casino Resorts Management Company which derives management
fees from the four above mentioned casino operating companies and 19,9% in
Gauteng Regional Management Company which derives management fees from Afrisun
Gauteng.
Bryanston
3 December 2004
Merchant Bank and Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 03/12/2004 04:21:43 PM Produced by the JSE SENS Department
