ABSA - Acquisition by Absa Of 49% Of Zambia Nation
ABSA - Acquisition by Absa Of 49% Of Zambia National Commercial Bank Plc is not
proceeding
Absa Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/003934/06)
(JSE Code: ASA)
(Issuer Code: AMAGB)
(ISIN : ZAE000013389)
(`Absa`)
ACQUISITION BY ABSA OF 49% OF ZAMBIA NATIONAL COMMERCIAL BANK PLC (ZANACO) IS
NOT PROCEEDING
Absa has taken note of a media release issued by the chairman of the Zambian
Privatisation Agency (ZPA), Mr Luke C Mbewe, that negotiations for the
acquisition by Absa for 49% of Zanaco will not go ahead.
The Zambian Government directed the ZPA in March 2003 to effect the
privatisation of Zanaco. Following an international tender process, two bids
were received in May 2003 - one from Absa and the other from a consortium, the
Africa International Financial Holdings Zambia Limited (AIFHZL). Absa was
selected as the preferred bidder and negotiations commenced in September 2003.
AIFHZL was placed on reserve.
The ZPA announced on Monday, 14 March 2005 that it has regrettably decided to
terminate the negotiations with both bidders because of its obligation to ensure
the expeditious privatisation of Zanaco. The statement also refers to the fact
that the Absa board had not been in a position to consider the matter as the
Zambian authorities had not addressed certain of Absa`s concerns relating to the
transaction.
The ZPA will re-advertise the sale of 49% shares in Zanaco.
Issued by:
Investor Relations
Absa Group Limited
4th floor, 170 Main Street
Johannesburg
+2711 350-4061/+2711 350-4394/+2711 350-6008
Fax +2711 350-6487
willier@absa.co.za
sues@absa.co.za
yvonneos@absa.co.za
Further inquiries:
Peter Mageza
Group executive director, Absa Group Limited
Tel: 27 11 350-3497
Date: 15/03/2005 03:07:24 PM
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