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SKJ
SKJ
Sekunjalo Investments Limited - Company Press Release
Sekunjalo Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/006093/06)
Share code: SKJ & ISIN: ZAE000017893
("Sekunjalo" or "the company")
Press Release
Sekunjalo increases its stake in high performing financial services companies
Sekunjalo Investments Limited (Sekunjalo) today announced it had increased its
investment in three of the high performing companies in its financial services
division.
The JSE-listed investment holding company has upped its stake in Sharenet from
30% to a majority 51%, in First Light Administration Services from 26% to a
majority 80%, and has taken full 100% ownership of Sekunjalo Medical Aid
Administrators where it previously held 70% stakes.
Sekunjalo deputy chief executive officer Norman Noland said the said the
purchases would be settled against the achievement of warranted profits, and
predominantly through the issue of Sekunjalo shares with the balance to be
settled in cash.
"Our initial investment enabled us to get close to these companies and we have
been highly satisfied with their respective performances. All have consistently
delivered growth on or above budget, and accordingly we believe a greater
exposure to each will be of tremendous benefit to our shareholders," he said.
Noland said the growth in the financial services division had enabled Sekunjalo
to significantly dilute the seasonal impact on the results from its fishing
division in the first six months of the current financial year.
With the growth coming from our financial services and IT divisions, coupled to
our increased investment in these areas, we expect a significant improvement in
our full year results," he said.
Noland said the acquisitions also place Sekunjalo Financial Services in a
position to offer a full spectrum of financial services and products to the
markets.
Sharenet (www.sharenet.co.za) is one of the leading online providers of
financial information to the corporate and consumer market in South Africa. The
acquisition provides Sekunjalo with greater access to 40,000 Sharenet clients,
an established brand and a market-leading IT infrastructure.
First Light Administration Services is an established retirement fund
administrator to funds which total in excess of 30 000 members and assets of +/-
R200 Million. With the relationships between retirement fund administrators and
employee benefit consultants currently in the spotlight, Noland said First
Light"s model of "independence" allows the fund trustees to select best of breed
service providers.
"Many retirement fund trustees are now querying the relationship between
consultants to the funds and the administrators. Firstlight stands to benefit as
one of the few that offers truly independent retirement fund administration and
that enjoys unrivalled BEE credentials imparted via Sekunjalo," Noland said.
(note to editors, Sekunjalo was awarded SA"s top empowerment company for 2006 by
Empowerdex)
Sekunjalo Medical Aid Administrators, where Sekunjalo now owns 100%, boasts a
robust and proprietary IT system that meets the regulatory requirements of the
industry and has the capacity to administer approximately 100 000 members. The
company currently administers the Suremed Health scheme where membership
comprises mainly government employees.
Ends
Issued by: Beachhead Media & Investor Relations
Bruce Hetherington
082 458 2199
On behalf of: Sekunjalo Investments Limited
Contact: Norman Noland
Deputy CEO
083 626 4135
(021) 702 7700
Date: 31 May 2006
Date: 31/05/2006 04:09:19 PM Produced by the JSE SENS Department
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