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Release Date: 27/01/2003 16:50:29      Code(s): AFX
AFRICAN OXYGEN LIMITED - ANNOUNCEMENT                                           
African Oxygen Limited                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1927/000089/06)                                            
ISIN : ZAE000030920                                                             
South African Share Code : AFX                                                  
Namibian Share Code : AOX                                                       
Results of capitalisation share award and right of election to receive the final
cash dividend of 37 cents per share in lieu thereof                             
HSBC Investment Services (Africa) (Pty) Limited is authorised to announce that  
the right of shareholders recorded in the share register of Afrox at the close  
of business on Friday, 24 January 2003 to elect to receive the final cash       
dividend of 37 cents per ordinary share instead of the award of capitalisation  
shares of 2,6171 for every 100 existing shares held ("the new ordinary shares"),
closed on Friday, 24 January 2003.                                              
Elections to receive the final cash dividend of 37 cents per ordinary share were
made in respect of 86 725 300 ordinary shares resulting in a total dividend     
payment of R32 088 361,00.  Accordingly, 6 374 318 new ordinary shares out of a 
possible 8 644 302 new ordinary shares are to be issued pursuant to the         
capitalisation share award, being a 73,7% acceptance of such award. Following   
the issue of the new ordinary shares, the issued ordinary share capital of Afrox
will consist of 336 675 126 ordinary shares of 5 cents each.                    
Listing of new ordinary shares                                                  
The listing of 336 675 126 new ordinary shares in Afrox will commence on the JSE
Securities Exchange South Africa and the Namibian Stock Exchange with effect    
from the commencement of business on Tuesday, 28 January 2003.                  
Posting of share certificates, dividend cheques and updating/crediting of CSDP  
or broker accounts                                                              
In respect dematerialised shareholders, safe custody accounts with the Central  
Securities Depository Participant ("CSDP") or broker were credited with the     
entitlement in respect of the new ordinary shares and / or payments on Monday,  
27 January 2003. Certificated shareholders` share certificates or cheques were  
posted (or electronically transferred, if so elected) on Monday, 27 January     
27 January 2003                                                                 
Sponsor in South Africa                                                         
HSBC Investment Services (Africa) (Pty) Ltd                                     
Sponsoring broker in Namibia                                                    
HSBC Securities (Namibia) (Pty) Limited                                         
Member of the Namibian Stock Exchange                                           
Date: 27/01/2003 04:49:59 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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