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AFX - African Oxygen Limited - Press Release

Release Date: 16/02/2007 09:30:01      Code(s): AFX
AFX - African Oxygen Limited - Press Release                                    
African Oxygen Limited                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1927/000089/06)                                            
JSE code: AFX                                                                   
NSX code: AOX                                                                   
ISIN: ZAE000067120                                                              
("the company")                                                                 
PRESS RELEASE                                                                   
African Oxygen Limited - Annual General Meeting, February 16, 2007              
Hogben leaves Afrox in fine fettle                                              
In his out-going address as managing director and chief executive officer of    
African Oxygen Limited (Afrox), Rick Hogben said the company was set for further
growth with numerous revenue enhancing projects due to be commissioned within   
the next 12 months.                                                             
He added that these projects will go a long way to meeting increased demand and 
avoiding product shortages such as those experienced in 2006, mainly as a result
of unscheduled refinery shutdowns.                                              
The projects consist of five gas processing plants, a MIG wire factory, the     
purchase of gas cylinders and the complete refurbishment of Afrox`s gases       
distribution hub in Germiston. In all, Afrox has committed more than R600       
million to these investments.                                                   
Hogben has been at the helm of Afrox for the past six years and before that was 
managing director of its wholly-owned subsidiary Afrox Healthcare Limited. He   
steered the company through the sale of its healthcare subsidiary so Afrox could
focus on its core business of gases and related products.  In his tenure as MD, 
sales more than doubled to R4 billion and the share price rose from 1200 cents  
to 2950 cents, an increase of 145 per cent over the period.                     
Hogben commended incoming managing director, Tjaart Kruger, who takes over on   
April 1, 2007. Kruger was selected after a detailed process. The Board          
unanimously approved his appointment. Kruger will be the ninth managing director
in Afrox`s 80-year history.                                                     
African Oxygen Limited, once again, produced a sound set of results to the year-
end of September 31, 2006.                                                      
Revenue was up 19 per cent to R4 billion; operating profit from industrial      
operations was up 15 per cent to R684 million; total normal dividend per share  
was up 10 per cent to 88 cents per share, and a special dividend of 60 cents per
share was paid as a result of the final disposal of remaining shares in Life    
Recently, Afrox`s parent company, The BOC Group, was acquired by The Linde Group
of Germany and as a result the company`s financial year-end has been changed to 
December 2007, with interim results to be reported in July, 2007.               
16 February 2007                                                                
Barnard Jacobs Mellet Corporate Finance (Pty) Limited                           
Date: 16/02/2007 09:30:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  

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