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
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
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