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A E C I Limited - Sale Of Surplus Land In Cape Town

Release Date: 05/06/2015 12:00:00      Code(s): AFE     
Incorporated in the Republic of South Africa
Registration Number 1924/002590/06)
Share code: AFE     ISIN: ZAE000000220


Paardevlei Properties Proprietary Limited ("Paardevlei"), a wholly-owned subsidiary of AECI, and the
City of Cape Town ("the City") have entered into an agreement in terms of which the City will
acquire 709 hectares of land, and certain buildings, of the total 734 hectares of land owned by
Paardevlei in Somerset West, Cape Town ("the Transaction"). These assets have become surplus
to AECI?s and Paardevlei's operational requirements.

The Transaction is for a cash consideration of R400 million (plus VAT if applicable). It excludes
Precinct 1, which is 25 hectares in extent and was valued at R119 million by the Standard Bank
Property Group in 2014.

The Transaction is subject to approval by the Competition Commission of South Africa.

Woodmead, Sandton
5 June 2015

Sponsor: RAND MERCHANT BANK (A Division of FirstRand Bank Limited)

Legal advisors to AECI - Webber Wentzel

Date: 05/06/2015 12:00:00 Supplied by www.sharenet.co.za                     
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