The Bidvest Group Limited - Acquisition of Voltex

("Bidvest")
Acquisition of Voltex

Bidvest which owns 32% of Voltex Holdings Limited ("Voltex"), has reached
agreement, with Voltex, Power Technologies Limited ("Powertech") and Allied
Electronics Corporation Limited ("Altron"), whereby, subject to certain
conditions precedent including the approval of the competition commission,
Bidvest will submit proposals to the shareholders of Voltex to acquire all
their Voltex shares. If successful Voltex will become a wholly owned
subsidiary of Bidvest.

The consideration for each Voltex share will be a cash payment of 340 cents,
less any cash distribution to Voltex shareholders made after the effective
date October 1  2001, but before the consideration is paid.

It is anticipated that a cash distribution of 100 cents per Voltex share
will be made to Voltex shareholders by way of a reduction of share premium
account.

The consideration will be adjusted to compensate for the loss of interest
should the payment be made after February 1  2002.

The value of the shares to be acquired will be R305 million or R215 million
should the distribution take place. If the distribution is made Bidvest
would receive R43 million.

Bidvest has already received commitments in support of the acquisition from
minorities representing 75% of the issued share capital of Voltex.

Voltex will form part of Bidvest's Commercial Products Division and as a
niche player complements Bidvest's value strategy of being invested in
businesses involved in service, distribution and trading. Voltex will be
able to utilise Bidvest's business base and develop further. Through this
transaction Bidvest will acquire infrastructural assets which are difficult
and expensive to replace.

Voltex Electrical Distribution operates from 67 outlets strategically
situated throughout Southern Africa. Voltex's customer base includes

government and semi-government bodies, municipalities, mines, general
industrial sectors, original equipment manufacturers, other resellers of
electrical equipment and electrical contractors. Voltex's distribution
outlets carry a comprehensive range of well-known local and international
brands. The main product categories are electrical cable and accessories,
switchgear, wiring accessories, cable systems and the new Voltex Lighting
Division which complements their existing lighting products. Voltex services
the full spectrum of electrical wholesaling, providing a one-stop shop for
its customers.

Bidvest already has a good working relationship with the Voltex management
team. Through the acquired knowledge of the business, Bidvest believes that
further value, benefits and synergies can be derived through its

involvement. Bidvest has not been an active participant in the business of
Voltex and believes that Bidvest's culture and management philosophies of
entrepeneurship, decentralisation, incentivisation and a focus on return on
funds employed complement those of Voltex.
Brian Joffe, Chairman of Bidvest, commented:

"Our previous involvement in Voltex has been passive. We believe that the
time is now right to take an active role in the company.  Voltex is a good
fit with our value strategy. Our knowledge of the business and the synergies
that we can leverage provide a compelling case for the acquisition."
15 November 2001
Enquiries:

The Bidvest Group Limited             Tel:  + 27 (0) 11 481 4100
Brian Joffe, Chairman

Jack Hochfeld                         Tel: +27 (0) 11 481 4103

College Hill Johannesburg             Tel:  + 27 (0) 11 447 3030
Nick Elwes
Robyn Hunt