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AFROX HEALTHCARE LIMITED
(FORMERLY PRESIDENT MEDICAL INVESTMENTS LIMITED "PRESMED")
AUDITED RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 1999
REVENUE EXCEEDS PRE-LISTING FORECAST
EARNINGS PER SHARE AT 33,8 CENTS, ONE CENT HIGHER THAN FORECAST
DIVIDEND OF 8 CENTS A SHARE, MAKING A TOTAL OF 18,9 CENTS SINCE LISTING
AFROX HEALTHCARE WELL POSITIONED TO MEET SEPTEMBER 2000 EARNINGS FORECAST
DEAR SHAREHOLDERS
PERFORMANCE
IN MY FIRST TERM AS CHAIRMAN OF AFROX HEALTHCARE LIMITED, IT GIVES ME GREAT
PLEASURE IN BEING ABLE TO REPORT THAT THE GROUP HAS POSTED EXCELLENT RESULTS
AND HAS MET, AND EXCEEDED ITS PRE-LISTING FORECASTS. EARNINGS PER SHARE ARE ONE
CENT HIGHER AT 33,8 CENTS.
THE RESULTS ARE FOR THE PERIOD TO 30 SEPTEMBER 1999. THEY COMPRISE SEVEN MONTHS
OF PRESIDENT MEDICAL INVESTMENTS LIMITED (PRESMED), AND SIX MONTHS OF AFROX'S
HEALTHCARE DIVISION. THEY ARE NOT STRICTLY COMPARABLE, OTHER THAN TO
DEMONSTRATE THAT THE NEW ENLARGED GROUP IS A MAJOR PLAYER IN THE HEALTHCARE
SECTOR AND IS WELL POSITIONED TO MEET ITS SEPTEMBER 2000 FINANCIAL EARNINGS
FORECASTS.
THE PERIOD TO 30 SEPTEMBER 1999 COMPARED TO PRESMED'S FEBRUARY 1999 YEAR END
SAW REVENUE CLIMB 164 PERCENT TO R1 237,4 MILLION (R468,4 MILLION), WHILE
OPERATING PROFIT IMPROVED 187 PERCENT TO R131,2 MILLION (R45,7 MILLION). PROFIT
ATTRIBUTABLE TO SHAREHOLDERS INCREASED 118 PERCENT TO R66,7 MILLION (R30,6
MILLION) AFTER AN INCREASED TAX RATE OF 34,27 PERCENT (28,71 PERCENT) AND
HIGHER OUTSIDE SHAREHOLDERS' INTERESTS.
THE CONSOLIDATION AND LISTING OF THE TWO COMPANIES TOOK PLACE JUST PRIOR TO THE
SEPTEMBER YEAR END, ALTHOUGH THE MERGER WAS EFFECTIVE 1 APRIL 1999. THE
SYNERGISTIC BENEFITS OF THE MERGER ARE ON TRACK AND ARE EXPECTED TO BE REALISED
IN THE FIRST FULL YEAR OF OPERATION. R10 MILLION IS EXPECTED BY THE END OF THE
2000 FINANCIAL YEAR WITH UP TO A FURTHER R30 MILLION BY THE END OF THE 2002
FINANCIAL YEAR.
BUSINESS REVIEW
AFROX HEALTHCARE WAS LISTED ON THE JOHANNESBURG STOCK EXCHANGE ON MONDAY 4
OCTOBER 1999 AS A RESULT OF AFRICAN OXYGEN LIMITED (AFROX) REVERSE LISTING ITS
HEALTHCARE INTERESTS INTO PRESMED. THE MERGER OF THE TWO COMPANIES WAS
CONDUCTED WITH SPEED AND EFFICIENCY AND A NEW MANAGEMENT TEAM, LED BY MANAGING
DIRECTOR, RICK HOGBEN, ESTABLISHED AN ORGANISATION COMBINING A DEPTH OF
MANAGERIAL EXPERIENCE FROM BOTH THE OLD PRESMED AND THE AFROX HEALTHCARE
DIVISION. RATIONALISING DUPLICATED SERVICES AND THE INTEGRATION OF CENTRALISED
HUMAN RESOURCES, INFORMATION MANAGEMENT, AND FINANCE AND ADMINISTRATION IS
PROCEEDING WELL.
THE MERGER HAS POSITIONED THE GROUP STRATEGICALLY FOR FUTURE GROWTH, FORMING
SOUTH AFRICA'S LEADING PRIVATE HEALTHCARE PROVIDER GROUP, WITH 60 HOSPITALS AND
SAMEDAY SURGICAL CENTRES, INTERESTS IN A FURTHER 11 HOSPITALS AND SEVERAL
SPECIALISED, FOCUSED HEALTHCARE SERVICES COMPANIES. THE GROUP HAS 7 100 BEDS.
IN THE PAST YEAR R100 MILLION WAS INVESTED IN THE GROUP'S VINCENT PALLOTTI
HOSPITAL IN CAPE TOWN. THE HOSPITAL WAS EXPANDED AND EQUIPPED TO INCORPORATE
NEW SPECIALITIES SUCH AS CARDIOLOGY AND CARDIOTHORACIC SURGERY, NEUROSURGERY
AND GASTROENTEROLOGY. A RHEUMATOLOGY UNIT INCLUDING ORTHOPAEDIC SPECIALITIES,
AN EMERGENCY UNIT, SURGICAL AND MEDICAL INTENSIVE CARE UNITS, AND STATE OF THE
ART DIAGNOSTIC RADIOLOGY FACILITIES WERE COMMISSIONED AND EXISTING FACILITIES
WERE UPGRADED.
DEVELOPMENTS OF NOTE HAVE INCLUDED THE ESTABLISHMENT OF ONCOLOGY UNITS AT THE
GLYNNWOOD IN BENONI AND FLORA CLINIC ON JOHANNESBURG'S WEST RAND, WITH A THIRD
UNIT UNDER CONSTRUCTION AT GABORONE PRIVATE HOSPITAL IN BOTSWANA. IN ADDITION
THE ENTABENI HOSPITAL IN DURBAN HAS OPENED A LEVEL ONE EMERGENCY UNIT, A
REVAMPED CARDIAC UNIT AND CARDIAC CATHETERISATION LABORATORY, AND A NEW
MAGNETIC RESONANCE IMAGING FACILITY. MAJOR EXPANSION UPGRADE PROJECTS WERE
UNDERTAKEN AT THE ANNCRON IN KLERKSDORP, THE MERCANTILE IN PORT ELIZABETH,
BRENTHURST CLINIC IN JOHANNESBURG, AND AT FLORA CLINIC.
PROJECTS CURRENTLY UNDER WAY INCLUDE A SECOND HOSPITAL IN BOTSWANA,
SUIKERBOSRAND CLINIC IN HEIDELBERG WILL DOUBLE IN SIZE, A NEUROLOGICAL UNIT AT
WILGEHEUWEL, THE EXPANSION OF THE BEDFORD GARDENS HOSPITAL AND THE ROLL OUT OF
REHABILITATION UNITS INTO KEY GEOGRAPHIC AREAS.
THE GROUP'S HEALTHCARE SERVICES OPERATIONS WERE STRENGTHENED BY DIRECT
MEDICINES' ACQUISITION OF HOME MEDICATION SERVICES (HMS), A CHRONIC MEDICATION
MANAGEMENT COMPANY WITH ANNUAL REVENUE OF R150 MILLION. AFROHC, THE PRIMARY AND
OCCUPATIONAL HEALTHCARE COMPANY, WON SEVERAL MAJOR CONTRACTS.
DIVIDENDS
YOUR BOARD OF DIRECTORS HAS DECLARED A DIVIDEND OF 8 CENTS PER SHARE MEETING
THE FORECAST GIVEN AT PRE-LISTING ON THE JOHANNESBURG STOCK EXCHANGE. THIS IS
COVERED 4,2 TIMES BY EARNINGS. THIS FINAL COMPLEMENTS THE SPECIAL DIVIDEND OF
10,93 CENTS, MAKING A TOTAL DISTRIBUTION OF 18,93 CENTS SINCE THE SHAREHOLDERS'
APPROVAL OF THE REVERSE LISTING.
YEAR 2000 COMPLIANCE
THE DIRECTORATE AND MANAGEMENT HAVE BEEN COMMITTED TO ADDRESSING, EVALUATING
AND MANAGING THE RISK ASSOCIATED WITH THE YEAR 2000. WE ARE PLEASED TO REPORT
THAT OUR COMPLIANCE PROGRAMME HAS BEEN COMPLETED.
TO THE BEST OF OUR KNOWLEDGE AND BELIEF OUR COMPREHENSIVE Y2K PROGRAMME HAS
COVERED OUR COMMERCIAL, FINANCIAL, AND HUMAN RESOURCE SYSTEMS. COMPUTER
HARDWARE, INCLUDING NETWORK EQUIPMENT AND WORKSTATIONS HAVE BEEN UPGRADED AND
CERTIFIED AS COMPLIANT BY THE RELEVANT SUPPLIERS. ALL EMBEDDED CHIPS WITHIN OUR
HEALTHCARE OPERATIONS HAVE BEEN IDENTIFIED AND APPROPRIATE SUPPLIER GUARANTEES
OBTAINED AFTER TESTING. WE HAVE DEVELOPED CONTINGENCY PLANS AROUND HIGH IMPACT
RISK SCENARIOS AS ALL KNOWN INTERNAL RISKS HAVE BEEN ADDRESSED, AND MANUAL OR
BACKUP PROCESSES ARE IN PLACE IN CASE OF UNLIKELY SYSTEM OR EQUIPMENT FAILURE.
EXTERNAL RISKS HAVE BEEN ADDRESSED WITH CRITICAL SUPPLIERS AND CUSTOMERS.
FUTURE PROSPECTS
THE GROUP HAS PERFORMED EXCELLENTLY. WE ARE NOW WELL POSITIONED WITH SCALE AND
GEOGRAPHIC SPREAD, HIGHLY COST-EFFECTIVE SUPPORT AND ENABLING FUNCTIONS, AND
INDUSTRY BENCHMARK BEST OPERATING PRACTICES. WE EXPECT HIGH GROWTH FROM BOTH
OUR HOSPITALS, AND HEALTHCARE SERVICES COMPANIES. WE HAVE IN PLACE A SOLID
GROUP WITH A STRONG BALANCE SHEET AND APPROPRIATE GEARING. IT IS IDEALLY
POSITIONED FOR SOUND GROWTH IN A SECTOR WHICH WILL SEE EVER INCREASING DEMAND
FOR THE SERVICES WE PROVIDE.
ROYDEN VICE RICK HOGBEN
CHAIRMAN MANAGING DIRECTOR
JOHANNESBURG
27 OCTOBER 1999
DIVIDEND DECLARATION
NOTICE IS HEREBY GIVEN THAT A DIVIDEND OF 8,0 CENTS PER SHARE HAS BEEN DECLARED
FOR THE PERIOD ENDED 30 SEPTEMBER 1999, PAYABLE TO SHAREHOLDERS REGISTERED IN
THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON FRIDAY, 26 NOVEMBER 1999.
DIVIDEND CHEQUES WILL BE MAILED ON, OR ABOUT, 26 JANUARY 2000.
BY ORDER OF THE BOARD
I MATTHEE
COMPANY SECRETARY
REGISTERED OFFICE
AFROX HOUSE, 23 WEBBER STREET
SELBY, JOHANNESBURG, 2001
PO BOX 5404, JOHANNESBURG, 2000
TELEPHONE (27 11) 490-0400
AFROX HEALTHCARE LIMITED
REGISTRATION NUMBER 85/01313/06
TRANSFER SECRETARY: MERCANTILE REGISTRARS LIMITED
ANGLO BUILDING, 8TH FLOOR, 11 DIAGONAL STREET, JOHANNESBURG, 2001
TELEPHONE (011) 370-5000
DIRECTORS: RT VICE (CHAIRMAN), RL HOGBEN (MANAGING DIRECTOR),
JM MARRIOTT, DMJ NCUBE, CJPG VAN ZYL
THE DIRECTORS REPORT THAT THE CONSOLIDATED AUDITED RESULTS FOR THE PERIOD ENDED
30 SEPTEMBER 1999 ARE AS FOLLOWS: (THE PERIOD INCLUDES 7 MONTHS OF PRESMED AND
6 MONTHS OF AFROX'S HEALTHCARE RESULTS)
INCOME STATEMENT
7 MONTHS TO 12 MONTHS TO
30.9.99 28.2.99
R'000 R'000
REVENUE 1 237 434 468 424
OPERATING PROFIT 131 165 45 674
INTEREST PAID/(RECEIVED) 22 860 (4 510)
EXCEPTIONAL ITEMS - 200
108 305 49 984
OUTSIDE PARTNERS' INTEREST 4 772 5 062
PROFIT BEFORE TAXATION 103 533 44 922
TAXATION 35 485 12 900
PROFIT AFTER TAXATION 68 048 32 022
RETAINED EARNINGS OF ASSOCIATES 6 384 1 558
74 432 33 580
OUTSIDE SHAREHOLDERS' INTEREST 6 563 714
PREFERENCE DIVIDEND PAID BY SUBSIDIARY 1 139 2 313
PROFIT ATTRIBUTABLE TO SHAREHOLDERS 66 730 30 553
WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE ('000) 197 256 61 505
HEADLINE EARNINGS PER SHARE (CENTS) 33,8 50,0
FULLY DILUTED HEADLINE EARNINGS
PER SHARE (CENTS) 33,5 47,1
DIVIDEND PER SHARE (CENTS) 8,0 14,0
SPECIAL DIVIDEND PER SHARE (CENTS) 10,93 -
DIVIDEND COVER (TIMES) 4,2 3,6
HEADLINE EARNINGS IS DETERMINED AS FOLLOWS:
PROFIT ATTRIBUTABLE TO SHAREHOLDERS 66 730 30 553
ADJUSTMENTS FOR:
LOSS ON CLOSURE OF DISCONTINUED OPERATIONS - 357
PROFIT ON SALE OF FIXED PROPERTY - (157)
HEADLINE EARNINGS 66 730 30 753
BALANCE SHEET
30.9.99 28.2.99
R'000 R'000
ASSETS
NON-CURRENT ASSETS 924 585 254 976
CURRENT ASSETS 603 472 144 850
TOTAL ASSETS 1 528 057 399 826
EQUITY AND LIABILITIES
CAPITAL AND RESERVES 822 588 276 542
OUTSIDE EQUITY HOLDERS' INTEREST 109 135 41 801
NON-CURRENT LIABILITIES 201 571 11 711
CURRENT LIABILITIES 394 763 69 772
TOTAL EQUITY AND LIABILITIES 1 528 057 399 826
CASH FLOW STATEMENT
7 MONTHS TO 7 MONTHS TO
30.9.99 28.2.99
R'000 R'000
CASH FLOWS FROM: OPERATING ACTIVITIES 174 521 13 119
INVESTING ACTIVITIES (750 042) (10 485)
FINANCING ACTIVITIES 606 290 (3 740)
NET INCREASE/(DECREASE) IN CASH AND
CASH EQUIVALENTS 30 769 (1 106)
THESE RESULTS CAN ALSO BE VIEWED ON THE WEB SITE WWW.AFROX.COMHEALTHCARE
MEDIA RELEASE
WEDNESDAY, 27 OCTOBER 1999
AFROX HEALTHCARE EXCEEDS PRE-LISTING FORECASTS
THE RECENTLY LISTED AFROX HEALTHCARE LIMITED (AHEALTH) HAS POSTED EXCELLENT
RESULTS AND HAS MET, AND EXCEEDED ITS PRE-LISTING FORECAST. EARNINGS PER SHARE
ARE ONE CENT HIGHER AT 33,8 CENTS WITH REVENUES AT R1 237,4 MILLION (FORECAST:
R1 028,7 MILLION).
IN ADDITION, THE 8 CENTS PER SHARE DIVIDEND FORECAST HAS BEEN MET. THIS FINAL
COMPLIMENTS THE SPECIAL DIVIDEND OF 10,93 CENTS, MAKING A TOTAL DISTRIBUTION OF
18,93 CENTS SINCE THE SHAREHOLDERS APPROVAL OF THE REVERSE LISTING. THE 8 CENT
FINAL IS COVERED 4,2 TIMES BY EARNINGS.
THE RESULTS ARE FOR THE PERIOD TO 30 SEPTEMBER 1999, AND COMPRISE SEVEN MONTHS
OF PRESIDENT MEDICAL INVESTMENTS LIMITED (PRESMED) AND SIX MONTHS OF AFROX'S
HEALTHCARE DIVISION. AS A RESULT COMPARISONS ARE DIFFICULT AND SHOULD RATHER BE
REVIEWED AS A NEW LISTING.
CHAIRMAN OF AFROX HEALTHCARE LIMITED, ROYDEN VICE SAYS, "IT IS PARTICULARLY
PLEASING TO REPORT SUCH A SOLID PERFORMANCE FROM OUR NEW LISTED HEALTHCARE
GROUP. IT IS WELL-POSITIONED FOR FUTURE GROWTH AS THE MERGER OF THE TWO
COMPANIES WAS CONDUCTED WITH SPEED AND EFFICIENCY. A NEW MANAGEMENT TEAM, LEAD
BY MANAGING DIRECTOR, RICK HOGBEN, MOVED QUICKLY TO ESTABLISH HIS ORGANISATION.
THIS ORGANISATION NOW REFLECTS THE COMBINED DEPTH OF MANAGERIAL EXPERIENCE FROM
BOTH THE OLD PRESMED AND THE AFROX HEALTHCARE DIVISION. THE INTEGRATION OF
HIGHLY COST-EFFECTIVE CENTRALISED HUMAN RESOURCES, INFORMATION MANAGEMENT AND
FINANCE & ADMINISTRATION SERVICES IS ALSO PROCEEDING WELL."
AHEALTH WAS LISTED ON THE JOHANNESBURG STOCK EXCHANGE ON MONDAY 4 OCTOBER 1999,
AS A RESULT OF AFRICAN OXYGEN LIMITED (AFROX) REVERSE LISTING IT HEALTHCARE
INTERESTS INTO PRESMED. THIS MERGER ARGUABLY FORMED SOUTH AFRICA'S LEADING
PRIVATE HEALTHCARE PROVIDER GROUP, WITH 60 HOSPITALS AND SAMEDAY SURGICAL
CENTRES, INTERESTS IN A FURTHER 11 HOSPITALS, AND SEVERAL SPECIALISED, FOCUSED
HEALTHCARE SERVICES COMPANIES. THE GROUP HAS 7 100 BEDS.
ACTUALS FOR THE PERIOD TO 30 SEPTEMBER 1999, COMPARED TO PRESMED'S FEBRUARY
1999 YEAR END ARE AS FOLLOWS: REVENUE UP 164 PERCENT AT R1 237,4M (R468,4M),
OPERATING PROFIT UP 187 PERCENT AT R131,2M (R45,7M), AND AFTER AN INCREASED
EFFECTIVE TAX RATE OF 34,27 PERCENT (28,71 PERCENT) AND HIGHER OUTSIDE
SHAREHOLDER INTERESTS, PROFIT ATTRIBUTABLE TO SHAREHOLDERS INCREASED 118
PERCENT TO R66,7M (R30,6M).
RICK HOGBEN, MANAGING DIRECTOR OF AFROX HEALTHCARE SAYS, "THE CONSOLIDATION AND
LISTING OF THE TWO COMPANIES TOOK PLACE ONLY A FEW WEEKS BEFORE THE SEPTEMBER
YEAR END, ALTHOUGH THE MERGER WAS EFFECTIVE 1 APRIL, 1999. AS A RESULT, MERGER
SYNERGIES WILL ONLY BE REALISED IN THE 2000 FINANCIAL YEAR. WE PLAN TO REALISE
R10 MILLION IN THE FIRST FULL YEAR, WITH UP TO A FURTHER R30 MILLION BY THE END
OF THE 2002 FINANCIAL YEAR.
IN ITS PRE-LISTING CIRCULAR, THE GROUP FORECAST REVENUE OF R2,3 BILLION AND
OPERATING PROFIT OF R307,5 MILLION FOR THE YEAR ENDING 30 SEPTEMBER 2000. THE
FORECAST FOR EARNINGS PER SHARE ON A FULLY DILUTED BASIS WAS 63,9 CENTS AND
VICE SAYS THAT THESE TARGETS SHOULD BE MET OR EVEN EXCEEDED.
THE STRONG BALANCE SHEET PUTS THE GROUP IN AN EXCELLENT POSITION FOR GROWTH,
THE MOST SIGNIFICANT OF WHICH IN THE PAST YEAR WAS THE R100 MILLION INVESTMENT
IN THE GROUP'S VINCENT PALLOTTI HOSPITAL IN CAPE TOWN. THE FACILITY WAS
EXPANDED AND EQUIPPED TO INCORPORATE NEW SUPER-SPECIALITIES SUCH AS CARDIOLOGY
AND CARDIOTHORACIC SURGERY, WHILE A REHABILITATION AND HYDROTHERAPY UNIT, AN
EMERGENCY UNIT, SURGICAL AND MEDICAL INTENSIVE CARE UNITS, STATE-OF-THE-ART
DIAGNOSTIC RADIOLOGY FACILITIES WERE ALSO COMMISSIONED, AND EXISTING FACILITIES
UPGRADED.
OTHER DEVELOPMENTS OF NOTE INCLUDED THE ESTABLISHMENT OF ONCOLOGY UNITS AT THE
GLYNNWOOD IN BENONI AND FLORA CLINIC ON JOHANNESBURG'S WEST RAND, WITH A THIRD
UNIT UNDER CONSTRUCTION AT GABORONE PRIVATE HOSPITAL IN BOTSWANA; THE OPENING
OF A LEVEL ONE EMERGENCY UNIT, A REVAMPED CARDIAC UNIT AND CARDIAC
CATHETERISATION LABORATORY, AND A NEW CUTTING-EDGE MRI FACILITY AT ENTABENI
HOSPITAL IN DURBAN. MAJOR EXPANSION AND UPGRADE PROJECTS WERE ALSO UNDERTAKEN
AT THE ANNCRON IN KLERKSDORP, THE MERCANTILE IN PORT ELIZABETH, BRENTHURST
CLINIC IN JOHANNESBURG AND AT FLORA CLINIC.
PROJECTS UNDERWAY INCLUDE A SECOND HOSPITAL IN BOTSWANA, THE DOUBLING IN SIZE
OF SUIKERBOSRAND CLINIC IN HEIDELBERG, A NEUROLOGICAL UNIT AT WILGEHEUWEL, THE
EXPANSION OF THE BEDFORD GARDENS HOSPITAL AND THE ROLL-OUT OF REHABILITATION
UNITS INTO KEY GEOGRAPHIC AREAS.
THE GROUP'S HEALTHCARE SERVICES OPERATIONS WERE STRENGTHENED BY DIRECT
MEDICINES' ACQUISITION OF HOME MEDICATION SERVICES (HMS), A CHRONIC MEDICATION
MANAGEMENT COMPANY WITH ANNUAL SALES OF R150 MILLION. IN ADDITION, THE PRIMARY
AND OCCUPATIONAL HEALTHCARE COMPANY, AFROHC, WON SEVERAL MAJOR CONTRACTS,
INCLUDING ONE TO PROVIDE HEALTHCARE SERVICES TO
3 000 INMATES AT THE NEW GROOTVLEI MAXIMUM SECURITY PRISON WHICH WILL BE OPENED
NEXT YEAR.
IN CONCLUSION, ROYDEN VICE SAID THE EXCELLENT PERFORMANCE OF AFROX HEALTHCARE
LIMITED IN THIS PERIOD SHOULD CONTINUE INTO THE FUTURE.
"WE ARE NOW WELL POSITIONED WITH SCALE AND GEOGRAPHIC SPREAD, HIGHLY
COST-EFFECTIVE SUPPORT AND ENABLING FUNCTIONS, AND INDUSTRY BENCHMARK BEST
OPERATING PRACTICES. WE EXPECT STRONG GROWTH FROM OUR HOSPITALS, AND WELL ABOVE
INFLATION GROWTH FROM OUR HEALTHCARE SERVICES COMPANIES. WE HAVE IN PLACE A
SOLID GROUP WHICH IS GEARED FOR PERFORMANCE."
ISSUED BY AFROX HEALTHCARE LIMITED (AHEALTH)
FOR FURTHER INFORMATION:
CHRIS FIELDGATE (INVESTOR RELATIONS) (011) 490-0554 CELL: 082-495-1481
ROYDEN VICE (CHAIRMAN) (011) 490-0590 CELL: 082-491-7162
RICK HOGBEN (MANAGING DIRECTOR) (011) 490-0501 CELL: 082-452-4037
BACKGROUND INFORMATION ON AFROX HEALTHCARE LIMITED IS AVAILABLE ON INTERNET:
WWW.AFROX.COM/HEALTHCARE
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