TRANSPACO LIMITED - SALE OF THE BUBBLE PAC DIVISION

PRESS RELEASE
TRANSPACO'S BUBBLE PAC DIVISION CHANGES HANDS

TUESDAY, JULY 4, 2000: MANUFACTURING AND DISTRIBUTION GROUP TRANSPACO LIMITED
("TRANSPACO") HAS TODAY ANNOUNCED THAT THE CONDITIONS PRECEDENT TO THE INTENDED
SALE OF BUBBLE PAC TO USA-BASED SEALED AIR AFRICA (PTY) LTD HAVE BEEN

FULFILLED. "THE COMPETITION COMMISSION APPROVED THE TRANSACTION AT THE END OF
JUNE, MAKING THE SALE EFFECTIVE FROM MID-JULY THIS YEAR," SAYS TRANSPACO CHIEF
EXECUTIVE PHIL ABELHEIM.

COMMENTING ON THE RATIONALE FOR THE SALE, ABELHEIM SAYS THE NATURE OF BUBBLE
PAC'S BUSINESS IS MORE CLOSELY ALIGNED WITH THE CORE FOCUS OF SEALED AIR THAN
WITH THAT OF TRANSPACO. "TRANSPACO UNDERTOOK A STRATEGIC DECISION TO CHANNEL
ITS EFFORTS TOWARD THOSE AREAS WHICH EXCLUDE THE MANUFACTURE OF AIR BUBBLE
PROTECTIVE PACKAGING. SEALED AIR SUBMITTED AN ATTRACTIVE, MUTUALLY WORTHWHILE
OFFER, AND, IN KEEPING WITH THE GROUP'S FOCUS ON ITS CORE ACTIVITIES, WE HAVE
ACCEPTED."

AT THE SAME TIME, THE DISPOSAL HAS PROVIDED AN OPPORTUNITY TO CONSOLIDATE THE
GROUP'S OPERATIONAL FOCUS ON THE PLASTIC AND PACKAGING INDUSTRIES. TRANSPACO
WILL REMAIN ACTIVE IN PACKAGING FOR THE RETAIL, INDUSTRIAL, AGRICULTURAL AND
MINING SECTORS; SCHOLASTIC AND OFFICE STATIONERY; PLASTIC RECLAMATION AND
RECYCLING; INJECTION MOULDING; VACUUM-FORMING; AND PLASTIC FABRICATION. THE
GROUP HAS ELEVEN MANUFACTURING SITES AND A NATIONWIDE DISTRIBUTION NETWORK
FACILITATED BY ITS OWN OUTLETS AND INDEPENDENT COMPANIES.

ABELHEIM ADVISES THAT THE SALE OF BUBBLE PAC HAS BEEN ACHIEVED WITHOUT LOSS OF
EMPLOYMENT. THE RAPID GROWTH OF A NUMBER OF TRANSPACO'S DIVISIONS - NOTABLY
PLASTAFRICA AND TRANSPACO PACKAGING - HAS CREATED EMPLOYMENT OPPORTUNITIES FOR
SEVERAL PEOPLE FORMERLY EMPLOYED BY BUBBLE PAC.

IMPORTANTLY, SEALED AIR HAS APPOINTED TRANSPACO AS A DISTRIBUTOR OF CERTAIN OF
ITS PROTECTIVE PACKAGING PRODUCTS: AN APPOINTMENT WHICH REFLECTS THE EXCELLENT
RELATIONSHIP BETWEEN THE TWO COMPANIES. THE DISTRIBUTION CONTRACT IS VALUED BY
TRANSPACO BOTH IN MONETARY TERMS AND AS AN OPPORTUNITY TO FURTHER NURTURE THE
BUSINESS ASSOCIATION. "WE ARE LOOKING FORWARD TO A LONG AND MUTUALLY PROSPEROUS
FUTURE," SAYS ABELHEIM.

TURNING TO THE FINANCIAL IMPACT OF THE SALE, ABELHEIM SAYS THAT THE PURCHASE
CONSIDERATION OF R18,0 MILLION IN CASH WILL BE USED TO REDUCE INTEREST-BEARING
DEBT. "THIS, TOGETHER WITH THE POSITIVE IMPACT ON OUR EQUITY LEVELS, WILL
EFFECTIVELY DROP THE GROUP'S GEARING RATIO FROM 80% TO APPROXIMATELY 25%," HE
SAYS. "EARNINGS AND NET ASSET VALUE PER ORDINARY SHARE WILL ALSO BENEFIT FROM
THE TRANSACTION IN OUR NEW FINANCIAL YEAR ENDING 30 JUNE 2001."
-ENDS-
ISSUED BY:           MICHELE ANDERSON
                     SASANI COMMUNICATIONS
                     (011) 784 2598
ON BEHALF OF:        TRANSPACO
                     PHIL ABELHEIM
                     (011) 887 0430
LIESL KIELBLOCK
SASANI COMMUNICATIONS
TEL: (011) 784 2598
FAX: (011) 783 4735
CELL: 083 442 3205
EMAIL: LIESL@MSOMI.CO.ZA