AFRICAN OXYGEN LIMITED - RESULTS OF CAPITALISATION SHARE AWARD

AFRICAN OXYGEN LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1927/000089/06)
("Afrox")

RESULTS OF CAPITALISATION SHARE AWARD AND RIGHT OF ELECTION TO RECEIVE THE
INTERIM CASH DIVIDEND OF 20,5 CENTS PER SHARE IN LIEU THEREOF

HSBC Investment Services (Africa) (Pty) Limited is authorised to announce
that the right of shareholders registered at the close of business on
Friday, 6 July 2001 to elect to receive the interim cash dividend of 20,5
cents per ordinary share instead of the award of capitalisation shares of
1,744681 for every 100 existing shares held ("the new ordinary shares"),
closed at 12:00 on Friday, 3 August 2001.

Elections to receive the interim cash dividend of 20,5 cents per ordinary
share were made in respect of 54 941 257 ordinary shares resulting in a
total dividend payment of R11 262 957,68.  Accordingly, 4 640 163 new
ordinary shares out of a possible 5 598 712 new ordinary shares are to be
issued pursuant to the capitalisation share award, being a 82,9% acceptance
of such award.

Following the issue of the new ordinary shares, the issued ordinary share
capital of Afrox will consist of 325 541 956 ordinary shares of 5 cents
each.
Listing of new ordinary shares

The listing of 4 640 163 new ordinary shares in Afrox will commence on the
JSE Securities Exchange South Africa and the Namibian Stock Exchange with
effect from the commencement of business on Wednesday, 8 August 2001.
Posting of share certificates, share statements and cheques

Share certificates or share statements in respect of new ordinary shares and
cheques in respect of dividends and/or payments in lieu of fractional
entitlements to new ordinary shares will be posted to the relevant

shareholders on or about Wednesday, 8 August 2001.  The dividend and/or
fractional entitlement proceeds, where applicable, will be deposited into
the relevant shareholders' accounts on or about Wednesday, 8 August 2001.
Johannesburg
8 August 2001
Sponsor in South Africa
HSBC
Sponsoring broker in Namibia
HSBC
Phillip JA van Heerden
Member of the Namibian Stock Exchange

Trading as HSBC Securities (Namibia) (Pty) Limited
Reg. No. 95/505