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Introduction of WDBIH as a strategic equity partner in Rennies THE BIDVEST GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 1946/21180/06) ISIN Code : ZAE000008132 Share code : BVT ("Bidvest") WDB Investment Holdings (Pty) Limited (Incorporated in the Republic of South Africa) (Registration number 1996/017647/07) ("WDBIH") Rennies Travel (Pty) Limited (Incorporated in the Republic of South Africa) (Registration number 1999/020221/07) ("Rennies Travel")
Introduction of WDBIH as a strategic equity partner in Rennies Travel Introduction
Investec Bank Limited is authorised to announce that Bidvest has concluded a transaction with WDBIH regarding the acquisition by WDBIH of a significant equity interest in Rennies Travel, the largest travel services provider in Southern Africa. In terms of the agreements concluded between the parties, the Rennies Travel division has been housed in a new company named Rennies Travel (Pty) Limited and Bidvest has sold to WDBIH 25% of the 100% equity interest which it held in Rennies Travel (Pty) Limited. Profile of WDBIH
WDBIH is a wholly-owned subsidiary of WDB Trust ("the Trust"), an entity formed in 1991 with the goal of empowering South African women by providing them with access to information, business training and finance. The Trust has been highly successful to date in achieving its goals, and has, via its micro-credit finance subsidiary, been responsible for providing over 20 000 business loans to rural women, created over 10 000 jobs and trained over 10 000 women in basic business skills.
WDBIH, whose broader goal is to support the Trust's objectives of promoting and facilitating economic empowerment and social upliftment of women, was established in 1997 as a vehicle to generate income for the Trust,
principally by pursuing investments in solid businesses with strong growth prospects. WDBIH has to date been highly successful in this area and currently boasts an impressive portfolio of strategic investments. Rationale
Rennies Travel identifies closely with the broader objectives of both WDBIH and the Trust and also believes that WDBIH management has the required skills and experience to play a significant role in the strategic
development of the business of Rennies Travel. Rennies Travel management is therefore confident that WDBIH is the ideal partner to assist Rennies Travel, not only in broadening the market for its services, but also in assisting, as required, in providing guidance with regard to the development of appropriate empowerment and employment equity policies. Johannesburg 25 January 2002 Merchant bank Investec Bank Limited (Registration number 1969/004763/06) Legal advisers to Bidvest Werksmans Incorporated (Registration number 1990/007215/21) Legal advisers to WDBIH Edward Nathan & Friedland (Pty) Ltd (Registration number 1999/026464/07)
