Transpaco - Repurchase of ordinary shares

Transpaco - Repurchase of ordinary shares                                       
Transpaco Limited                                                               
   (Incorporated in the Republic of South Africa)                               
(Registration number 1951/000799/06)                                         
   Share code TPC   ISIN ZAE 000007480                                          
   ("Transpaco")                                                                
Repurchase of ordinary shares in Transpaco                                      
1. Introduction                                                                 
   In terms of a general authority to Transpaco to purchase its shares which was
last renewed on 13 December 2002 ("the general authority") a maximum of 6 542   
229 shares (being 20% of the then issued shares) could be acquired.             
2. Implementation                                                               
   As at the close of business on 2 May 2003 Transpaco had purchased in the open
market 2 018 717 Transpaco shares equivalent to approximately 6,2% of the shares
then in issue. The total consideration amounted to R5 329 141. The purchases    
were carried out over the period 17 December 2002 to 2 May 2003. The highest and
lowest prices paid were R2,67 and R1,94 per share respectively. The average     
price was R2,64 per share                                                       
   The extent of the authority outstanding is 4 523 512 shares equivalent to    
approximately 13,8% of the shares in issue.                                     
3. Source of funds                                                              
   The purchases have been funded from available financial resources.           
4. Opinion of the directors                                                     
The directors of Transpaco have considered the impact of the purchases and   
are of the opinion that:                                                        
4.1 Transpaco will be able to pay its debts in the ordinary course of business  
for a period of twelve months from the date of this announcement;               
4.2 the consolidated assets of Transpaco and its subsidiaries ("the group") are 
in excess of the consolidated liabilities of the group measured in accordance   
with the accounting policies used in the unaudited interim group results for the
six months ended 31 December 2002;                                              
4.3 the share capital and consolidated reserves and the working capital of the  
group will be adequate for a period of twelve months from the date of this      
announcement.                                                                   
5. Effect on earnings and net asset value                                       
Before       After   Change         

                                            (cents)     (cents)     (%)         
 Attributable earnings per share              37,6        39,6     5,4          
 Headline earnings per share                  37,6        39,6     5,4          
Net asset value per share                     279         279     -            
 Tangible net asset value per share            276         277     -            
    Assumptions                                                                 
    The pro forma financial effect in the "After" column is calculated on the   
group"s unaudited financial results for the six months ended 31 December 2002 on
the basis of the accounting policies employed by Transpaco for that six-month   
period and on the assumptions that:                                             
 * the purchases were carried out on 1 July 2002;                               
* Transpaco would have earned a return of 6,91% after tax at the rate          
   utilised for the six months ended 31 December 2002 on the purchase           
   price of the shares;                                                         
 * there were 28 089 651 shares in issue.                                       
6. JSE Securities Exchange South Africa ("JSE Listing")                         
   The 2 018 717 shares referred to in 2 will be cancelled and application will 
be made to the JSE for the termination of the listing of that number of shares. 
   Johannesburg                                                                 
12 May 2003                                                                  
Legal advisor                                                                   
  Werksmans Incorporated                                                        
 (Registration number 1990/007215/21)                                           
Sponsor                                                                         
  Investec Securities Limited                                                   
  Member of the JSE                                                             
 (Registration number. 1972/008905/06)                                          
Date: 12/05/2003 05:00:15 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department