ARGENT INDUSTRIAL LIMITED - ACQUISITION OF GIFLO ENGINEERING (BOP) (PTY) LIMITED

ARGENT INDUSTRIAL LIMITED - ACQUISITION OF GIFLO ENGINEERING (BOP) (PTY) LIMITED
("GIFLO")                                                                       
ARGENT INDUSTRIAL LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
 (Registration number 1993/002054/06)                                           
(Share code: ART  ISIN:  ZAE000019188)                                          
("Argent" or "the Company")                                                     
ACQUISITION OF GIFLO ENGINEERING (BOP) (PTY) LIMITED ("GIFLO")                  
1. INTRODUCTION AND RATIONALE                                                   
Shareholders are advised that Argent has acquired the remaining 23% of Giflo    
that it does not already hold, for a consideration of R11 776 023.  Argent has a
policy of holding 100% interests in its subsidiaries, and the vendors of Giflo, 
being Messrs A Benassi and D Altieri ("the vendors"), recently indicated to     
Argent that they wished to dispose of their remaining interest in Giflo to      
Argent.  Giflo is Argent"s largest and most profitable subsidiary and Argent is 
of the opinion that the acquisition is strategic to Argent.                     
2. NATURE OF BUSINESS OF GIFLO                                                  
Giflo operates locally and Internationally in the automotive accessory and      
original equipment market.                                                      
3. DETAILS OF THE ACQUISITION                                                   
In consideration for the acquisition, Argent has issued the vendors a total of 3
634 575 ordinary shares of 5 cents each at an issue price of 324 cents per      
share, with effect from 1 October 2003.                                         
4. CONDITIONS PRECEDENT                                                         
There are no conditions precedent.  The acquisition comprises 5,6% of Argent"s  
market capitalisation and is therefore a Category 3 transaction in terms of the 
new JSE Securities Exchange South Africa Listings Requirements.  An announcement
providing the details of the transaction must be published.                     
5. FINANCIAL EFFECTS OF THE ACQUISITION                                         
The pro forma financial effects of the acquisition on historical earnings,      
headline earnings, net asset value and tangible net asset value per Argent share
set out in the table below illustrates how the acquisition may have impacted on 
Argent.  Because of their nature, the pro forma financial effects may not fully 
reflect the effect of the acquisition on Argent"s future earnings.              
                        Per share   Per share    Change %                       
before      after                                       

                        acquisition acquisition                                 
                        (cents)     (cents)                                     
   Historical earnings  83.0        79.1         (4.7)                          
Historical headline  83.6        79.7         (4.7)                          
   earnings                                                                     
   Historical net       349.7       336.8        (3.7)                          
   asset value                                                                  
Historical tangible  306.3       296.0        (3.4)                          
   net asset value                                                              
Notes:                                                                          
1.   The historical earnings, headline earnings, net asset value and net        
tangible asset value per Argent share as set out in the before acquisition      
column of the table as based on Argent audited results for the year ended 31    
March 2003.                                                                     
2.   The historical earnings, headline earnings, net asset value and tangible   
net asset value as set out in the after acquisition column of the table are     
based on the assumption that the acquisition took effect on 1 April 2002.       
6. EMPLOYEE SHARE INCENTIVE TRUST                                               
Shareholders are advised that in terms of the Argent Employee Share Incentive   
Trust ("the Trust"), the amended terms of which were approved by shareholders in
general meeting on 30 July 2003, Argent has issued 5 147 771 ordinary shares of 
5 cents each at an issue price of 324 cents per share to the Trust, with effect 
from 3 October 2003.                                                            
The JSE Securities Exchange has approved the application for additional shares  
for the acquisition and the Trust.                                              
Roodepoort                                                                      
6 October 2003                                                                  
Sponsor                                                                         
LPC MANHATTAN SPONSORS                                                          
Date: 06/10/2003 05:31:04 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department