To view the PDF file, sign up for a MySharenet subscription.

MASSMART HOLDINGS LIMITED - SALE OF SHV"s 30.9% STAKE IN MASSMART

Release Date: 22/01/2004 13:38
Code(s): MSM
Wrap Text

MASSMART HOLDINGS LIMITED - SALE OF SHV"s 30.9% STAKE IN MASSMART MASSMART HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1940/014066/06) Share code MSM ISIN ZAE000029534 ("Massmart") SALE OF SHV"s 30.9% STAKE IN MASSMART Massmart is pleased to announce that the sale of 61,438,624 Massmart shares owned by SHV Holdings N.V. ("SHV"), representing 30.9% of the company, were sold to a broad spread of local and international investors, by way of an accelerated book-building process, conducted by UBS between Monday 19th and Wednesday the 21st January 2004. The R1.6 billion transaction was substantially oversubscribed with strong demand generated from leading institutions in South Africa, Europe and North America. The sale was concluded at a price of R25.75 per share, 5.7% below the closing Massmart share price on the JSE Securities Exchange on 16th January 2004, the business day prior to the announcement of the sale. The transaction will result in a significant expansion of Massmart"s share register with approximately half the shares placed with institutions outside South Africa. DIRECTORATE Pursuant to the sale of these shares, Messrs. Mavuso Msimang, Folkert Schukken, and Derk Doijer (alternate to Mr Schukken), all SHV appointees, have resigned from the Massmart board. MASSMART EDUCATION FOUNDATION As a gesture of goodwill to South Africa and to Massmart"s stakeholders, SHV have donated USD500, 000 to a cause of Massmart"s choosing. The directors of Massmart have decided to use this money to establish a trust to be called the Massmart Education Foundation, the proceeds and capital of which will be directed solely to the education of underprivileged South African citizens, consistent with the objectives of Black Economic Empowerment. The trustees of the foundation will be appointed and announced in due course. ACKNOWLEDGEMENT In looking forward to a continued relationship regarding matters of common interest, the directors of Massmart wish to thank SHV for its role as a shareholder of reference and wish them every success in their future endeavours. Sandton 22 January 2004 Sponsor UBS Date: 22/01/2004 01:38:03 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

Share This Story