Sekunjalo - Sekunjalo Strengthens Balance Sheet

Sekunjalo - Sekunjalo Strengthens Balance Sheet                                 
Sekunjalo Investments Limited                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/006093/06)                                            
Share code: SKJ                                                                 
ISIN: ZAE000017893                                                              
("Sekunjalo" or "the Company")                                                  
17 May 2004                                                                     
SEKUNJALO STRENGTHENS BALANCE SHEET                                             
On releasing its interim results earlier today for the 6 months ended 29        
February 2004, Sekunjalo Investments announced that it had strengthened its     
balance sheet by retiring debt of R 80 million, thereby positioning it for      
growth in the coming period.                                                    
Earnings per share have increased significantly from 1.51 cents to 6.30 cents   
per share. The earnings of the Group increased to R 7.499 million from R 1.336  
million.  Headline earnings decreased marginally, from R 1.804 million to R     
1.785 million.  There were two primary reasons for this decrease.   The one     
major factor was the dilution effect on shares due to the recent rights offer   
and the second was the impact of the strengthening of the Rand.  The latter     
factor has had a substantial impact on the export earnings of the company,      
particularly in subsidiaries which have big export markets, such as Premier     
Fishing, Rapimed Diagnostics and New Promex Corporation.                        
Dr Surve, CEO of Sekunjalo expressed his satisfaction with the interim results. 
"The company does not have control over what happens in financial markets and   
will therefore be affected in the short term by the strengthening Rand.  However
we are cognizant of this factor and are addressing it, but the effect of our    
efforts will not be felt immediately.  As in the past, the interim results are  
impacted upon by seasonal fluctuations and we do expect to have a stronger      
performance in the second half of the financial year. "                         
Premier Fishing, which has been affected by the rand/dollar fluctuations has    
developed an alternative strategy of joint ventures in Africa  which has        
mitigated the negative impact on the groups earnings.     Sekunjalo Health Care,
which has had to deal with a turbulent regulatory environment is currently      
reviewing a number of potential business opportunities which could add value to 
its underlying subsidiaries.                                                    
Dr Surve said,  "We are very pleased that  our achievements as a company have   
been recognized through a number of prestigious awards in the last year.  The   
most recent award was made by the authoritative Financial Mail / Empowerdex  in 
the 2004 Top 200 Empowerment Awards.  Sekunjalo was placed second overall and we
feel that this is a vindication of our empowerment business model".             
This accomplishment  follows  awards in 2003 by  BusinessMap and Black Business 
Quarterly; in which Sekunjalo won first place for BEE Top Market Performer and  
Top Productivity Award respectively.  In 2004 Sekunjalo was placed 2nd by       
BusinessMap in the same category, which also awarded our subsidiary premier     
Fishing, second place, in the Top Unlisted BEE Company category.                
Dr Surve stated that Sekunjalo was poised for a  growth phase and was positive  
about the prospects of the Group going forward.                                 
ENDS...                                                                         
For more information, contact:                                                  
Zenariah Barends                                                                
Group Communications Manager                                                    
Tel No: 021 415 7976                                                            
Cell No: 082 441 0433                                                           
Email: zenariah@premfish.co.za                                                  
Date: 17/05/2004 12:21:03 PM Supplied by www.sharenet.co.za                     
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