SKJ - Sekunjalo - BT Partners With Sekunjalo To Stregthen Operations In South

SKJ - Sekunjalo - BT Partners With Sekunjalo To Stregthen Operations In South   
                   Africa And Renewal Of Cautionary Announcement                
SEKUNJALO INVESTMENTS LIMITED                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1996/006093/06)                                           
ISIN: ZAE000017893                                                              
Share Code: SKJ                                                                 
("Sekunjalo" or "the Company")                                                  
BT PARTNERS WITH SEKUNJALO TO STREGTHEN OPERATIONS IN SOUTH AFRICA AND RENEWAL  
OF CAUTIONARY ANNOUNCEMENT                                                      
1.   INTRODUCTION                                                               
Further to the cautionary announcement dated 20 October 2008, shareholders  
    are advised that Sekunjalo has completed a transaction for the acquisition  
    of 30% of BT Communications Services South Africa (Pty) Limited ("BTSA")    
    ("the acquisition`). BTSA forms the South African operations of BT Group    
plc ("BT"), a company which is listed on the London Stock Exchange.         
2.   THE ACQUISITION                                                            
    Rationale                                                                   
    The acquisition offers both parties an opportunity to accelerate their      
growth and shows the commitment of BT to the Broad Based Black Economic     
    Empowerment (B-BBEE) agenda.                                                
    Terms of the acquisition                                                    
    Sekunjalo has purchased a 30% equity stake in the South African operations  
of BT. The acquisition is effective immediately but is subject to certain   
    conditions precedent.                                                       
    The business of BT                                                          
    BT is one of the worlds leading providers of communications solutions and   
services operating in 170 countries. Its principle activities include the   
    provision of networked IT services globally; local, national and            
    international telecommunications services its customers for use at home, at 
    work and on the move; broadband and internet products and services and      
converged fixed / mobile products and services. BT consists principally of  
    four lines of business: BT Global Services, Openreach, BT retail and BT     
    Wholesale.                                                                  
    The consideration                                                           
Sekunjalo has acquired 30% of BTSA for R27 million in a fully vendor        
    financed transaction.                                                       
    Pro forma financial effects of the acquisition                              
    The value of the net assets subject to the transaction is nil and the       
profits attributable to those net assets is nil because of the              
    consideration being fully vendor financed. As a result, the pro forma       
    financial effects of the acquisition on Sekunjalo`s earnings per share,     
    headline earnings per share, net asset value per share and net tangible     
asset value per share for the period ended 28 February 2008 are not         
    significant.                                                                
3.   CONDITIONS PRECEDENT                                                       
    The implementation of the acquisition is subject to the fulfillment of the  
following conditions precedent:                                             
    -    the approval of the South African Reserve Bank;  and                   
    -    the execution of other ancillary secretarial items necessary to give - 
         effect to the acquisition.                                             
4.   RENEWAL OF CAUTIONARY ANNOUNCEMENT                                         
    As a result of separate ongoing negotiations which, if successfully         
    concluded, may have a material effect on the price of the Company`s         
    securities, shareholders are advised to continue exercising caution when    
dealing in the Company`s securities until a further announcement is made.   
Cape Town                                                                       
5 November 2008                                                                 
Merchant bank and sponsor                                                       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 05/11/2008 08:26:01 Supplied by www.sharenet.co.za                     
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