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CSP - Chemspec - Press release: Distribution agreement with AkzoNobel Chemical Specialities Limited Incorporated in the Republic of South Africa Registration number 2005/039947/06 Share code: CSP ISIN: ZAE000109427 ("Chemspec" or "the Company") DISTRIBUTION AGREEMENT WITH AKZONOBEL AkzoNobel, the world`s leading coatings company, and Chemspec, a leading South African coatings company, have announced that they have entered into a distribution agreement for Sikkens, an `A` brand automotive refinish product manufactured by AkzoNobel, in South Africa. The agreement is effective 15 March 2012. Volker Wengert, AkzoNobel`s Sales Director East Markets and Export, said "We would like to thank our current partner, Duco, who have decided to move in a new strategic direction, for the good and trustful co-operation and support over the past years. We have allowed an overlap of distribution for a short period of time to ensure that current distributors and users of the Sikkens product in South Africa will be able to have a relatively seamless transfer of distribution." He added "We are delighted to have entered into this distribution agreement with Chemspec with the ambition of reaching a leading and sustainable market position in South Africa." Bruce Mackinnon, Chemspec`s CEO, said "We are also very pleased to have completed this agreement. Chemspec has recently embarked on a turnaround process including a re-capitalisation which saw the introduction of the Industrial Development Corporation of South Africa as a shareholder. This agreement is yet another step in growing Chemspec as a leading and top division player in the coatings industry in South Africa." He added "We are proud and privileged to have been selected by AkzoNobel to be a distributor in South Africa particularly being a home grown South African company with good BEE credentials." Volker Wengert went on to add "We see South Africa as a growth region and with our international standing in the coatings industry and Chemspec`s standing in the industry in South Africa, we see much opportunity for growth in the region." Chemspec is listed on the ALTX board of the Johannesburg Stock Exchange. Verulam 15 March 2012 Designated Advisor: Grindrod Bank Limited Date: 15/03/2012 12:45:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
