SABVEST LIMITED - Investment update

Investment update

SABVEST LIMITED 
(Incorporated in the Republic of South Africa) 
Registration number 1987/003753/06 
Ordinary share code: SBV and ISIN: ZAE000006417 
N Ordinary share code: SVN and ISIN: ZAE000012043 
(“Sabvest” or “the Company”) 
 
INVESTMENT UPDATE  
 
Further to the announcements released on the Stock Exchange News Service (“SENS”) on 2 January 
2018, and using the definitions contained in those announcements, shareholders are advised that the 
Company has received a dividend of R1,387bn from SA Bias Industries (Pty) Ltd to be applied, inter alia 
(and where applicable in accordance with the Company’s investment policy), as follows: 
 
     - $34m (R416m) thereof to a 30% interest in Mandarin Industries Limited BVI; 
     - R93m thereof to a 30% interest in ITLHSA, through Mandarin Holdings RSA; 
     - Sabvest has concluded arrangements, but has not yet implemented, an asset swap investment 
       of R300m, not less than R200m of which will be applied to IT stocks substantially the same as or 
       similar to Sabvest's existing offshore IT portfolio investments. Details of these investments will 
       be announced once effected and no single investment will exceed 5% of Sabvest’s NAV. The 
       balance of R100m will be held in foreign currency instruments; 
     - the Company has determined to invest a further R250m in certain existing investee companies, 
       being specific listed and unlisted holdings in RSA, the details of which will be disclosed to 
       shareholders in due course; 
     - R40m towards the settlement of the Company’s short-term debt; and 
     - R61m to effect payment of the cash dividends declared and announced on SENS on 23 January 
       2018 and 30 January 2018. 
 
Following implementation of the above, the remaining balance of approximately R225m will be retained 
in rand deposits / instruments, pending new investment opportunities. 
 
Sandton 
2 February 2018 
 
Financial adviser and sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 
 

Date: 02/02/2018 11:52:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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