AFROCENTRIC INVESTMENT CORPORATION LIMITED - Sanlam GAP cover acquisition, withdrawal of cautionary and change to the board

Sanlam GAP cover acquisition, withdrawal of cautionary and change to the board

AFROCENTRIC INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1988/000570/06)
JSE Code: ACT
ISIN: ZAE000078416
(“AfroCentric” or “the Company”)

   1. FINALISATION ANNOUNCEMENT – SANLAM GAP COVER ACQUISITION
   2. WITHDRAWAL OF CAUTIONARY
   3. CHANGE TO THE BOARD OF A MAJOR SUBSIDIARY

AfroCentric shareholders (“Shareholders”) are referred to the cautionary announcement published
on the Stock Exchange News Service of the JSE Limited on 20 August 2021, wherein they were
advised that AfroCentric via its subsidiary, AfroCentric Health (RF) Proprietary Limited, had entered
into negotiations with Sanlam Health Solutions Proprietary Limited (“Sanlam Health”) for the
acquisition of a Gap Cover business that is supplementary to its current medical scheme offerings
(the “Acquisition”).

AfroCentric is pleased to announce that the Acquisition has now been finalised, with the Gap Cover
business being acquired effective 1 September 2021. The Acquisition does not constitute a small
related party transaction, however having regard to the relationship between AfroCentric and Sanlam
Health a fairness opinion has been obtained from an independent professional expert, confirming that
the terms of the Acquisition are fair to the Shareholders, which will lie for inspection at the registered
office of the Company.

Following the successful conclusion of the Acquisition the cautionary announcement is withdrawn and
caution is no longer required to be exercised by Shareholders when dealing in their securities.

Change to the Board of a major subsidiary

The Board of Directors of AfroCentric (“the Board”) hereby notifies shareholders that Dr Nomalungelo
Nyathi has resigned as Group Executive: Clinical Risk and Advisory, and Director of Medscheme
Holdings Proprietary Limited, a major subsidiary of the Company, with effect from 30 November 2021.

The Board would like to extend its sincere thanks and appreciation to Dr Nyathi for her contribution
to the organisation which was fundamental in assisting the Group in achieving its objectives and
wishes her continued success in her future endeavours.

Johannesburg

29 September 2021


Sponsor
Sasfin Capital (a member of the Sasfin Group)

Date: 29-09-2021 12:50:00
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