Steinhoff Acquires An Interest In PG Bison.

Steinhoff Acquires An Interest In PG Bison.                                     
Steinhoff International Holdings Limited                                        
Steinhoff International Holdings Limited has acquired, through its wholly-      
owned subsidiary Steinhoff Africa Holdings, a strategic minority interest in    
PG Bison Holdings (Pty) Limited for an undisclosed sum. This acquisition is     
in line with Steinhoff`s strategy of acquiring interests in well-managed        
businesses whose activities and profitability could be complemented in terms    
of value added initiatives by Steinhoff. These initiatives are aimed            
primarily at the optimisation of synergies that are evident between the two     
businesses, especially in relation to Steinhoff Africa`s Export Division and    
its  Timber  and Sawmilling interests.                                          
Danie van der Merwe, managing director of Steinhoff Africa says:"The            
investment in PG Bison represents a strategic step in line with our stated      
intention to enhance the Steinhoff Group`s export realisations from Southern    
Africa."                                                                        
He goes on to say: "The distribution base that PG Bison brings to the table     
opens up access to local markets in which Steinhoff Africa is not currently     
operating."                                                                     
The CEO of PG Bison, Chris van Niekerk, has stated:"We are delighted to have    
a partner like Steinhoff on board whose interests are aligned with ours. Our    
joint priority is to grow the business within the boundaries of prudent         
financial norms, in the interests of all our stakeholders and ultimately the    
South African economy as a whole. A particular attraction of the deal with      
Steinhoff is the access to world markets that Steinhoff can bring about         
through its world-wide infrastructure and networks.                             
"We have also spent a considerable amount on a new component plant in           
Boksburg and have upgraded certain of our other plants at great cost. The       
component plant allows PG Bison to enter into the higher margin value added     
products business that could beneficially utilise Steinhoff`s international     
networks. We are pleased that PG Bison is now extremely well-positioned,        
both financially and otherwise, to fully reap the benefits of the               
disciplines instilled and maintained after the leveraged buy-out from its       
former parent in 1998."                                                         
"PG Bison has redeemed the major portion of LBO debt through internal cash      
generation, and is currently in a position where its financial ratios fully     
comply with those imposed by Steinhoff for its own purposes" van Niekerk        
says.                                                                           
Steinhoff has funded this acquisition through a vendor consideration            
placement of shares with a number of local institutions.                        
Wynberg, 23 May 2002.                                                           
Date: 23/05/2002 05:19:06 PM Produced by the SENS Department