ALEXANDER FORBES GROUP HOLDINGS LIMITED - Completion of the disposal of the short-term business in South Africa

Completion of the disposal of the short-term business in South Africa

ALEXANDER FORBES GROUP HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2006/025226/06)
JSE Share Code: AFH ISIN: ZAE000191516
(“Alexander Forbes” or “the company” or “group”)

COMPLETION OF THE DISPOSAL OF THE SHORT-TERM BUSINESS IN SOUTH AFRICA

Shareholders are referred to the announcement released by the company on the Stock Exchange News Service
(“SENS”) on 25 July 2019 (‘Disposal of short-term insurance business in South Africa’), regarding the conclusion
of a binding agreement with Momentum Metropolitan Strategic Investments Proprietary Limited, a wholly owned
subsidiary of Momentum Metropolitan Holdings Limited, for the sale and purchase of the Alexander Forbes
short-term insurance business in South Africa (“AFI” or “Business”), subject to the fulfilment of certain conditions
precedent.

Shareholders are hereby advised that all suspensive conditions to the disposal have been fulfilled and the
disposal of the Business will be implemented today, 31 January 2020, in accordance with the agreed terms.

The sale proceeds of R2 038 million will be received by a subsidiary of the company, 90% of which is attributable
to Alexander Forbes after minority shareholders’ interests. The company intends to apply the net proceeds after
tax to partially repay its revolving credit facility and complete the implementation of a proposed Specific
Repurchase of Alexander Forbes ordinary shares, subject to shareholder approval. Shareholders are referred
to the announcement released by the company on SENS on 22 January 2020 (‘Shareholder reorganisation and
specific repurchase’) for further details.

The disposal of AFI delivers on the implementation of the company’s strategy, which reaffirms Alexander
Forbes’s strength as a trusted adviser to our clients, with a renewed focus on the core businesses of consulting,
administration and investments.

Carina Wessels
Executive: Governance, Legal and Compliance

31 January 2020
Sandton

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 31-01-2020 09:00:00
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