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Tongaat-Hulett Group sells its textiles division

As disclosed in the Executive Chairman’s review in the annual report for the year ended 31 December 2000, the Tongaat-Hulett Group has been engaged in a process of disposing of its two remaining non-core businesses, namely Corobrik and Tongaat Textiles. The sale of Corobrik became unconditional at the end of May 2001.

An agreement has now been reached on the sale of the Group’s Textiles interests to Stefano Magni, Executive Chairman of Aranda Textile Mills (Pty) Limited. Aranda is a vertically integrated manufacturer of yarns, blankets and fabrics established since 1951.

The agreement is subject to the fulfilment of certain preconditions which include Competition Commission approval.

Corobrik sens

The Tongaat-Hulett Group Limited and the Scandinavian Building Systems Company are pleased to advise that all conditions precedent relating to the sale by the Tongaat-Hulett Group of its Building Materials Division to Scandinavian Building Systems were met and the sale was concluded on 30 May 2001.

The sale of textiles division

The Tongaat-Hulett Group Limited is pleased to advise that all conditions precedent relating to the sale of its Textiles Division, David Whitehead & Sons (S.A.) (Pty) Limited, to a company represented by Stefano Magni have been fulfilled effective 30 September 2001.

Whiteheads will continue to focus on apparel and home textiles with a view to growing its domestic and export business.


S J SAUNDERS