Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

SABMiller PLC (SAB)

  Print      Mail a friend       Annual reports

Thursday 12 December, 2002

SABMiller PLC

Tsogo Investments Transaction

SABMiller PLC
12 December 2002



SABMILLER PLC AND TSOGO INVESTMENTS AGREE LANDMARK EMPOWERMENT TRANSACTION


London and Johannesburg, 12 December 2002.  SABMiller plc, (SABMiller), a
leading force in global brewing, and its gaming joint venture partner, Tsogo
Investment Holding Company (Proprietary) Limited (Tsogo Investments), today
announced the most important empowerment deal yet in the South African
hospitality sector.

The agreement will result in the transfer of both companies' interests within
the hotel and gaming sectors into a new company, to be named Tsogo Sun Holdings
(Proprietary) Limited (TSH), which is to be controlled by Tsogo Investments.
Today's announcement, which follows SABMiller's review of its options for its
non-core hotel and gaming interests, will be beneficial to its shareholders.
The transaction is subject to certain conditions, including obtaining Gaming
Board and other regulatory approvals, and the finalisation of funding
arrangements.  It is expected to complete in the first quarter of 2003 and will
be earnings neutral for SABMiller in the first full financial year following
completion.

Commenting on the transaction, Graham Mackay, Chief Executive of SABMiller said:
'This represents an important empowerment transaction for South Africa and a
further step in our strategy of focusing SABMiller as an international beer and
beverage group.

'We are delighted with the development of our partnership with Tsogo Investments
and are pleased to see it enter a new phase with this transaction.

'Over the medium term, SABMiller intends to continue to reduce its investment in
hotels and gaming, in keeping with its strategy to divest of non-core interests.'

Ashley Mabogoane, Chairman of Tsogo Investments said, 'The formation of TSH
represents a major step for Black Economic Empowerment (BEE) and will
substantially contribute to the transformation of the hotel and gaming
industries within the context of the government's national BEE agenda.'

Commenting on today's announcement, Valli Moosa, the South African Minister for
Environmental Affairs and Tourism, said: 'This represents a landmark BEE
transaction for SABMiller, Tsogo Investments and South Africa.  It is also a
milestone for BEE in the tourism industry, representing the largest BEE
transaction to be concluded in this increasingly important sector of the South
African economy.'

The transaction

In terms of the transaction, SABMiller will contribute its entire hotel and
gaming interests, including 100% of Southern Sun's hotel interests and 50% of
Tsogo Sun's gaming interests, to the new company, TSH, in exchange for ordinary
shares representing 49% of TSH and R400 million (US$44 million) of TSH
redeemable preference shares.   SABMiller will be afforded appropriate minority
protections.

Simultaneously, Tsogo Investments will contribute its entire gaming interests,
including 50% of Tsogo Sun to TSH in exchange for ordinary shares representing
51% of TSH.  The book value of assets transferred by SABMiller to TSH is
approximately R734 million (US$82 million).  This is post a cash distribution of
R750 million (US$83 million) payable to the SABMiller group. TSH will be
accounted for as an associate of SABMiller plc.

It is envisaged that the hotel and gaming operations will trade as two
independent subsidiaries of TSH and that these will be run by the existing
management teams, with Jabu Mabuza, Chief Executive of Tsogo Sun Casinos and
Helder Pereira, Chief Executive of Southern Sun Hotels, reporting to Ron
Stringfellow, the TSH Group Chief Executive. Ashley Mabogoane will be Chairman
of TSH.



ENDS

Note to editors

1.  SABMiller is the world's second largest brewer by volume with pro forma
    2001/02 lager volumes in excess of 120 million hectolitres and is also the
    world's leading brewer in developing markets.  It has 112 brewing operations,
    over 69,000 people, in 25 countries across Africa, Central and Eastern 
    Europe, North and Central America and Asia. It has a portfolio of strong 
    brands and leading market shares in many of the countries in which it has 
    brewing operations.  Outside the USA, SABMiller is one of the largest 
    bottlers of Coca-Cola products in the world.  SABMiller is listed on the 
    London and Johannesburg stock exchanges and has a market capitalisation of 
    US$6.7 billion (approximately R60 billion).

2.  SABMiller's hotel and gaming interests comprised 100% of Southern Sun
    Hotels and a 50% stake in Tsogo Sun Holdings.  In the financial year 2001/02
    these generated a turnover of US$164 million, representing 3.8% of 
    SABMiller's turnover.

3.  Southern Sun Hotels is the pre-eminent hotel group in Africa, owning
    and managing a portfolio of over 80 hotel properties comprising over 13,000
    rooms.  The Southern Sun portfolio comprises Southern Sun Hotels, Southern 
    Sun Resorts, Inter-Continental, Crown Plaza, Cullinan Hotels, Holiday Inn, 
    Holiday Inn Garden Court, Express by Holiday Inn, Formule 1 and Formule Inn.

4.  Currently SABMiller, via Southern Sun, and Tsogo Investments jointly
    own and control Tsogo Sun Holdings, a focused gaming company, which holds 
    five key gaming licences at Montecasino (Fourways), Emnotweni (Nelspruit), 
    Emonti (East London), Champions (Witbank) and most recently, Suncoast 
    (Durban).

5.  Tsogo Investments is a broad-based empowerment company whose major
    shareholders represent black business interests, labour movement and women's
    groups, including  FABCOS Investment Holding Company Limited, NAFCOC 
    Investment Holding Company Limited, The South African Clothing and Textile 
    Worker's Union (SACTWU), African Renaissance Holdings, NACTU Investment 
    Holding Company Limited and a women's group led by Nozala Investments.


For further information please contact:

London

SABMiller plc                                                     Tel: +44 20 7659 0100

Nick Chaloner            Director of Communications               Tel: +44 20 7659 0119
                                                                  Mob: +44 7880 502 755

Anna Miller Salzman      Head of Investor Relations               Tel: +44 20 7659 0106
                                                                  Mob: +44 7973 837 070

Ciaran Baker             Head of Corporate Communications         Tel: +44 20 7659 0120
                                                                  Mob: +44 7979 954 493



This announcement is available on the SABMiller website, www.sabmiller.com

This announcement has been issued by SABMiller and is the sole responsibility of
SABMiller.

JPMorgan is acting as financial adviser to SABMiller and African Merchant Bank
is acting as financial adviser to Tsogo Investments.  Werksmans is acting as
legal adviser to SABMiller and Webber Wentzel Bowens is acting as legal adviser
to Tsogo Investments.

JPMorgan and Werksmans are acting for SABMiller in connection with the proposed
transaction and no one else and will not be responsible to anyone other than
SABMiller for providing the protections afforded to their clients nor for
providing any advice in relation to the transaction.

African Merchant Bank and Webber Wentzel Bowens are acting for Tsogo Investments
in connection with the proposed transaction and no one else and will not be
responsible to anyone other than Tsogo Investments for providing the protections
afforded to their clients nor for providing any advice in relation to the
transaction.


                      This information is provided by RNS
            The company news service from the London Stock Exchange