Senwes BEE transaction unlocks value for shareholders and opens ...

December 6, 2005

The Senwes Group has reached a broad based black economic empowerment (BEE) deal with a black consortium. It is anticipated that the deal will be finalised by 31 January 2006...

The consortium, made up by the Royal Bafokeng Nation (55%), Treacle Private Equity (35%) and Mr Oupa Magashula (10%), agreed to an upfront cash payment, which will place no encumberance on the balance sheet of Senwes. The transaction is subject to certain suspensive conditions, of which the most important is routine approvals, as well as finalising and conforming to statutory requirements of Competition Legislation.

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