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Botswana Stock Exchange Company News

Date 21/10/2002

Anglo American announced this week that it has received credit ratings of A3 (long term) and Prime-2 (short-term) from Moody's investor Services and A- (long term) and A-2 (short term) from Standard & Poors.

MRI Botswana has announced that a special dividend of 22.5 thebe per share (gross) will be paid to shareholders registered on 15 November. The rationale for the special dividend is that the Company has the surplus cash resources to pay the dividend and the future cash flows will be sufficient to fund operational needs. The special dividend, together with the ordinary dividend of 11.5t, takes the total net dividend to 28.9t for the year - a dividend yield of 14.5% on the current share price of 200t.

Barclays Bank of Botswana were to hold an EGM on the 14th October to authorise the creation of preference shares to underpin the P150m bond they intend to issue in the restructuring of their capital base. The EGM did not proceed as some shareholders had not received the requisite notice and accordingly the EGM will take place at 5pm on the 11th November at the Grand Palm Hotel in Gaborone.

Standard Chartered Bank Botswana listed their SCBB001 Floating Rate Notes on Tuesday 15 October, having successfully raised P75m in a private institutional placement. The Notes are part of a capital restucturing exercise and are the first Notes to be listed on the Botswana Stock Exchange in 2002.

Avis Southern Africa Ltd published a sterling set of interim results for the half year to 30 September 2002. The 56% gain in headline EPS was attributed to growth in volumes and profitability in all the Group's South African and Scandinavian businesses. Southern Africa volumes were up 5%, driven by South Africa and Namibia increasing rental days by 11% and 31% respectively. The Scandinavian operations increased rental days by 17% off a 10% rise in transactions and the depreciated Rand boosted the contribution of these businesses significantly. Going forward management point to the Avis Fleet Services new partnership with Wesbank to manage the Barlowworld leasing fleet amongst the opportunities for the group. A distribution of 9 cents per share is payable on 9 December to shareholders registered on 29 November.