Alexander Forbes shareholders approve Investment Solutions purchase

By Staff Reporter for Alexander Forbes
Johannesburg, 22 Nov 2002

Alexander Forbes shareholders voted by 98.6% today to approve the purchase of the remaining shares in Investment Solutions, the country`s largest multi-manager.

According to a statement this approval was sought in order to facilitate the Empowerment transaction announced on 18th September. In terms of this transaction, Millennium Consolidated Investments (MCI) will lead the purchase of 30% of Alexander Forbes South Africa. Other shareholders include a broad-based Trust to ensure the benefits of the transaction are shared among a range of previously disadvantaged groups.

Rael Gordon, Alexander Forbes chief executive designate says, "I am pleased that the shareholders have given us their support, which now paves the way for us to implement the Empowerment transaction with MCI.

He says, "Our South African business is already seeing tangible benefits from our commitment to empowerment. The proposed shareholding is an important step and will be complimented by ongoing transformation within our business. I am very excited about the prospects as we work with our new partners to further the development and growth of Alexander Forbes."