Contact Details:

Macsteel Service Centre SA

7 Brook Road
Lillianton
Boksburg
Gauteng
1459
South Africa

Tel: +27 (0)11 871 0123

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Investec Bank plc (Investec) is pleased to provide the following update, in relation to the process whereby the shareholders of Macsteel Service Centres SA (MSCSA) intend to dispose of their equity interest therein.

 

 In the first quarter of this year a process, managed by Investec, was initiated inviting a select number of domestic and international parties to submit their interest in acquiring an equity interest in MSCSA.

 

 In terms of the process, qualifying prospective bidders were issued with an Information Memorandum containing relevant information of MSCSA to enable them to submit indicative offers.

 

 There has been a strong worldwide interest in the process which has culminated in the receipt by Investec of a number of indicative offers for 100% of the equity in MSCSA. The process will be imminently proceeding to a due diligence phase.

 

 Due to the number of prospective bidders significantly exceeding the available places in the due diligence investigation, only a limited number of bidders have been selected to proceed to this phase, post which the selected bidders will be requested to submit binding offers to acquire the MSCSA equity interest.