Scheme of arrangement

RNS Number:3261A
Genbel South Africa Ld
23 August 2002

                          GENBEL SOUTH AFRICA LIMITED

                 (Incorporated in the Republic of South Africa)

                      (Registration number 1949/032379/06)

                     Share code: GBL    ISIN: ZAE 000010054

                                   ("Genbel")

                       Fulfilment of conditions precedent

The Genbel board of directors wishes to announce that the scheme of arrangement
proposed by Genbel Securities Limited in terms of Section 311 of the Companies
Act No. 61 of 1973 (as amended) between Genbel and its shareholders ("the scheme
"), was sanctioned by the High Court of South Africa (Witwatersrand Local
Division) on Tuesday, 20 August 2002 and the Order of Court sanctioning the
scheme has been lodged with and registered by the Registrar of Companies. All
conditions precedent to the scheme have accordingly been fulfilled.

Shareholders are reminded that the scheme will be concluded within the times set
out in the announcement published on Monday, 22 July 2002.

Johannesburg

23 August 2002



UK office

Project Consultants Limited

Walnut House

Walnut Gardens

Claydon

Banbury

Oxon

OX17 1NA




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END

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