A consortium of investors has announced its intention to acquire the entire issued share capital of Tourvest.

The consortium is known as Bidco. Its members are Guma Tourism Holdings, a black-owned company which owns 51% of Bidco, Old Mutual, the IDC and members of Tourvest's management. The major shareholder in Guma is the respected business man Robert Gumede.

The offer follows the decision by Imperial to sell its stake in Tourvest in order to concentrate on its core businesses.

All the shareholders will meet in due couse to vote on this offer. If 75% accept it, Tourvest will become a wholly-owned subsidiary of Bidco and will be delisted from the JSE. (The consorium have recieved +/- 80% votes in favour already).

Through its offer, Bidco has given the clearest possible proof that it believes in Tourvest's management and strategies as well as our business philosophy and ethics. Bidco has also indicated that it will not make any material changes to Tourvest if its offer is accepted.

The BEE status of Tourvest together with the combination of new shareholders will streghten Tourvest and will be of benefit to all of us.