Re Directorate

RNS Number:8070X
Genbel South Africa Ld
25 January 2001

GENBEL DIRECTOR, ROB MAY, RETIRES

Johannesburg - January 25, 2001

A doyen of the investment world, Rob May, is retiring from the Gensec group at
the end of January and as a consequence he will also be retiring as managing
director of South Africa's leading investment trust, Genbel South Africa.

The Gensec group holds the contract for managing the Genbel portfolio and it
was in this capacity that Mr May was managing director. A director of Genbel
for 16 years and managing director since 1998, Mr May will remain on the board
as a non-executive director.

Anton Botha, a director of Genbel since 1985, has agreed to take over
management responsibility for the R900-million closed end investment trust for
the time being. It is envisaged that a permanent appointment will be made
before the end of Genbel's financial year, that is June 30.

Please note:

Genbel South Africa is South Africa's leading closed end investment trust with
a diversified portfolio of assets valued at around R900-million.

The fund invests in carefully selected South African companies, which exhibit
above average long-term growth prospects and it also has some assets invested
off shore. The company's main objective is to significantly outperform the JSE
Financial and Industrial Index and the company can borrow up to 10% of its net
asset value when considered appropriate.

Genbel's performance is measured by its growth in net asset value and market
capitalisation. Income criteria are unreliable guides to performance as
earnings fluctuate between reporting periods, as and when profits are
realised.



ends

ISSUED BY: PENELOPE GRACIE INVESTOR RELATIONS

ON BEHALF OF: GENBEL SOUTH AFRICA

FURTHER INFORMATION: PENELOPE GRACIE

CONTACT: OFFICE     +27 (11) 447-3301

HOME +27 (11) 442-6674

MOBILE 082-55-77-444


LONDON SECRETARIES:

Project Consultants Limited, Walnut House, Walnut Gardens, Claydon, Banbury,
Oxon OX17 1NA

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