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/ 28 April 2003

Mutual & Federal to acquire CGIC for R198,5m

South African listed short-term insurer Mutual & Federal (MAF) has made an offer to acquire the 65% interest in Credit Guarantee Insurance Corporation of Africa ltd (CGIC) that it does not already own for a cash consideration of R198,486-million, equating to R112 per CGIC share, Mutual & Federal announced on Thursday.