SEPHAKU HOLDINGS LIMITED - Dealings in securities by directors

21/11/2017

 SEP 201711210020A
Dealings in securities by directors

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
(“SepHold” or “the Company”)


DEALINGS IN SECURITIES BY DIRECTORS

In compliance with paragraph 3.63 of the JSE Listings Requirements, the following information is
disclosed in respect of the purchase of Sephaku ordinary shares by a director of the Company:

Name of director: Neil Crafford-Lazarus
Type of director: Executive director
Number and class of securities purchased: 11 750 ordinary shares
Date of transaction: 16 November 2017
Price: 279 cents per share
Total value: R32 782.50
Nature of transaction: On-market purchase
Nature of interest: Direct beneficial
Clearance given in terms of paragraph 3.66: Yes

Name of director: KJ Capes
Type of director: Executive director
Nature of transaction: On-market purchase
Nature of interest: Direct beneficial
Clearance given in terms of paragraph 3.66: Yes
Trade 1:
Number and class of securities purchased: 3 000 ordinary shares
Date of transaction: 17 November 2017
Price: 260 cents per share
Total value: R7 800.00
Trade 2:
Number and class of securities purchased: 2 000 ordinary shares
Date of transaction: 17 November 2017
Price: 274 cents per share
Total value: R5 480.00
Trade 3:
Number and class of securities purchased: 1 000 ordinary shares
Date of transaction: 17 November 2017
Price: 264 cents per share
Total value: R2 640.00
Trade 4:
Number and class of securities purchased: 10 000 ordinary shares
Date of transaction: 17 November 2017
Price: 268 cents per share
Total value: R26 800.00
Trade 5:
Number and class of securities purchased: 1 000 ordinary shares
Date of transaction: 17 November 2017
Price: 265 cents per share
Total value: R2 650.00

Centurion
21 November 2017
_______________________________________________________________________
Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210

Sponsor: Questco Corporate Advisory (Pty) Ltd

About Sephaku Holdings Limited
Sephaku Holdings Limited is a building and construction materials company with a portfolio of investments in the
cement sector in South Africa. The company's core investments are a 36% stake in Dangote Cement SA (Pty)
Ltd and 100% in Métier Mixed Concrete (Pty) Ltd. SepHold's strategy is to generate growth and realise value for
shareholders through the production of cement and ready mixed concrete in Southern Africa.
www.sephakuholdings.com

Date: 21/11/2017 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - Dealings by a director

14/11/2017

 SEP 201711140032A
Dealings by a director

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
("SepHold" or “the Company”)


DEALINGS BY A DIRECTOR

In compliance with paragraph 3.63 of the JSE Listings Requirements, the following information is
disclosed in respect of the purchase of Sephaku ordinary shares by a director of the Company:

Name of director: Neil Crafford-Lazarus
Type of director: Executive director
Nature of transaction: On-market purchase
Nature of interest: Direct beneficial
Clearance given in terms of paragraph 3.66: Yes
Trade 1:
Number and class of securities purchased: 4 000 ordinary shares
Date of transaction: 13 November 2017
Price: 260 cents per share
Total value: R10 400
Trade 2:
Number and class of securities purchased: 8 600 ordinary shares
Date of transaction: 13 November 2017
Price: 265 cents per share
Total value: R22 790
Trade 3:
Number and class of securities purchased: 10 000 ordinary shares
Date of transaction: 14 November 2017
Price: 265 cents per share
Total value: R26 500

Centurion
14 November 2017
_______________________________________________________________________
Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210

Sponsor: Questco Corporate Advisory (Pty) Ltd

About Sephaku Holdings Limited

Sephaku Holdings Limited (“SepHold”) is a building and construction materials company with a portfolio of investments in the
cement sector in South Africa. The company's core investments are a 36% stake in Sephaku Cement (Pty) Ltd and 100% in
Métier Mixed Concrete (Pty) Ltd. The strategy of SepHold is to generate growth and realise value for shareholders through the
production of cement and ready mixed concrete in Southern Africa.

Date: 14/11/2017 12:38:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - Unaudited interim financial results for the six months ended 30 September 2017

09/11/2017

 SEP 201711090010A
Unaudited interim financial results for the six months ended 30 September 2017

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459

Unaudited interim financial results for the six months ended 30 September 2017

Cement performance comparatively weaker for the first six months but strong recovery in post period.
Metier revenue flat with increased cost attributable to twelfth plant.

Sephaku Holdings Limited ("SepHold" or "the Company") hereby announces the group's unaudited financial results for
the six months ended 30 September 2017. SepHold, Metier Mixed Concrete Proprietary Limited ("Metier" or "the
subsidiary") and Dangote Cement South Africa Proprietary Limited ("CEMENT" or "the associate") are collectively
referred to as the group.

SALIENT POINTS

- Group net profit decreased by R10,45 million from R25,25 million to R14,80 million
- Basic earnings per share decreased by 5,20 cents from 12,49 cents to 7,29 cents
- Net asset value increased by 25,45 cents per share from 463,04 cents to 488,49 cents
- Metier earnings decreased by R5,86 million from R37,55 million to R31,69 million
- For the six months ended 30 June 2017, CEMENT's* equity accounted earnings reduced by R6,76 million from the prior
year profit of R0,97 million to a loss of R5,79 million
- However, as reported by Dangote Cement PLC, in the subsequent quarter, ending 30 September 2017, CEMENT* recorded a
profit of R32 million.

COMMENTARY

Commenting on the results, Chief Executive Officer, Dr Lelau Mohuba said, "In the first six months of the calendar
year CEMENT had a weak performance recording a loss of R16 million due to a 5% decrease in sales volumes, partially
caused by the heavy rainfalls in February. However, I am pleased to report that there was recovery in the cement
sales volumes during the third quarter as well as increased prices. This, coupled with improved cost control, saw
CEMENT achieving a profit of R32 million for the third quarter, of which SepHold's equity earnings were
approximately R12 million.

On the Metier side, turnover remained flat at R447 million for the 12 plants compared to 11 plants in the previous
year, thereby marginally increasing the overhead costs and decreasing the earnings. The twelfth plant has enabled
the subsidiary to access additional markets in Gauteng."

*CEMENT, as a subsidiary of Dangote Cement PLC, has a December year-end.

Financial review

Group
The group revenue was R447,82 million compared to R447,95 million for the previous interim period ("FY 2017").
Although Metier was able to implement a marginal increase of 1.9% in the unit price of mixed concrete, the volumes
were slightly lower resulting in the flat revenue. The group earnings before interest and tax ("EBIT") was
R33,90 million (FY 2017: R48,63 million) with SepHold operational expenses at R10,83 million (FY 2017: R13,25 million).
The group's net profit for the period was R14,80 million compared to the R25,25 million recorded in the comparative period.

Metier
Metier's gross profit was R184,87 million compared to R190,04 million due to the challenging trading conditions in
which the subsidiary continued to experience intense price competition for supply contracts resulting in limited
ability to improve prices. Metier's earnings before interest, tax, depreciation and amortisation ("EBITDA") margin
decreased to 13.01% (FY 2017: 16.4%) and EBIT from R60,85 million (13.6%) to R50,53 million (11.3%) mainly due to
the lower volumes and marginal increase in overhead expenses from the twelfth plant that commenced production in
March 2017. Therefore, Metier's net profit decreased from R37,55 million to R31,69 million.

CEMENT*
CEMENT's average price per tonne was 1.4% higher, however volumes decreased by 4.9% year on year resulting in the
revenue decreasing by 3.6% to R1,104 billion (FY 2016: R1,145 billion) for the six months ended 30 June 2017. The
associate was successful in increasing prices for both bagged and bulk cement in all markets in February 2017. The
reduction in sales volumes was mainly due to the heavy rainfalls in February and the initial market response to the
price increases due to competitors delaying their increases. Consequently, the EBITDA margin decreased to 17.8%
(FY 2016: 19.3%) and the associate recorded a net loss of R16,09 million (FY 2016: R2,68 million profit) of which a
loss of R5,79 million was equity accounted for by SepHold.

Post - period

Revised CEMENT debt payment profile

On 18 September 2017, CEMENT's lenders consortium collectively agreed to change the repayment profile of the
remaining R1,8 billion on the project loan to increasing capital amounts. The review was subject to a capital
injection of R95 million by the two shareholders, which was settled in full by Dangote Cement PLC ("DCP") on
2 October 2017, in line with the terms of the shareholder relationship agreement between SepHold and DCP. SepHold
has an option to pay DCP its 36% portion of R34,2 million at a future date still to be determined.

Financial results for third quarter to 30 September 2017
Following the DCP results released on 19 October 2017 for the nine months ended 30 September 2017, CEMENT increased
its quarterly revenue by 14.2% to R656,59 million (FY 2016: R574,89 million) for the three months ending September
2017. The increase in revenue was as a result of a 9.6% increase in quarterly volumes and the average price
increase per tonne of 2% - 3% implemented in August that has sustained in most markets. The EBITDA achieved was
22.7% at R149 million and these CEMENT quarterly results will be equity accounted in the SepHold audited financial
results for the twelve months ending 31 March 2018.

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS
for the six months ended 30 September 2017

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30 September 2017 30 September 2016 31 March 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
Assets
Non-current assets
Property, plant and equipment 141 632 135 254 142 798
Goodwill 223 422 223 422 223 422
Investment in associate 738 048 720 005 743 843
Other non-current assets 18 682 5 735 17 800
Total non-current assets 1 121 784 1 084 416 1 127 863

Current assets
Inventories 16 289 11 683 16 972
Trade and other receivables 132 987 113 257 121 614
Cash and cash equivalents 26 490 38 301 44 757
Other current assets 864 13 726 -
Total current assets 176 630 176 967 183 343
Total assets 1 298 414 1 261 383 1 311 206

Equity and liabilities
Equity attributable to equity holders of the parent 1 003 699 939 822 983 880

Non-current liabilities
Other financial liabilities 180 660 214 116 180 133
Deferred income 1 895 - 2 233
Deferred taxation 21 255 19 620 19 697
Total non-current liabilities 203 710 233 736 202 063

Current liabilities
Other financial liabilities 18 386 6 625 35 803
Trade and other payables 67 842 75 875 84 272
Other current liabilities 4 777 5 325 5 188
Total current liabilities 91 005 87 825 125 263
Total liabilities 294 715 321 561 327 326
Total equity and liabilities 1 298 414 1 261 383 1 311 206

Net asset value per share (cents) 488,49 463,04 484,74
Tangible net asset value per share (cents) 378,35 350,92 372,83
Ordinary shares in issue 205 469 487 202 969 487 202 969 487

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 6 months ended 12 months ended
30 September 2017 30 September 2016 31 March 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
Revenue 447 822 447 945 839 985
Cost of sales (262 950) (257 903) (483 668)
Gross profit 184 872 190 042 356 317
Other income 1 740 1 195 2 429
Operating expenses (146 912) (143 573) (273 996)
Operating profit 39 700 47 664 84 750
Investment income 2 191 3 445 7 172
Profit/(loss) from equity accounted investments (5 795) 966 24 804
Finance costs (11 646) (14 126) (26 695)
Profit before taxation 24 450 37 949 90 031
Taxation (9 645) (12 701) (21 892)
Profit for the period 14 805 25 248 68 138
Total comprehensive income for the period 14 805 25 248 68 138

Basic earnings per share (cents) 7,29 12,49 33,63
Diluted earnings per share (cents) 7,25 12,41 33,36

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months ended 6 months ended 12 months ended
30 September 2017 30 September 2016 31 March 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash flows from operating activities

Cash generated from operations 22 653 56 299 96 979
Interest income 2 191 4 057 7 172
Finance costs (11 009) (14 315) (24 320)
Taxation paid (9 459) (11 728) (19 049)
Net cash from operating activities 4 376 34 313 60 782

Cash flows from investing activities

Purchase of property, plant and equipment (7 021) (14 191) (28 535)
Sale of property, plant and equipment 957 1 070 1 852
Loans repaid 949 1 158 349
Investment increase in associate - (48 572) (48 572)
Government grant received - 556 1 153
Net cash (utilised in) investing activities (5 115) (59 979) (73 753)

Cash flows from financing activities

Proceeds on share issue - 2 453 2 453
Facility raising fee paid - - (761)
Repayment of other financial liabilities (17 538) (29 200) (35 195)
Increase in loans with group companies - (517) -
Net cash (utilised in) financing activities (17 528) (27 264) (33 503)
Total cash movement for the period (18 267) (52 930) (46 474)
Cash at beginning of period 44 757 91 231 91 231
Cash at end of period 26 490 38 301 44 757

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total share Total Retained Total
capital Reserves earnings equity
R'000 R'000 R'000 R'000

Balance at 31 March 2016 - Audited 632 950 18 911 258 731 910 592
Total comprehensive income for the period - - 25 248 25 248
Issue of shares 2 453 - - 2 453
Employees' share option scheme - (189) 1 718 1 529

Balance at 30 September 2016 - Unaudited 635 403 18 722 285 697 939 822
Total comprehensive income for the period - - 42 890 42 890
Issue of shares - - - -
Employees' share option scheme - 540 628 1 168

Balance at 31 March 2017 - Audited 635 403 19 262 329 215 983 880
Total comprehensive income for the period - - 14 805 14 805
Issue of shares 6 700 - - 6 700
Employees' share option scheme - 1 479 (3 165) (1 686)

Balance at 30 September 2017 - Unaudited 642 103 20 741 340 855 1 003 699

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS

Basis of preparation
The condensed consolidated interim financial results for the six months ended 30 September 2017 ("interim reporting
period") have been prepared in accordance with IAS 34: Interim Financial Reporting, the requirements of the
JSE Limited Listings Requirements, the Companies Act, 2008, the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and the Financial Pronouncements as issued by the Financial Reporting Standards
Council. The interim financial results are prepared in accordance with International Financial Reporting Standards
("IFRS"). The results have been prepared on a historical cost basis, except for the measurement of land at revalued
amounts. The fair value and useful life of this asset will be assessed at the 2018 year-end. The accounting
policies for the interim reporting period are consistent with those applied in the annual financial statements for
the group for the year ended 31 March 2017.

The preparation of the interim financial results has been supervised by NR Crafford-Lazarus CA (SA).
These interim results have not been reviewed or reported on by the group's auditors.

Net asset value per share and earnings per share
6 months ended 6 months ended 12 months ended
30 September 2017 30 September 2016 31 March 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
Net asset value and tangible net asset value per share

Total assets 1 298 414 1 261 383 1 311 206
Total liabilities (294 715) (321 561) (327 326)
Net asset value attributable to equity holders of parent 1 003 699 939 822 983 880
Goodwill (223 422) (223 422) (223 422)
Intangible assets (4 015) (5 735) (5 162)
Deferred tax raised on intangible assets 1 124 1 605 1 445
Tangible net asset value 777 386 712 270 756 741
Shares in issue 205 469 487 202 969 487 202 969 487
Net asset value per share (cents) 488,49 463,04 484,74
Tangible net asset value per share (cents) 378,35 350,92 372,83

Reconciliation of basic earnings to diluted earnings and headline earnings:

Basic profit and diluted profit from total operations
attributable to equity holders of the parent 14 805 25 248 68 138

(Profit)/loss on sale of non-current assets (524) (374) (743)

Total taxation effect of adjustments 147 105 208
Headline earnings attributable to equity holders of the parent 14 428 24 979 67 603

Reconciliation of weighted average number of shares:

Basic weighted average number of shares 203 072 227 202 080 131 202 609 094
Diluted effect of share options 1 150 742 1 304 252 1 641 560
Diluted weighted average number of shares 204 222 969 203 384 383 204 250 654
Basic earnings per share (cents) 7,29 12,49 33,63
Diluted earnings per share (cents) 7,25 12,41 33,36
Headline earnings per share (cents) 7,10 12,36 33,37
Diluted headline earnings per share (cents) 7,06 12,28 33,10

Segment information
The segments identified are based on the operational and financial information reviewed by management for
performance assessment and resource allocation. There has been no change in the basis of operational segmentation
or in the basis of measurement of segment profit or loss since the 2017 annual financial statements.

Ready-mixed Head office Group
concrete and consolidation totals
R'000 R'000 R'000
for the 6 months ended 30 September 2017 - Unaudited
Segment revenue - external revenue 447 822 - 447 822
Segment cost of sales (262 950) - (262 950)
Segment expenses (136 086) (10 826) (146 912)
Profit from equity-accounted investment - (5 795) (5 795)
Segment profit/(loss) after taxation 31 689 (16 884) 14 805
Taxation (9 966) 321 (9 645)
Interest received 2 190 1 2 191
Interest paid (11 643) (3) (11 646)
Depreciation and amortisation (7 718) (1 183) (8 901)
Segment assets 439 952 858 462 1 298 414
Investment in associate included in the above
total segment assets - 738 048 738 048
Capital expenditure included in segment assets 6 998 23 7 021
Segment liabilities (293 538) (1 177) (294 715)

for the 6 months ended 30 September 2016 - Unaudited
Segment revenue - external revenue 447 945 - 447 945
Segment cost of sales (257 903) - (257 903)
Segment expenses (130 324) (13 249) (143 573)
Profit from equity-accounted investment - 966 966
Segment profit/(loss) after taxation 37 545 (12 297) 25 248
Taxation (13 183) 482 (12 701)
Interest received 3 388 57 3 445
Interest paid (14 126) - (14 126)
Depreciation and amortisation (12 392) (1 755) (14 147)
Segment assets 415 396 845 987 1 261 383
Investment in associate included in the above
total segment assets - 720 005 720 005
Capital expenditure included in segment assets 13 822 369 14 191
Segment liabilities (318 404) (3 157) (321 561)

During 2017, the group streamlined the allocation of segment expenses between the different business segments. The
effects of the reclassification on the comparative figures for the period ended 30 September 2016 are as follows:

Segment Segment profit/(loss)
expenses after taxation
R'000 R'000
Decrease in Ready-mixed concrete segment 3 874 3 874
Increase in Head office segment (3 874) (3 874)

The only commodity actively managed by Metier is ready-mixed concrete. The group does not rely on any single
external customer or group of entities under common control for 10% or more of the group's revenue as disclosed in
the interim financial results. CEMENT is an associate of SepHold. No segment report has been presented for CEMENT
as the amounts attributable to CEMENT have been included in the "head office segment".

Cost of sales
Discounts received from suppliers have been reclassified to cost of sales to allow for more accurate reporting.
The effect of the reclassification on the comparative figures for the period ended 30 September 2016 are as
follows:

Profit or Loss GROUP
6 months ended 6 months ended
30 September 2017 30 September 2016
unaudited unaudited
R'000 R'000
Decrease in cost of sales - 9 442
Decrease in other income - (9 442)

Statement of going concern
The interim financial results have been prepared on the basis of accounting policies applicable to a going concern.
This basis presumes that funds will be available to finance future operations and that the realisation of assets
and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of
business.

Stated capital
Prior to 30 September 2017, the company issued 2 500 000 shares at a price of R2.68 per share for no cash
consideration, in respect of options in terms of the Sephaku Share Incentive Scheme that were deemed to expire on
15 October 2017. Due to the company being in a closed period on date of expiry, the option holders are entitled to
exercise their rights within 90 days thereafter, at which date the cash consideration of R2.68 per share will be
received by the company.

Events after the interim reporting period
The directors are not aware of any material fact or circumstance arising between the end of the interim reporting
period and the date of this report that would require adjustments to or disclosure in the interim financial
results.

Change to the board of directors
In compliance with paragraph 3.59(b) of the Listings Requirements of the JSE Limited, the SepHold board of
directors hereby advises shareholders that Ms. Basani Maluleke ("Ms. Maluleke"), an independent non-executive
director, resigned from the board with immediate effect on 30 October 2017, as a result of taking on additional
executive responsibilities at her current employer, African Bank. Ms. Maluleke was appointed to the board on
9 November 2016 and served as a member of the audit and risk committee as well as the social and ethics committee.
Although Ms. Maluleke's tenure was short, she contributed immensely to the group. The board would like to thank
Ms. Maluleke for her contribution to the company and wishes her well in her future endeavours.

Change to the Company Secretary
There were no changes to the Company Secretary during the interim reporting period under review.

Company information
Directors
B Williams> (chairman)
MJ Janse van Rensburg>
PM Makwana>
MM Ngoasheng>
B Maluleke>
J Pitt> ~
Dr L Mohuba* (chief executive officer)
NR Crafford-Lazarus* (financial director)
RR Matjiu^
KJ Capes*
PF Fourie^
*Executive >Independent ~Alternate ^Non-executive

Company secretary
Acorim Proprietary Limited
Telephone: +27 11 325 6363

Registered office
Southdown Office Park
First floor, Block A
Corner Karee and John Vorster Streets
Irene, X54, 0062
Telephone: +27 12 612 0210

Transfer secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196
PO Box 61051, Marshalltown, 2017, South Africa
Telephone: +27 11 370 5000

JSE sponsor
Questco Corporate Advisory Proprietary Limited
Telephone: +27 11 011 9200

Analyst results presentation conference call
A presentation conference call for analysts will be held on 9 November 2017 at 1100hs CAT.
The results presentation can also be downloaded from the Company website: www.sephakuholdings.com.
Registration is required to get access code to the call through the link below.

SEPHAKU HOLDINGS FY 2018 INTERIM RESULTS PRESENTATION FOR THE PERIOD ENDED 30 SEPTEMBER 2017

HD Webphone
South Africa toll free: 0 800 203 599
Conference Replay: 011 305 2030
Playback code: 18697

On behalf of the board
Pretoria
Chief executive officer Financial director
Dr. Lelau Mohuba Neil Crafford Lazarus

9 November 2017

Enquiries contact:
Sakhile Ndlovu
Sephaku Holdings
Investor Relations
Telephone: 012 612 0210
Sponsor to Sephaku Holdings: Questco Corporate Advisory (Pty) Ltd

About Sephaku Holdings Limited
Sephaku Holdings Limited is a building and construction materials company with a portfolio of investments in the
cement sector in South Africa. The company's core investments are a 36% stake in Dangote Cement SA (Pty) Ltd and
100% in Metier Mixed Concrete (Pty) Ltd. SepHold's strategy is to generate growth and realise value for
shareholders through the production of cement and ready mixed concrete in Southern Africa.
www.sephakuholdings.com

Date: 09/11/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - Trading Statement for the unaudited interim group results for six months ended 30 September 2017 and change to board

01/11/2017

 SEP 201711010068A
Trading Statement for the unaudited interim group results for six months ended 30 September 2017 and change to board

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
("SepHold" or “the Company”)


TRADING STATEMENT FOR THE UNAUDITED INTERIM GROUP FINANCIAL RESULTS FOR THE
SIX MONTHS ENDED 30 SEPTEMBER 2017 AND CHANGE TO THE BOARD OF DIRECTORS


In terms of the JSE Limited (“JSE”) Listings Requirements, companies are required to publish a trading
statement as soon as they are satisfied, with a reasonable degree of certainty, that the financial results
for the period to be reported upon next will differ by at least 20% from those of the previous
corresponding reporting period. SepHold is in the process of finalising its interim results for the six
months ended 30 September 2017, which will be released on SENS on or about 9 November 2017 and
published in the press on or about 10 November 2017 (“interim results announcement”).

Accordingly, shareholders are advised that, for the six months ended 30 September 2017, when
compared to the six months ended 30 September 2016 (“FY2017”):

• earnings per share (“EPS”) of the Company is expected to be between 7.14 and 7.45 cents per
share (FY2017: 12.49 cents per share), being a decrease of between 43% and 40% from the EPS
reported for the six months ended 30 September 2016; and

• headline earnings per share (“HEPS”) of the Company is expected to be between 6.96 and 7.24
cents per share (FY2017: 12.36 cents per share), being a decrease of between 44% and 41% from
the HEPS reported for the six months ended 30 September 2016.

To provide further guidance to shareholders, the Company is pleased to report that the Dangote Cement
PLC financial results released on 19 October 2017 for the nine months ended 30 September 2017,
showed that Dangote Cement South Africa Proprietary Limited (“CEMENT” or “the associate”)
increased its quarterly revenue by 14.2% to R656,59 million (2016: R574,89 million) for the three
months ending 30 September 2017. The increase in revenue was as a result of a 9.6% increase in
quarterly volumes and the average price increase per tonne of 2% - 3% implemented in August. The
associate achieved a quarterly profit of R32 million turning the loss of R16 million for the first six months
ended 30 June 2017 into a profit of R16 million for the nine months ended 30 September 2017. These
CEMENT quarterly results will be accounted for in the SepHold audited financial results for the twelve
months ending 31 March 2018.

The financial information on which this trading statement is based has not been reviewed or reported
on by the Company's external auditors.

Change to the board of directors

In compliance with paragraph 3.59(b) of the JSE Listing Requirements, the SepHold board of directors
hereby advises shareholders that Ms. Basani Maluleke (“Ms. Maluleke”), resigned from the board as
an independent non-executive director, with immediate effect on 30 October 2017. She has taken
additional executive responsibilities at her current employer, African Bank. Ms. Maluleke was appointed
to the board on 9 November 2016 and served as a member of the audit and risk committee as well as
the social and ethics committee. Although Ms. Maluleke's tenure was short, she contributed immensely
to the group. The board would like to thank Ms. Maluleke and wishes her well in her future endeavours.


Centurion
1 November 2017
_______________________________________________________________________
Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210

Sponsor to Sephaku Holdings: Questco Corporate Advisory (Pty) Ltd

About Sephaku Holdings Limited

Sephaku Holdings Limited (“SepHold”) is a building and construction materials company with a portfolio of investments in the
building materials industry in South Africa. The company's core investments are a 36% stake in Dangote Cement South Africa
Proprietary Limited who manufacture the Sephaku Cement brand and 100% in Métier Mixed Concrete Proprietary Ltd. SepHold's
strategy is to generate growth and realise value for shareholders through the production of cement and ready mixed concrete in
Southern Africa.

Date: 01/11/2017 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - Investor presentation

28/09/2017

 SEP 201709280002A
Investor presentation

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
(“SepHold” or “the company”)

Investor presentation

SepHold would like to inform its shareholders that the company will be participating at the RMB Morgan
Stanley OFF PISTE conference on 28 and 29 September 2017 in Cape Town and has uploaded the
investor presentation on the website – www.sephakuholdings.com . The presentation provides a
summary of the group's performance which encompasses SepHold, Métier Mixed Concrete (Pty) Ltd
(“Métier”) and Dangote Cement SA (Pty) Ltd (“CEMENT”) for the past financial year and includes
updates on the operational performance.


CEMENT implemented a weighted average price increase of 2% in August and the prices have
sustained in most markets. SepHold through its 100% owned subsidiary, Sephaku Investment Holdings
(Pty) Ltd, is engaging with key stakeholders for a mining permit for a joint venture aggregates project
which is targeted to secure the supply of aggregates to Métier operations in the foreseeable future.


Chief Executive Officer
Dr. Lelau Mohuba

28 September 2017
_______________________________________________________________________________

Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210

Sponsor: Questco Corporate Advisory (Pty) Ltd


About Sephaku Holdings Limited

Sephaku Holdings Limited is a building and construction materials company with a portfolio of investments in the cement and
mixed concrete sectors in South Africa. The company's core investments are a 36% stake in Dangote Cement South Africa (Pty)
Ltd and 100% in Métier Mixed Concrete (Pty) Ltd. SepHold's strategy is to generate income and realise value for shareholders
through the production of cement and ready mixed concrete in Southern Africa.

www.sephakuholdings.com

Date: 28/09/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - Results of the Annual General Meeting

21/09/2017

 SEP 201709210045A
Results of the Annual General Meeting

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
(“SepHold” or “the Company”)


Results of the Annual General Meeting


Shareholders are advised that at the Annual General Meeting of SepHold shareholders held today,
21 September 2017, all the ordinary and special resolutions proposed thereat, were approved by the
requisite majority of votes. The voting results are set out hereunder:


Resolutions: Shares voted Votes Votes Votes
Abstained for against
Number % (1) % (1) % (2) % (2)
Ordinary resolution number 1.1 112 315 645 55.34 0.06 100.00 0.00
Re-election of B Williams as a
director

Ordinary resolution number 1.2 112 315 645 55.34 0.06 98.42 1.58
Re-election of PF Fourie as a
director

Ordinary resolution number 1.3 112 315 645 55.34 0.06 99.89 0.11
Ratification of the appointment of
B Maluleke as a director

Ordinary resolution number 2 112 315 645 55.34 0.06 99.89 0.11
Re-appointment of Grant Thornton
Johannesburg Partnership as the
Company's auditor

Ordinary resolution number 3.1 112 315 645 55.34 0.06 99.90 0.10
Appointment of PM Makwana as a
member of the Audit and Risk
Committee

Ordinary resolution number 3.2 112 315 645 55.34 0.06 100.00 -
Appointment of MJ Janse van
Rensburg as a member and the
Chairman of the Audit and Risk
Committee

Ordinary resolution number 3.3 112 315 645 55.34 0.06 99.90 0.10
Appointment of B Maluleke as a
member of the Audit and Risk
Committee

Ordinary resolution number 4 112 299 197 55.33 0.07 94.59 5.41
General authority to issue shares
for cash

Ordinary resolution number 5 112 249 241 55.30 0.09 94.34 5.66
Non-binding advisory vote
regarding the Company's
remuneration policy

Ordinary resolution number 6 112 313 291 55.34 0.06 99.90 0.10
Directors' authorising resolution

Special resolution number 1 112 383 551 55.37 0.02 99.92 0.08
General authority to repurchase
securities

Special resolution number 2 112 263 735 55.31 0.08 99.90 0.10
Non-executive directors'
remuneration

Special resolution number 3 112 299 197 55.33 0.07 97.62 2.38
General authority regarding the
provision of financial assistance
per section 44 of the Companies
Act

Special resolution number 4 109 850 206 54.12 1.27 95.88 4.12
General authority regarding the
provision of financial assistance to
present or future subsidiaries per
section 45 of the Companies Act

Notes:
1. As a percentage of total shares in issue.
2. As a percentage of shares voted.

Chief Executive Officer
Dr Lelau Mohuba

21 September 2017
_______________________________________________________________________________

Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210

Sponsor to Sephaku Holdings: Questco Corporate Advisory (Pty) Ltd


About Sephaku Holdings Limited

Sephaku Holdings Limited is a building and construction materials company with a portfolio of investments in the cement and
mixed concrete sectors in South Africa. The company's core investments are a 36% stake in Dangote Cement South Africa (Pty)
Ltd and 100% in Métier Mixed Concrete (Pty) Ltd. SepHold's strategy is to generate income and realise value for shareholders
through the production of cement and ready mixed concrete in Southern Africa.

www.sephakuholdings.com

Date: 21/09/2017 05:07:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - Update on the review of the CEMENT loan repayment profile and correction to the Notice of Annual General Meeting

18/09/2017

 SEP 201709180039A
Update on the review of the CEMENT loan repayment profile and correction to the Notice of Annual General Meeting

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
(“SepHold” or “the company”)


Update on the review of the CEMENT loan repayment profile and correction to the Notice of
Annual General Meeting

Lenders review the repayment profile to alleviate pressure on the debt service cover ratio


SepHold is pleased to announce that, the loan repayment profile of the Dangote Cement SA Proprietary
Limited (“CEMENT”) project loan (“the Project Loan”) has been reviewed by CEMENT's lenders to
eliminate pressure on the debt service ratio covenant. The review has been agreed in principle and the
amendments will be effective when an equity injection totalling R95 million has been received by
CEMENT from the shareholders within the next three weeks.

Background and original repayment profile
The Project Loan of R1.95 billion had a tenor of 10 years from 1 November 2012 with a 36-month
payment holiday and with the loan capital being repayable in 28 equal quarterly instalments. The Project
Loan attracted an interest rate equal to the 3-month JIBAR rate plus a margin of 400 basis points (“bps”)
and accrued interest during the payment holiday was capitalised against the Project Loan to a final debt
amount of R2.4 billion. Debt covenants included a loan life cover ratio of greater than or equal to 1.5;
a debt service cover ratio of greater than or equal to 1.3; a reserve tail ratio greater than or equal to
30% and a gearing ratio of less than or equal to 75:25.

Project Loan repayments to date
Since CEMENT started the capital repayments in the first quarter of 2016, a total of R600 million, which
constitutes 25% of the capital amount, has been repaid to date. The highly competitive market and
downward pressure on cement pricing during CEMENT's financial year ended 31 December 2016,
resulted in the debt service cover ratio being increasingly under pressure. The debt service cover ratio
for the financial year ended 31 December 2016 was 1.23 instead of the requisite 1.30, resulting in a
R135 million equity injection by the shareholders, SepHold and Dangote Cement Plc (“DCP”). The
lenders agreed to condone this breach and the forecast breaches for the measurement periods ending
30 June 2017, 31 December 2017 and 30 June 2018.

Revised payment profile
The lenders consortium has collectively agreed to change the repayment profile of the remaining R1.8
billion on the Project Loan from equal capital instalments to increasing capital amounts over the next
five years. The annual instalments as a proportion of the outstanding debt would amount to
approximately 10% in 2018; 15% in 2019 and the balance of 75% over the final three years. The
covenants have been maintained at the original levels, but the interest rate has been increased by 50
bps to JIBAR plus 450 bps.

Requisite contribution from shareholders
A capital injection of R95 million required, will be settled in full by DCP within the next three weeks in
line with the terms of the relationship agreement between SepHold and DCP. Subsequently, SepHold
will be required to make a payment of R34.2m at a future date, still to be determined between SepHold
and DCP, to avoid the dilution of SepHold's 36% interest in CEMENT. In the event that the contribution
is not made and based on the valuation used for the last subscription, SepHold's interest in CEMENT
will decrease to just below 35%.

Correction of the profit before tax figure disclosed in the Notice of Annual General Meeting
Shareholders are referred to the SENS announcement, dated 23 August 2017, which advised of the
distribution and availability of the Notice of Annual General Meeting (“Notice”) and are advised that the
profit before taxation figure, contained in Annexure 1 of that Notice, was incorrectly stated as
R 890 030 675 and should have been R 90 030 675. This amount was correctly reported in the annual
financial statements, annual review and the provisional results released on SENS on 30 June 2017.

Chief Executive Officer
Dr. Lelau Mohuba

18 September 2017
_______________________________________________________________________________

Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210

Sponsor to Sephaku Holdings: Questco Corporate Advisory (Pty) Ltd


About Sephaku Holdings Limited

Sephaku Holdings Limited is a building and construction materials company with a portfolio of investments in the cement and
mixed concrete sectors in South Africa. The company's core investments are a 36% stake in Dangote Cement South Africa (Pty)
Ltd and 100% in Métier Mixed Concrete (Pty) Ltd. SepHold's strategy is to generate income and realise value for shareholders
through the production of cement and ready mixed concrete in Southern Africa.

www.sephakuholdings.com

About Dangote Cement South Africa Proprietary Limited (“CEMENT or the associate”)

CEMENT specialises in manufacturing, marketing and distributing high-quality cementitious products to a broad range of users.
Its integrated cement plant in Aganang and grinding plant in Delmas have a combined production capacity of 2,8 million tonnes
per annum (mtpa) (Delmas 1,5 mtpa and Aganang 1,3 mtpa). Its bagged products are well known and are available at major
hardware retailers and numerous second-tier distributors. The associate has been increasing its sales volumes among bulk
cement users, particularly ready-mix concrete manufacturers.

CEMENT operates at steady-state production capacity and supplies primarily to Gauteng, Limpopo, Mpumalanga, North West
and northern KwaZulu-Natal markets. In the 2016 financial year, approximately 80% (2015: 80%) of sales volumes were in
bagged cement. Gauteng continues to be the largest and most contested inland market.

Overall, 64% of CEMENT is owned by DCP, a Nigerian Stock Exchange-listed company with projects and operations in Nigeria
and 14 other African countries. Refer to www.dangcem.com for further information on DCP.

www.sephakucement.co.za

Date: 18/09/2017 04:29:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - No change statement notice of annual general meeting and update on the review of the CEMENT loan repayment profile

23/08/2017

 SEP 201708230035A
No change statement, notice of annual general meeting and update on the review of the CEMENT loan repayment profile

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
(“SepHold” or “the Company”)

No change statement, notice of annual general meeting and update on the review of the CEMENT loan repayment profile

Review of the loan repayment profile by the lenders significantly advanced


No change statement
Shareholders are advised that:
• the Company's Integrated Annual Review and Annual Financial Statements (collectively “the
Annual Report”) in respect of the year ended 31 March 2017 are available on the Company's
website (www.sephakuholdings.com); and
• a Letter to Shareholders containing, inter alia, the summarised audited financial results for the
year ended 31 March 2017 and the notice of the annual general meeting has, today, been
distributed to shareholders and is also available on the Company's website
(www.sephakuholdings.com).
The audited annual financial statements contain no modifications to the provisional financial results
for the year ended 31 March 2017, which were released on SENS on 30 June 2017.

Notice of the Annual General Meeting
Notice is hereby given that the Annual General Meeting (“AGM”) of shareholders will be held at the
Oval conference room, Centurion Lake Hotel, 1001 Lenchen Avenue North, Centurion on Thursday,
21 September 2017 at 11:00 to transact the business as set out in the notice. The salient dates
relevant to the AGM are set out below:
2017

Record date for determining those shareholders entitled to receive Friday, 11 August
the notice of AGM
Last day to trade in order to be eligible to participate in, and vote at
the AGM Tuesday, 12 September
Record date (for voting purposes at the AGM) Friday, 15 September
Forms of proxy for the AGM to be lodged by 11:00 on* Tuesday, 19 September


*Any proxies not lodged by this time may be handed to the chairperson of the AGM immediately prior
to the AGM.

Review of the CEMENT loan repayment profile
The Company is pleased to advise that the review of the Dangote Cement SA (Pty) Ltd (“CEMENT” or
“the associate”) loan repayment profile by the lenders to eliminate the pressure on the debt service
ratio covenant is close to a satisfactory conclusion. The revised payment profile should be concluded
by the end of August rather than 31 July as previously disclosed. The month delay has essentially
been due to a lag in the administrative processes and completion of legal agreements. The Company
will provide a detailed announcement as soon as the agreement is finalised.


Chief Executive Officer
Dr. Lelau Mohuba

23 August 2017
_______________________________________________________________________________

Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210

Sponsor to Sephaku Holdings: Questco Corporate Advisory (Pty) Ltd


About Sephaku Holdings Limited

Sephaku Holdings Limited is a building and construction materials company with a portfolio of investments in the cement and
mixed concrete sectors in South Africa. The company's core investments are a 36% stake in Dangote Cement South Africa
(Pty) Ltd and 100% in Métier Mixed Concrete (Pty) Ltd. SepHold's strategy is to generate income and realise value for
shareholders through the production of cement and ready mixed concrete in Southern Africa.

www.sephakuholdings.com


About Dangote Cement South Africa Proprietary Limited (“CEMENT or the associate”)

CEMENT specialises in manufacturing, marketing and distributing high-quality cementitious products to a broad range of users.
Its integrated cement plant in Aganang and grinding plant in Delmas have a combined production capacity of 2,8 million tonnes
per annum (mtpa) (Delmas 1,5 mtpa and Aganang 1,3 mtpa). Its bagged products are well known and are available at major
hardware retailers and numerous second-tier distributors. The associate has been increasing its sales volumes among bulk
cement users, particularly ready-mix concrete manufacturers.

CEMENT operates at steady-state production capacity and supplies primarily to Gauteng, Limpopo, Mpumalanga, North West
and northern KwaZulu-Natal markets. In the 2016 financial year, approximately 80% (2015: 80%) of sales volumes were in
bagged cement. Gauteng continues to be the largest and most contested inland market.

Overall, 64% of CEMENT is owned by DCP, a Nigerian Stock Exchange-listed company with projects and operations in Nigeria
and 14 other African countries. Refer to www.dangcem.com for further information on DCP.

www.sephakucement.co.za

Date: 23/08/2017 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - Provisional financial results for the year ended 31 March 2017

30/06/2017

 SEP 201706300001A
Provisional financial results for the year ended 31 March 2017

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459

Provisional financial results for the year ended 31 March 2017

CEMENT sales volumes increase by 4% year-on-year and Metier starts production at its 12th plant in Gauteng.

Sephaku Holdings Limited ("SepHold" or "the company") is pleased to present the group's provisional financial results
for the year ended 31 March 2017. SepHold, Metier Mixed Concrete (Pty) Ltd ("Metier" or "the subsidiary") and Dangote
Cement SA (Pty) Ltd ("CEMENT" or "the associate") are collectively referred to as the group.

Salient points

Group
- Operating profit increased from R84,2 million to R84,7 million
- Net earnings increased from R60,4 million to R68,1 million
- Basic earnings per share increased from 30,00 cents to 33,63 cents
- Headline earnings per share increased from 29,84 cents to 33,37 cents

Metier
- Revenue decreased by 3,9% from R874,3 million to R839,9 million
- Earnings before interest, taxation, depreciation and amortisation "EBITDA" margin decreased from 16% (R136,8 million)
to 15% (R127,0 million)
- Operating profit margin increased slightly to 12.9% (R108,3 million) from 12.7% (R106,3 million)
- Net earnings increased from R62,8 million to R67,4 million

CEMENT*
- Sales revenue comparatively flat year-on-year at R2,3 billion
- EBITDA margin increased from 22% (R505,5 million) to 23% (R527,3 million)
- Operating profit margin increased from 15% (R336,9 million) to 16% (R358,4 million)
- Net earnings of R68,9 million compared to R50,4 million in the comparable period

*CEMENT has a December year-end as a subsidiary of Dangote Cement PLC

Commentary

Commenting on the results, Chief Executive Officer, Dr Lelau Mohuba said, "We are pleased with Metier's performance in
a highly contested market despite a slight decrease in revenue. This success was due to the ability of management to
secure orders as a result of their renowned technical skills, establish strong customer relationships and contain costs
under difficult circumstances. The additional twelfth mixed concrete plant in Gauteng that commenced production in
March 2017 will enhance our access to new markets whilst alleviating pressure from some of the growth nodes in the
province.

CEMENT defended its position as one of the major cement producers in South Africa, by increasing its annual sales
volumes by 4% in a fiercely competitive market. The application of differentiated pricing for the various provincial
markets enabled CEMENT to optimise its product mix offering and reduce the downward pressure on margins.

The competence and deep industry knowledge of our management teams has enabled the group to navigate the competitive
landscape."

Group
The group profit after tax increased by 12.8% from R60,4 million to R68,1 million year-on-year despite revenue
decreasing from R874,3 million to R839,9 million due to lower prices and reduced demand in the mixed concrete market.

Metier
Metier's net profit increased by 7.3% from R62,8 million to R67,4 million in trading conditions where revenue declined
by 3.9%. The mixed concrete sector experienced intense price competition for supply contracts resulting in downward
pressure on prices. The competition was driven by the continued contraction in large scale construction projects and
new entrants into key markets. The primary cause of the increase in the number of independent mixed concrete
manufacturers was the lower pricing for bulk cement. The most aggressive competitors were the vertically integrated
companies that provide a captive market for the related cement and aggregates manufacturers. Metier's understanding of
the market and ability to secure profitable concrete supply deals were instrumental in the subsidiary maintaining its
share of the market.

Furthermore, the geographical diversification of Metier's plants and manufacture of specialised concretes enabled the
subsidiary to maintain operating margin levels of 12.9% (2016: 12.7%). The subsidiary's performance further
demonstrated management's mantle through the reduction in the cost of sales by 5.2% to R483,7 million and operational
expenses by 3.7% to R250,4 million to support margins. Following positive results for the last two years, Metier was
able to submit a R50 million dividend to SepHold and reduce its overall bank debt obligations by R87m to R215,9 million.

The additional twelfth plant located in the south of Gauteng commenced production in March 2017. This new plant is well
- aligned to the subsidiary's overall strategy and will enable Metier to increase its footprint to reduce over-reliance
on the current growth nodes by diversifying the customer base.

CEMENT*
CEMENT's revenue was comparatively flat year-on-year at R2,28 billion (2015: R2,29 billion). The associate achieved an
increase of 4% in sales volumes but the average price per tonne decreased by 4.6% year-on-year for the period ended
December 2016. The EBITDA margin increased to 23.1% (2015: 21.9 %) and net profit increased to R68,9 million
(2015: R50,4 million) of which R24,8m was equity accounted for by SepHold. The net profit included once - off income
from the closure agreement with Sinoma on the final handover of the plants and reflects the increases in cost of sales,
operating expenses and finance costs.

The cement market remained highly fragmented with all manufacturers using price competition to defend their sales
volumes. The Econometrix estimate of a 5.6% contraction in total sales volume demanded illustrates why intense price
competition characterised the market. Import volumes decreased further by 53% to 389,000 tonnes (2015:820,000 tonnes)
for the year ended December 2016. Although bagged cement pricing started stabilizing at the end of the 2016 calendar
year, the contestation continued in the bulk cement market due to the limited number of new significant construction
projects. The market was constituted mainly of bagged cement at between 70% - 80% of the sales volumes because of the
limited activity in the bulk use market. CEMENT focussed on achieving the optimal product mix in all its markets to
maintain its sales volumes.

The application of a price differentiation model for the various provincial markets enabled CEMENT to reduce the
downward pressure on margins. In the same vein, efforts to lower operational costs by improving efficiencies continued
through the optimisation programme. Although the continued decrease in prices limited the positive impact on the EBITDA
margin, the associate had achieved 50% of the targeted R115 million cost saving by end of December 2016. Management is
targeting to complete the programme by the end of December 2017.

The highly competitive market and downward pressure on pricing resulted in CEMENT's loan covenants, namely the debt
service cover ratio, being increasingly under pressure. The associate is in negotiations with the lenders to review the
capital repayment profile without changing the original payment period so as to reduce pressure on the ratio going forward.

Following the Dangote Cement PLC results announcement on 28 April 2017 for their 2017 financial year first quarter
period ended 31 March 2017, CEMENT revenue decreased to R501 million (Q1 2016:R519 million). The sales volumes were
3.6% lower for the first quarter year-on-year mainly due to the high rainfall and competitive forces. The associate
implemented price increases in February 2017 that have been sustained in most markets. By the end of March 2017 the
prices indexed from January 2017 were 4% and 5% higher for the bagged and bulk cement, respectively. These CEMENT
quarterly results will be accounted for in the SepHold interim financial results for the six months ending
30 September 2017.

*CEMENT has a December year-end as a subsidiary of Dangote Cement PLC

Provisional financial results
Summarised statement of comprehensive income
GROUP
Year Year
ended ended
31 March 31 March
2017 2016
audited audited
R R
Revenue 839 984 931 874 253 138
Cost of sales (483 668 229) (510 218 084)
Gross profit 356 316 702 364 035 054
Other income 2 429 156 2 351 569
Operating expenses (273 996 024) (282 137 148)
Operating profit 84 749 834 84 249 475
Investment income 7 172 130 8 127 000
Profit from equity-accounted investment 24 803 788 18 154 066
Finance costs (26 695 077) (28 270 848)
Profit before taxation 90 030 675 82 259 693
Taxation (21 892 284) (21 839 218)
Profit for the year 68 138 391 60 420 475
Total comprehensive income attributable to:
Equity holders of the parent 68 138 391 60 420 475
Basic earnings per share (cents) 33,63 30,00
Diluted earnings per share (cents) 33,36 28,97

Summarised statement of financial position
GROUP
31 March 31 March
2017 2016
audited audited
R R
Assets
Non-current assets
Property, plant and equipment 142 797 829 134 180 789
Goodwill 223 421 981 223 421 981
Intangible asset 5 161 591 7 455 631
Investment in associate 743 842 941 670 467 278
Other financial assets 10 638 527 -
Long-term loans 2 000 000 -
1 127 862 869 1 035 525 679
Current assets
Inventories 16 972 080 12 244 871
Other financial assets - 12 987 551
Current tax receivable - -
Trade and other receivables 121 613 883 110 971 487
Cash and cash equivalents 44 756 833 91 231 432
183 342 796 227 435 341
Total assets 1 311 205 665 1 262 961 020
Equity and liabilities
Equity
Stated capital 635 403 188 632 950 155
Reserves 19 262 087 18 910 771
Retained income 329 214 333 258 730 837
983 879 608 910 591 763
Liabilities
Non-current liabilities
Other financial liabilities 180 132 807 231 309 499
Deferred income 2 233 359 1 866 813
Deferred taxation 19 696 446 15 978 858
202 062 612 249 155 170
Current liabilities
Other financial liabilities 35 803 432 18 208 333
Current taxation payable 408 615 1 283 129
Operating lease liability 4 101 068 2 756 653
Trade and other payables 84 272 472 80 452 834
Deferred income 677 858 513 138
125 263 445 103 214 087
Total liabilities 327 326 057 352 369 257
Total equity and liabilities 1 311 205 665 1 262 961 020
Net asset value per share (cents) 484,74 450,99
Tangible net asset value per share (cents) 372,83 337,68
Ordinary shares in issue 202 969 487 201 908 654

Summarised statement of cash flows
GROUP
Year Year
ended ended
31 March 31 March
2017 2016
audited audited
R R
Cash flows from operating activities
Cash generated from operations 96 978 796 117 037 155
Interest income 7 172 130 8 127 000
Finance costs (24 320 458) (28 270 848)
Taxation paid (19 049 210) (18 421 887)
Net cash from operating activities 60 781 258 78 471 420
Cash flows from investing activities
Purchase of property, plant and equipment (28 535 101) (36 589 744)
Sale of property, plant and equipment 1 852 035 999 999
Loans repaid 349 023 514 320
Investment increase in associate (48 571 875) -
Government grant received 1 153 240 -
Net cash from investing activities (73 752 678) (35 075 425)
Cash flows from financing activities
Proceeds on share issue 2 453 033 825 647
Proceeds from other financial liabilities - 28 237 894
Repayment of other financial liabilities (35 195 345) (52 142 370)
Facility raising fee paid (760 867) -
Net cash (utilised in)/ from financing activities (33 503 179) (23 078 829)
Total cash and cash equivalents movement for the year (46 474 599) 20 317 166
Cash and cash equivalents at the beginning of the year 91 231 432 70 914 266
Total cash and cash equivalents at the end of the year 44 756 833 91 231 432

Summarised statement of changes in equity
Equity based
Revaluation share option Retained
Stated capital reserve reserve Total reserves income Total equity
Balance at 31 March 2015 631 127 028 (1 207 663) 16 893 054 15 685 391 197 907 280 844 719 699
Total comprehensive income for the year - - - - 60 420 475 60 420 475
Issue of shares 1 823 127 - - - - 1 823 127
Employees' share option scheme - - 3 225 380 3 225 380 403 082 3 628 462
Balance at 31 March 2016 632 950 155 (1 207 663) 20 118 434 18 910 771 258 730 837 910 591 763

Total comprehensive income for the year - - - - 68 138 391 68 138 391
Issue of shares 2 453 033 - - - - 2 453 033
Employees' share option scheme - - 351 316 351 316 2 345 105 2 696 421
Balance at 31 March 2017 635 403 188 (1 207 663) 20 469 750 19 262 087 329 214 333 983 879 608

Notes to the summarised financial statements

Accounting policies
Basis of preparation
The summarised consolidated provisional financial results are prepared in accordance with the requirements of the JSE
Limited Listings Requirements ("Listings Requirements") for summarised reports and the requirements of the Companies
Act of South Africa No 71 of 2008. The Listings Requirements require provisional reports to be prepared in accordance
with the framework concepts, the measurement and recognition requirements of International Financial Reporting Standards
("IFRS") of the International Accounting Standards Board ("IASB"), the SAICA Financial Reporting Guides as issued by
the Accounting Practices Committee, the Financial Pronouncements as issued by the Financial Reporting Standards Council
and must also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting
policies applied in the preparation of the consolidated financial statements, from which the summarised consolidated
financial statements were derived, are in terms of IFRS and are consistent with the accounting policies applied in the
preparation of the previous consolidated annual financial statements.

As a result of the adoption of new and amended standards and interpretations in issue that were effective for the first
time in the current reporting period, a number of new policies were introduced. However, the adoption of these new and
amended standards and interpretations did not have a material impact on the results for the current period.

The preparation of the annual financial statements has been supervised by NR Crafford-Lazarus, CA(SA).

Net asset value per share and earnings per share
GROUP
Year Year
ended ended
31 March 31 March
2017 2016
audited audited
R R
Net asset value and tangible net asset value per share
Total assets 1 311 205 665 1 262 961 020
Total liabilities (327 326 057) (352 369 257)
Net asset value attributable to equity holders of parent 983 879 608 910 591 763
Goodwill (223 421 981) (223 421 981)
Intangible assets (5 161 591) (7 455 631)
Deferred tax raised on intangible assets 1 445 246 2 087 577
Tangible net asset value 756 741 281 681 801 728
Shares in issue 202 969 487 201 908 654
Net asset value per share (cents) 484,74 450,99
Tangible net asset value per shares (cents) 372,83 337,68

Reconciliation of basic earnings to diluted earnings and headline earnings:
Basic profit and diluted profit attributable to equity holders of the parent 68 138 391 60 420 475
(Profit)/loss on sale of non-current assets (743 181) (430 852)
Total taxation effect of adjustments 208 090 120 639
Headline earnings and diluted headline earnings attributable to equity holders of parent 67 603 300 60 110 262
Reconciliation of weighted average number of shares:
Basic weighted average number of shares 202 609 094 201 426 940
Dilutive effect of share options 1 641 560 7 139 452
Diluted weighted average number of shares 204 250 654 208 566 392
Basic earnings per share (cents) 33,63 30,00
Diluted earnings per share (cents) 33,36 28,97
Headline earnings per share (cents) 33,37 29,84
Diluted headline earnings per share (cents) 33,10 28,82

Segment information
Ready-mixed Head Group
concrete office totals
R R R
31 March 2017
Segment revenue - external revenue 839 984 931 - 839 984 931
Segment cost of sales (483 668 229) - (483 668 229)
Segment expenses (250 388 987) (23 607 037) (273 996 024)
Profit from equity-accounted investment - 24 803 788 24 803 788
Profit on sale of property, plant and equipment 749 292 (6 111) 743 181
Segment profit after taxation 67 385 969 752 422 68 138 391
Taxation (22 534 615) 642 331 (21 892 284)
Interest received 7 113 680 58 450 7 172 130
Interest paid (26 694 874) (203) (26 695 077)
Depreciation and amortisation (18 740 477) (2 362 767) (21 103 244)
Segment assets 445 845 703 865 359 962 1 311 205 665
Investment in associate included in the above total segment assets - 743 842 941 743 842 941
Capital expenditure included in segment assets 27 604 211 930 890 28 535 101
Segment liabilities (325 083 711) (2 242 346) (327 326 057)

Ready-mixed Head Group
concrete office totals
R R R
31 March 2016
Segment revenue - external revenue 874 253 138 - 874 253 138
Segment cost of sales (510 218 084) - (510 218 084)
Segment expenses (260 028 324) (22 108 824) (282 137 148)
Profit from equity-accounted investment - 18 154 066 18 154 066
Loss on sale of property, plant and equipment 424 602 - 424 602
Segment profit/(loss) after taxation 62 759 730 (2 339 255) 60 420 475
Taxation (22 802 715) 963 497 (21 839 218)
Interest received 7 564 539 562 461 8 127 000
Interest paid (28 270 283) (565) (28 270 848)
Depreciation and amortisation (30 563 233) (3 498 681) (34 061 914)
Segment assets 462 731 242 800 229 778 1 262 961 020
Investment in associate included in the above total segment assets - 670 467 278 670 467 278
Capital expenditure included in segment assets 23 559 244 13 030 499 36 589 743
Segment liabilities (349 410 897) (2 958 360) (352 369 257)


During 2017 the group streamlined the allocation of segment expenses between the different business segments.
The effects of the reclassification on the comparative figures for 2016 are as follows:
Segment
Segment profit/(loss)
expenses after taxation
R R
Decrease in Ready-mixed concrete segment 4 525 319 4 525 319
Increase in Head office segment (4 525 319) (4 525 319)

The only commodity actively managed by Metier is ready-mixed concrete.

The group does not rely on any single external customer or group of entities under common control for 10% or more of
the group's revenue as disclosed in the annual financial statements.

No segment report has been presented for Cement (the commodity) as the amounts attributable to Cement (the commodity)
have been included in the "Head office" segment.

Cost of sales
Discounts received from suppliers have been reclassified to cost of sales to allow for more accurate reporting. The
effect of the reclassification on the comparative figures for 2016 are as follows:

Profit or Loss GROUP
Year Year
ended ended
31 March 31 March
2017 2016
audited audited
R R
Decrease in cost of sales - 13 242 368
Decrease in other income - (13 242 368)

Investment in associate
The directors would like to draw attention to the fact that during the financial year equity funding of R134 921 875
was required by CEMENT to relieve pressure on the debt covenants. SepHold contributed R48 571 875 of the equity funding.

Summary of the group's interest in CEMENT:
Year ended
Year ended 31 December
31 December 2015
2016 (Restated *)
R R
Non-current assets * 3 463 892 648 3 590 677 187
Current assets 749 053 952 860 280 952
Total assets 4 212 946 600 4 450 958 139
Total equity * 1 341 970 774 1 139 994 928
Non-current liabilities * (2 152 594 106) (2 465 591 403)
Current liabilities (718 381 720) (845 371 808)
Total liabilities (2 870 975 826) (3 310 963 211)
Revenue for the period 2 281 395 559 2 298 566 531
Cost of sales (1 855 433 510) (1 784 417 193)
Gross profit 425 962 049 514 149 338
Operating profit 358 435 454 336 959 243
Investment income 16 274 555 7 424 285
Finance costs (291 349 372) (265 533 881)
Profit/(loss) before taxation 83 360 637 78 849 647
Taxation (expense)/income (14 461 227) (28 421 686)
Profit after taxation for the year 68 899 410 50 427 961
Total comprehensive income for the year 68 899 410 50 427 961

Restatement
*The financial statements of CEMENT have been prepared on the historical cost basis including measurement of land
(this is a change in accounting policy of CEMENT from fair value to cost to align with its holding company, Dangote
Cement PLC's policies). SepHold group's accounting policy for land is to carry land at fair value. The group has
made adjustments to the financial statements of CEMENT for this difference in policy. The current fair value is not
materially different to the fair value previously reported in CEMENT and no change in value was recognised.

Stated capital
1 060 833 (2016: 311 952) SepHold shares were issued during the year for a cash amount of R2 453 033 (2016: R825 647)
relating to share options that were exercised by employees and directors.

During the prior year 372 194 SepHold shares were issued at a value of R2,68 for no cash consideration, in terms of the
provisions of the Sephaku share incentive scheme, as a float to administer the share incentive scheme on behalf of
identified SepHold employees. A cash amount of R942 470 was received during the year for 351 668 of these shares.

The unissued ordinary shares are under the control of the directors.

Statement on going concern
The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern.
This basis presumes that funds will be available to finance future operations and that the realisation of assets and
settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.

Events after the annual reporting period
The directors are not aware of any material fact or circumstance arising between the end of the financial year and the
date of this report that would require adjustments to or disclosure in the financial results.

Changes to the board
Mr. Modilati Gustav Mahlare retired in accordance with SepHold's memorandum of incorporation on 22 September 2016.
Mr. Mahlare was replaced by Ms. Martie Janse van Rensburg who was appointed to the board on the same day as an independent,
non-executive director. Ms. Van Rensburg chairs the audit and risk committee and is a member of the remuneration and
nominations committee. Ms. Basani Maluleke was appointed to the board as an independent, non-executive director on
9 November 2016. Ms. Maluleke is a member of the audit and risk committee as well as the social and ethics committee.

Company secretary
There were no changes to the Company Secretary during the financial year.

Auditors' report
The summarised financial information included in this announcement is extracted from audited information but is not
itself audited.

The directors take full responsibility for the preparation of the summarised financial information and that it has been
correctly extracted from the underlying annual financial statements.

The underlying financial statements have been audited by the group's external auditors, Grant Thornton. A copy of their
unqualified report, as well as the annual financial statements, are available for inspection at the company's
registered office.

Any reference to operational or future financial performance included in this announcement, has not been reviewed or
reported on by the company's auditors.

The auditors' report does not necessarily cover all of the information contained in this announcement. Shareholders are
therefore advised that in order to obtain a full understanding of the nature of the auditors' work, they should obtain
a copy of that report together with the accompanying financial information from the registered office of the company.

Results presentation
A results presentation will be hosted at the Johannesburg Stock Exchange and simultaneously webcast on Friday,
30 June 2017 at 1030hs. The results presentation can be downloaded from the Company website www.sephakuholdings.com.
The link to access the webcast is: http://themediaframe.eu/links/sephold170630.html

By order of the board

Chief Executive Officer Financial Director
Dr. Lelau Mohuba Neil Crafford Lazarus

30 June 2017

Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210
Sponsor to Sephaku Holdings: Questco (Pty) Ltd

About Sephaku Holdings Limited
Sephaku Holdings Limited is a building and construction materials company with a portfolio of investments in the cement
and mixed concrete sectors in South Africa. The company's core investments are a 36% stake in Dangote Cement South
Africa (Pty) Ltd and 100% in Metier Mixed Concrete (Pty) Ltd. SepHold's strategy is to generate income and realise
value for shareholders through the production of cement and ready mixed concrete in Southern Africa.

www.sephakuholdings.com

Date: 30/06/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

SEPHAKU HOLDINGS LIMITED - Acquisition of securities by clients of Allan Gray Proprietary Limited

05/04/2017

 SEP 201704050018A
Acquisition of securities by clients of Allan Gray Proprietary Limited

Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
(“Sephaku Holdings” or “the Company”)


ACQUISITION OF SECURITIES BY CLIENTS OF ALLAN GRAY PROPRIETARY LIMITED
(“Allan Gray”)

In accordance with section 122(3)(b) of the Companies Act, No 71 of 2008, as amended, and
paragraph 3.83(b) of the JSE Limited Listings Requirements, shareholders are advised that
Sephaku Holdings has received formal notification that clients of Allan Gray have, in aggregate,
acquired an interest in the ordinary shares of the Company. The total interest in the ordinary
shares of the Company held by Allan Gray's clients now amounts to 5.039% of the total issued
ordinary shares of the Company.


Centurion
5 April 2017

____________________________________________________________________________
Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210


Sponsor to Sephaku Holdings: Questco (Pty) Ltd


About Sephaku Holdings Limited

Sephaku Holdings Limited (“SepHold”) is a building and construction materials company with a portfolio of investments in the
cement sector in South Africa. The strategy of SepHold is to generate growth and realise value for shareholders through the
production of cement and ready mixed concrete in Southern Africa. The company's core investments are a 36% stake in Dangote
Cement South Africa (Pty) Ltd [formerly Sephaku Cement (Pty) Ltd] and 100% in Métier Mixed Concrete (Pty) Ltd.

Date: 05/04/2017 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.