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.

SEPHAKU HOLDINGS LIMITED - Dealings by associates of a director

14/03/2017

 SEP 201703140047A
Dealings by associates of a director

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



DEALINGS BY ASSOCIATES OF A DIRECTOR

In compliance with paragraphs 3.63 to 3.66 of the JSE Listings Requirements, the following information
is disclosed in respect of the sale of Sephaku ordinary shares by associates of a director of the
Company:



Name of director: Dr Lelau Mohuba

Type of director: Executive director

Name of associate Lelau Mohuba Trust

Relationship to director Trustee and beneficiary

Nature of transaction: On-market disposal

Number and class of securities: 900 000 ordinary shares

Date of transaction: 13 March 2016

Price per share: 300 cents per share

Total value: R2 700 000

Nature of interest: Indirect beneficial



Name of director: Dr Lelau Mohuba

Type of director: Executive director

Name of associate Shadi Mohuba

Relationship to director Spouse

Nature of transaction: On-market disposal

Number and class of securities: 100 000 ordinary shares

Date of transaction: 13 March 2016

Price per share: 300 cents per share

Total value: R300 000

Nature of interest: Indirect beneficial


Centurion
14 March 2017
_________________________________________________________________________________

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

Sponsor: 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 [T/A Sephaku Cement] and 100% in Métier Mixed Concrete (Pty) Ltd.

Date: 14/03/2017 04:30:00 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

03/02/2017

 SEP 201702030023A
Dealings by a director

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")



DEALINGS BY A DIRECTOR

In compliance with paragraphs 3.63 to 3.66 of the JSE Listings Requirements, the following information
is disclosed in respect of the sale of Sephaku Holdings ordinary shares by a director of the Company:

Name of director: RR Matjiu

Type of director: Non-executive director

Nature of transaction: On-market disposal

Number and class of securities purchased: 423 000 ordinary shares

Date of transaction: 02 February 2017

Price: 290.00 cents per share

Total value: R1 226 700.00

Nature of interest: Direct beneficial

Clearance given in terms of paragraph 3.66: Yes


Centurion
3 February 2017

Sponsor to Sephaku

Questco (Pty) Ltd
_____________________________________________________________________________
Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210
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: 03/02/2017 01:30:00 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 - Dealing in shares by a director

17/11/2016

 SEP 201611170007A
Dealing in shares by a director

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")



DEALING IN SHARES 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 Holdings ordinary shares by a director of the Company:

Name of director: Mr Neil Crafford-Lazarus

Type of director: Executive director

Nature of transaction: On-market purchase

Number and class of securities purchased: 25 000 ordinary shares

Date of transaction: 15 November 2016

Price: 300 cents per share

Total value: R75 000

Nature of interest: Direct beneficial

Clearance given in terms of paragraph 3.66: Yes


Centurion
17 November 2016
_________________________________________________________________________________

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 [T/A Sephaku Cement] and 100% in Métier Mixed Concrete (Pty) Ltd.

Date: 17/11/2016 08:08:00 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 2016 and change in board of directors

10/11/2016

 SEP 201611100006A
Unaudited interim financial results for the six months ended 30 September 2016 and change in board of directors

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 2016 and change in board of directors.

CEMENT increases revenue and Metier begins construction of 12th batch plant in Gauteng

Sephaku Holdings Limited ("SepHold" or "the Company") hereby announces the group's unaudited financial results for
the six months ended 30 September 2016. 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.

Highlights

- Metier EBITDA and EBIT margins remained flat at 15% and 13% respectively in spite of intensifying competition in
both Gauteng and KwaZulu Natal ("KZN")
- CEMENT equity accounted profit at approximately R1,0 million compared to a loss of R8,8 million recorded for the
six months ended 30 June 2016*
- Group net profit increased by 36% to R25,2 million from R18,5 million in the comparative period ended
30 September 2015
- Basic earnings per share increased by 36% to 12.49 cents from 9.20 cents
- Net asset value increased by 8% from 430,1 cents per share in the period ended 30 September 2015 to 463,0 cents
per share

Post period

Following the results announcement by Dangote Cement PLC on 27 October 2016, for the nine months ended
30 September 2016, CEMENT recorded a cumulative EBITDA margin of 24,6% (2015: 22,8%) and revenue of approximately
R1,7 billion. CEMENT's third quarter results will be included in the SepHold final audited financial results for
the twelve months ending 31 March 2017*.

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

Financial review

The group recorded revenue of R447,95 million compared to R461,37 million for the previous interim period.
The 3% decline in revenue was mainly due to a reduction in mixed concrete volumes during the six months. Metier's
gross profit margin was 0,3% lower at R180,59 million as a result of raw material costs increasing more than pricing.
Metier management focussed on controlling expenses to support profitability and maintained the EBITDA margin at
15%. Furthermore the subsidiary recorded EBIT of R56,98 million (13%) compared to R59,83 million (13%) for the
comparative interim period. The group net profit for the period was R25,25 million compared to the R18,51 million
profit recorded in the comparative period. The group EBIT was R48,63 million (2015: R42,70 million).

SepHold's 36% interest in CEMENT operations for the interim period January 2016 to June 2016 resulted in an equity
accounted profit of R0,97 million compared to the loss of R8,78 million for the period ended June 2015. CEMENT's
revenue increased by 13% to R1,15 billion from R1,01 billion with a net profit of R2,68 million. The sales volumes
increased by 18% but the price per tonne decreased by 2,7% year on year. In the six months from January 2016 to
June 2016 the average pricing decreased by 2%. The entry of the new producer in January 2016 intensified
competition resulting in lower prices and margins. Therefore the associate recorded EBITDA margin of 19% compared
to 21% in the comparative period. CEMENT continued to operate at steady state capacity utilisation of approximately
80% in the interim period.

CEMENT pursued the optimisation programme to improve margins in the interim period. Minor capital expenditure of
between R12 million to R16 million is required on the plant to achieve the targeted raw materials efficiency.
Although the programme has not yet yielded the expected results, the associate is still targeting a 5-7% EBITDA
increase for the foreseeable future.

Following the Dangote Cement PLC results released on 27 October 2016 for the nine months ended 30 September 2016,
CEMENT recorded EBITDA of R423,52 million (24,6%) and revenue of R1,72 billion compared to R378,22 million (22,8%)
and R1,66 billion respectively, for the period ended September 2015. The associate's improved margin was mainly due
to a once-off R124,27 million income as a result of a settlement agreement with Sinoma on the final handover of
the plants. In the third quarter, which is not accounted for in the current interim reporting period, the associate
recorded revenue of R574,89 million (2015: R648,08 million) for the three months ending September 2016. The decline
in revenue was as a result of reduced quarterly volumes caused by CEMENT taking the lead on implementing price
increases in mid-July. All the cement producers implemented price increases during the third quarter. Due to the
staggered manner in which these increases were implemented by the producers, the full impact is anticipated in the
fourth quarter results for the period ended 31 December 2016.

Summary comparison of earnings
2016 2015 Change
Metier net profit 33 671 34 819 down 3.3%
SepHold expenses (9 375) (8 442) up 11.1%
CEMENT 36% equity profit/(loss) 966 (8 783) up 110.9%
GROUP 25 248 18 511 up 36.4%

Operational review

Metier
The mixed concrete supply market continued to be characterised by intense competition and downward pricing
pressure. Metier observed an increased number of new entrants in the period under review in both Gauteng and KZN.
The subsidiary successfully extended a major supply contract by a further three years which has contributed to
volumes. Construction of the 12th batch plant commenced in Gauteng and is targeted to start production in
March 2017. Metier continues to focus on maintaining its revenue and profitability. The subsidiary's medium term
goals are to commission the 12th batch plant and to enhance market penetration.

CEMENT
The associate continued to pursue the optimisation programme and increased the production capacity to 2,8 million
tonnes per annum. The progress update on the four components of the programme is as follows:

1. Logistics - a plan to rationalise logistics is well advanced with the benefit expected in first quarter of 2017.
2. Sales - the sales strategy and action plans to optimise the different market segments has been finalised and the
benefit is expected to materialise by June 2017.
3. Raw materials - the anticipated results from the replacement materials were not achieved due to challenges
encountered in the initial production trials. A plant process design limitation was identified which will be
rectified by the capex stated above of R12 million to R16 million. The benefit of this component is targeted for
the third quarter 2017.
4. Production - production efficiency has been impacted by the lower than expected performance of particular
components that have reduced plant reliability. Management continues to assess the plant and is confident that
the issues will be resolved.

The cement market continued to be characterised by price competition but appears to be stabilising following the
implementation of price increases by all producers in the third quarter. The bagged cement market continues to
perform better than that of bulk cement as the large construction projects dwindle.

The imports have significantly declined on a year on year basis, particularly from Pakistan. By the end of
June 2016 approximately 156kt had been imported compared to 500kt in the comparative period with 75% of the volume
from China. In the short to medium term, CEMENT will focus on achieving higher prices and quality earnings.

Group

The group continued to assess growth opportunities and is currently focussed on developing an aggregate business.
The group is exploring a greenfield quarry asset which when operational will supply into the ready mixed
concrete, asphalt and building industries.

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS
for the six months ended 30 September 2016

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 September 2016 30 September 2015 31 March 2016
Unaudited Unaudited Audited
R'000 R'000 R'000
Assets
Non-current assets 1 084 416 999 867 1 035 526
Current assets 176 967 234 522 227 435
Total assets 1 261 383 1 234 389 1 262 961
Equity and liabilities
Equity attributable to equity holders of the parent 939 822 865 415 910 592
Non-current liabilities 233 736 253 701 249 155
Current liabilities 87 825 115 273 103 214
Total liabilities 321 561 368 974 352 369
Total equity and liabilities 1 261 383 1 234 389 1 262 961

Net asset value per share (cents) 463,04 430,07 450,99
Tangible net asset value per share (cents) 350,92 315,76 337,68
Ordinary shares in issue 202 969 487 201 224 508 201 908 654

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 6 months ended 12 months ended
30 September 2016 30 September 2015 31 March 2016
Unaudited Unaudited Audited
R'000 R'000 R'000
Revenue 447 945 461 370 874 253
Cost of sales (267 345) (274 101) (523 460)
Gross profit 180 600 187 269 350 793
Other income 10 637 6 112 15 593
Operating expenses (143 573) (141 899) (282 137)
Operating profit 47 664 51 482 84 249
Investment income 3 445 3 243 8 127
Profit/(loss) from equity accounted investments 966 (8 783) 18 154
Finance costs (14 126) (14 261) (28 271)
Profit before taxation 37 949 31 681 82 259
Taxation (12 701) (13 170) (21 839)
Profit for the period 25 248 18 511 60 420
Total comprehensive income for the period 25 248 18 511 60 420

Basic earnings per share (cents) 12,49 9,20 30,00
Diluted earnings per share (cents) 12,41 8,87 28,97
Headline earnings per share (cents) 12,36 9,12 29,84
Diluted headline earnings per share (cents) 12,28 8,79 28,82

Reconciliation of basic earnings to diluted
earnings and headline earnings:

Basic earnings and diluted earnings from total operations
attributable to equity holders of the parent 25 248 18 511 60 420
(Profit)/loss on sale of non-current assets (374) (216) (431)
Total taxation effect of adjustments 105 61 121
Headline earnings attributable to equity holders
of the parent 24 979 18 356 60 110

Reconciliation of weighted average number of shares:
Basic weighted average number of shares 202 080 131 201 224 508 201 426 940
Diluted effect of share options 1 304 252 7 522 096 7 139 452
Contingent issuable shares - - -
Diluted weighted average number of shares 203 384 383 208 746 604 208 566 392

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months ended 6 months ended 12 months ended
30 September 2016 30 September 2015 31 March 2016
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash flows from operating activities
Cash generated from operations 56 299 50 883 117 037
Interest income 4 057 3 243 8 127
Finance costs (14 315) (13 838) (28 271)
Taxation paid (11 728) (9 541) (18 422)
Net cash from operating activities 34 313 30 747 78 471

Cash flows from investing activities

Purchase of property, plant and equipment (14 191) (10 729) (36 589)
Disposal of property, plant and equipment 1 070 550 1 000
Net loans advanced 1 158 856 514
Investment in associate (48 572) - -
Government grant received 556 - -
Net cash (utilised in) investing activities (59 979) (9 323) (35 075)

Cash flows from financing activities

Proceeds on share issue 2 453 - 825
Proceeds from other financial liabilities - - 28 238
Repayment of other financial liabilities (29 200) (12 500) (52 142)
Increase in loans with group companies (517) - -
Net cash (utilised in) financing activities (27 264) (12 500) (23 079)
Total cash movement for the period (52 930) 8 924 20 317
Cash at beginning of period 91 231 70 914 70 914
Cash at end of period 38 301 79 838 91 231

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 2015 - Audited 631 127 15 685 197 907 844 720
Total comprehensive loss for the period - - 18 511 18 511
Issue of shares - - - -
Employees' share option scheme - 2 138 47 2 184
Balance at 30 September 2015 - Unaudited 631 127 17 823 216 465 865 415
Total comprehensive income for the period - - 41 910 41 910
Issue of shares 1 823 - - 1 823
Employees' share option scheme - 1 088 356 1 444
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

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS

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 2016 annual financial statements.

Ready-mixed Head office and Group totals
concrete consolidation
R'000 R'000 R'000
for the 6 months ended 30 September 2016 - Unaudited
Segment revenue - external revenue 447 945 - 447 945
Segment cost of sales (267 345) - (267 345)
Segment expenses (134 198) (9 375) (143 573)
Profit from equity-accounted investment - 966 966
Segment profit/(loss) after taxation 33 671 (8 423) 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)

for the 6 months ended 30 September 2015 - Unaudited
Segment revenue - external revenue 461 370 - 461 370
Segment cost of sales (274 101) - (274 101)
Segment expenses (133 457) (8 442) (141 899)
Loss from equity-accounted investment - (8 783) (8 783)
Segment profit/(loss) after taxation 34 819 (16 308) 18 511
Taxation (13 652) 482 (13 170)
Interest received 2 897 346 3 243
Interest paid (14 260) (1) (14 261)
Depreciation and amortisation (15 417) (1 748) (17 165)
Segment assets 455 738 778 651 1 234 389
Investment in associate included in the above
total segment assets - 643 530 643 530
Capital expenditure included in segment assets 10 693 36 10 729
Segment liabilities (365 834) (3 140) (368 974)

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".

Basis of preparation

The condensed consolidated interim financial results for the six months ended 30 September 2016 ("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.
Construction of the new building was only completed after the 2016 year-end. The fair value and useful life of
this asset will be assessed at the 2017 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 2016.

The preparation of the interim financial results has been supervised by NR Crafford-Lazarus CA (SA).

The financial information on which these interim period results are based has not been reviewed or reported on by
the group's auditors.

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

There were no changes to the authorised stated capital of the company during the interim reporting period under
review.
A total number of 1 060 833 shares issued during the interim period for a cash amount of R2 453 032 relates to
share options that were exercised by employees.
All the authorised and issued shares have no par value.

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.

Changes to the board

MG Mahlare resigned as independent non-executive director with effect from 22 September 2016, and MJ Janse van
Rensburg was appointed as Independent non-executive director of SepHold on 22 September 2016.The board extends a
grateful farewell to Gustav whose invaluable contribution to the success of the group is acknowledged. He
effectively led as the head of audit committee by ensuring that the group not only complied with all regulatory
requirements but applied best practice.

Following the appointment of Jurgens du Toit as the managing director of Metier who has successfully headed the
subsidiary during the interim period, Kenneth Capes has resigned as a member of the Metier board with effect
9 November 2016. Kenneth will dedicate his efforts to achieving the SepHold business development targets which
include the establishment of an aggregates business in the Group. Further update regarding this expansion
opportunity will be announced as soon as material milestones have been achieved.

In pursuance of its commitment to gender and skills diversity, the Board appointed Ms Basani Maluleke as an
independent non-executive director effective 9 November 2016. Basani is a director of Transcend Capital (Pty) Limited,
a boutique corporate finance firm specialising on B-BBEE ownership advisory for multinationals. She has over
ten years of financial services experience in the areas of corporate finance, private banking and private equity.
She was admitted as an attorney of the High Court after serving articles at Edward Nathan and Friedland
(now Edward Nathan Sonnenbergs). She holds a B.Com (Accounting) and LL.B degrees from the University of Cape Town
as well as an MBA from the Kellogg School of Management at Northwestern University. Basani is a fellow of the
African Leadership Initiative and the Aspen Global Leadership Network.

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#
J Pitt#+
Dr. Lelau 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

Southdowns Office Park
First floor, Block A
Cnr Karee and John Vorster Streets
Irene, X54, 0062
Telephone: +27 12 612 0210

Transfer secretaries

Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2017
South Africa
Telephone: +27 11 380 5000

JSE sponsor

Questco Proprietary Limited
Telephone: +27 11 011 9200

Investor presentation webcast and conference call

A presentation audio webcast and conference call for analysts will be held on Thursday, 10 November 2016
at 1000hs CAT. The results presentation can also be downloaded from the Company website www.sephakuholdings.com.

Webcast link: http://themediaframe.eu/links/sephold161110.html

Conference live call access numbers for participants

Other Countries - International +27 11 535 3600
Other Countries - International +27 10 201 6800
South Africa - Cape Town 021 819 0900
South Africa - Durban 031 812 7600
South Africa - Johannesburg Telkom 011 535 3600
South Africa - Johannesburg Neotel 010 201 6800

Playback Access Numbers - Playback Code: 54038
Other Countries - International +27 11 305 2030
South Africa 011 305 2030

On behalf of the board

Pretoria

Chief executive officer Financial director
Dr. Lelau Mohuba Neil Crafford-Lazarus
10 November 2016

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 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: 10/11/2016 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 - unaudited interim group results for the six months ended 30 September2016

28/10/2016

 SEP 201610280028A
Trading statement - unaudited interim group results for the six months ended 30 September2016

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 – UNAUDITED INTERIM GROUP RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016

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 month period ended 30 September 2016, which will be released on SENS on or about
10 November 2016 and published in the press on or about 11 November 2015 (“interim results
announcement”).

Accordingly, shareholders are advised that, for the six months ended 30 September 2016:

- earnings per share (“EPS”) of the Company is expected to be between 11,57 and 13,41 cents per
share (2015: 9,20 cents per share), being an increase of between 26% and 46% from the EPS
reported for the six months ended 30 September 2015; and

- headline earnings per share (“HEPS”) of the Company is expected to be between 11,45 and
13,27 cents per share (2015: 9,12 cents per share), being an increase of between 26% and 46%
from the HEPS reported for the six months ended 30 September 2015.

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


Centurion
28 October 2016
_______________________________________________________________________
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 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: 28/10/2016 12:00:00 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 - Results of the annual general meeting

23/09/2016

 SEP 201609230022A
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
(“Sephaku Holdings” or “the Company”)

RESULTS OF THE ANNUAL GENERAL MEETING

The Company is pleased to notify shareholders that all resolutions set out in the notice of annual general
meeting were passed at the annual general meeting (“AGM”) held on 22 September 2016. The number of
ordinary shares voted was 102 340 873, constituting 50.42% of the total number of shares in issue. The
results of the voting were as follows:

Resolutions: FOR(1) AGAINST(1)
% %
Ordinary resolution number 1 100.00 0.00

Adoption of the annual financial statements for the year ended 31 March
2016

Ordinary resolution number 2.1 98.24 1.76

Re-election of MM Ngoasheng as an independent non-executive director

Ordinary resolution number 2.2 100.00 0.00

Election of MJ Janse van Rensburg as an independent non-executive
director

Ordinary resolution number 3 100.00 0.00

Re-appointment of Grant Thornton Johannesburg Partnership as
auditors

Ordinary resolution number 4.1 99.17 0.83

Election of B Williams as a member of the Audit and Risk Committee

Ordinary resolution number 4.2 100.00 0.00

Election of PM Makwana as a member of the Audit and Risk Committee

Ordinary resolution number 4.3 100.00 0.00

Election of MJ Janse van Rensburg as a member and chairman of the
Audit and Risk Committee

Ordinary resolution number 5 93.76 6.24
General authority to issue shares for cash

Ordinary resolution number 6 99.17 0.83

Non-binding advisory vote – endorsement of the remuneration policy for
services as directors

Ordinary resolution number 7 100.00 0.00

General authorising resolution

Special Resolution number 1 100.00 0.00

General authority to repurchase securities

Special Resolution number 2 100.00 0.00

Non-executive directors' remuneration

Special Resolution number 3 93.89 6.11

Financial assistance for any beneficiary participating in any of the
group's share incentive schemes

Special Resolution number 4 95.60 4.40

Financial assistance for present or future subsidiaries


(1) As a percentage of total shares voted in person or by proxy.

There were no abstentions for any of the resolutions.

Retirement of Mr. MG Mahlare
Shareholders are referred to the announcement released by the Company on SENS on 18 August 2016 in
terms of which the Company advised, inter alia, that Mr. MG Mahlare would retire at the AGM. The board of
directors wishes to take this opportunity to extend their appreciation and thanks to Mr. MG Mahlare for his
services to the Company during his tenure as an independent non-executive director and chairman of the audit
committee and wishes him well in his future pursuits.

Johannesburg
23 September 2016

Sponsor
Questco (Pty) Ltd
_______________________________________________________________________________________

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

www.sephakuholdings.com

Date: 23/09/2016 11:00:00 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 - No change statement and notice of annual general meeting

24/08/2016

 SEP 201608240035A
No change statement and 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
(“Sephaku Holdings” or “the Company”)


NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

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 2016 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 2016 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 audited
financial results for the year ended 31 March 2016, which were released on SENS on 29 June
2015.


Notice of the Annual General Meeting
Notice is hereby given that the Annual General Meeting (“AGM”) of shareholders will be held
at the Old Trafford conference room, Centurion Lake Hotel, 1001 Lenchen Avenue North,
Centurion on Thursday, 22 September 2016 at 11:00 to transact the business as set out in the
notice. The salient dates relevant to the AGM are set out below:
Last date to trade in order to be eligible to attend and vote at Tuesday, 13 September 2016
the AGM
Record date to determine the shareholders entitled to attend Friday, 16 September 2016
and vote at the AGM
Forms of proxy for the AGM to be lodged by 11:00 on* Tuesday, 20 September 2016


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

24 August 2016
_________________________________________________________________________________
Enquiries contact: Sakhile Ndlovu Sephaku Holdings Investor Relations 012 612 0210

Sponsor: 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: 24/08/2016 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.