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sells sth african interests BRANDRILL LIMITED 2003-02-04 ASX-SIGNAL-G

HOMEX - Perth

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Brandrill Limited (Brandrill) is pleased to announce that it has
entered an Agreement for the sale of its wholly owned subsidiary
Brandrill South Africa (Pty) Ltd (BDSA) to Intresco Limited
(Intresco). BDSA's main asset is its 51% investment in the major
South African mining contracting business, Brandrill Torrex (Pty) Ltd
(BTX). Intresco is the investment holding company of a group of South
African investors who already have interests in the South African
mining industry.

The anticipated completion date for the sale transaction is end of
March 2003. The agreement is subject to satisfaction of several
conditions precedent, including the approval of South African
Competition Tribunal and consent from lenders to Brandrill and BDSA,
but is not subject to further due diligence by Intresco.

The realisation price is subject to normal completion adjustments,
and is consistent with the level assumed in the preparation of the
Prospectus. Although the cash return to Brandrill from the sale will
be subject to adjustments and to fluctuations in the Rand exchange
rate, completion of the sale agreement is expected to allow a
substantial reduction in Brandrill's interest bearing debt and
obligations to creditors.

Mr Ken Perry, Managing Director of Brandrill said that the sale
agreement represented the second leg of Brandrill's restructuring
plan following the successful completion of its $12.9 million capital
raising in December 2002.


For further information: Ken Perry, MANAGING DIRECTOR
Mathew Whyte, COMPANY SECRETARY
Telephone: + 61 8 9531 1777