96IN Hsbc Bk 27

RNS No 2508t
TOLUX S.A
22nd June 1998


                 Interim Report to Shareholders
                             1998

The unaudited results of Tolux S.A. for the six months ended 31 March 1998 are
presented below together with the published comparative figures for the
corresponding previous period and the published audited figures for the
financial year ended 30 September 1997.

The company's activities - investment, including investment dealing - remained
unchanged during the period under review. The net profit, which includes only
realised profits on investments, amounted to US$749,000 for the first six months
of the current year (1997:US$234,400).  At 31 March 1998 unrealised profits on
investments, being the excess of market value over book value of quoted
investments, amounted to US$2,497,000 (1997:US$1,301,000).

During the period under review the equity exposure of Tolux's diversified
investment portfolio was reduced  to under 30% while the fixed interest
component was increased.  The portfolio has remained US dollar based.  The net
asset value of Tolux shares, taking market prices for its investment rose by 4%
from 30 September 1997 to US$6.92 at 31 March 1998

                                        Six months ended           Year ended 30
                                            31 March               September
                                      1998               1997          1997

(U.S. Dollars thousands)             Unaudited         Unaudited    Audited
Income  statement

Interest income                         475                317             707
Dividends received                       29                 28             108
                                        ---                ---             --- 
Income                                  504                345             815
Taxes and expenses                     (132)              (125)           (276)
                                       ----                ---             ---  
Income after expenses                   372                220             539
Investment result after provisions      377                 14           1,354
                                        ---                ---           -----  
Net profit                              749                234           1,893
                                        ---                ---           -----
Profit per share (US$)                 0.19               0.06            0.48
Dividends declared per ordinary 
share                                   nil                nil             nil
(The company's activities do not 
generate meaningful figures
for turnover).

Balance sheet
Current assets                        24,730             22,612          24,426
Current liabilities                      (38)              (340)           (483)
                                      -------           -------          -------
Shareholders'funds                    24,692             22,272          23,943
                                      ------            -------          ------
Analysis of quoted investments
- book value                          16,234             22,058          23,425
- market value                        18,731             23,359          25,611
Number of shares in issue          3,927,728          3,927,728       3,927,728
Net asset value per ordinary 
share based on market prices (US$)      6.92               6.00            6.65


Change of control and offers to shareholders

Preparations for the completion of the proposed transactions which were the
subject of the announcement made on 20 May 1998 are well advanced.  In that
announcement shareholders were advised that, subject to the fulfilment of
certain conditions precedent, including the approval of the shareholders of
Tolux:

*    Tolux would acquire inerests in the South African and international
     merchant banking, investment, private equiry, fund management and advisory
     business operations of Capital Alliance Holdings Limited, Capital Partners
     Limited and Capital partners Group Limited;

*    an effective controlling interest in Tolux would be acquired from Standard
     Bank Investment Corporation Limited by a consortium comprising the vendors
     of those interest; and

*    offers would be made to all shareholders of Tolux to acquire their
     shareholdings on terms no less favourable than those agreed with Standard
     Bank Investment Corporation Limited.

It is anticipated that documents detailing the proposed transactions, including
the offers to shareholders, will be posted to all shareholders of Tolux early in
July.

The board of directors                                      69, route d'Esch
23 June 1998                                                      Luxembourg

Copies of this report are available to the public in the United Kingdom at IRG
plc, Bourne House, 34 Beckenham Road, Kent BR3 4TU.


END

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