RNS Number:0928S
Brait S.A.
14 November 2003

                                   Brait S.A.

                                Societe anonyme

                   Incorporated under the laws of Luxembourg

                           (R.C. Luxembourg B-13861)

                  Share code:  Brait        ISIN: LU0011857645

                                   ("Brait")





REPURCHASE OF SHARES IN BRAIT





1.                   Introduction



The board of Brait announces that Brait has acquired 6 451 613 shares in the
issued share capital of Brait over the Luxembourg Stock Exchange for a purchase
consideration of US$ 6 440 517 ("the general repurchase").  The general
repurchase was effected in accordance with the Luxembourg Stock Exchange
Regulations and under the general authority granted on 30 July 2003 at Brait's
Annual General Meeting.  The General repurchase comprises of 6.31% of the total
issued share capital.



2.                   Implementation



The general repurchase was made on 14 November 2003 at a price of 99.83 US cents
(approximately 690 South African cents per share).  It is Brait's intention not
to cancel the shares acquired through the general repurchase and such shares
will be kept as treasury stock.



3.                   Extent of general authority outstanding



The extent of the general authority outstanding is approximately 3 773 960
shares, representing approximately 3.69% of Brait's share capital.



4.                   Sources of funds



The general repurchase has been funded from available cash resources.



5.                   Opinion of Directors



The Directors have considered the effect of the general repurchase and are
satisfied that, for Brait and the Brait Group and for a period of 12 months from
the date of this announcement:



*          they will be able, in the ordinary course of business, to pay their
           debts;

*          the assets will be in excess of the liabilities, having been
           recognised and measured in accordance with the accounting policies 
           used in the audited financial statements for the year ended 
           31 March 2003;

*          the share capital and reserves will be adequate; and

*          the working capital and working capital resources will be adequate.



6.                   Financial effects



The pro forma financial effects on the basic, headline, fully diluted basic and
fully diluted headline earnings and net asset value per share before and after
the general repurchase are set out below:



Per share                              Notes    Before      After     Change
                                              (US cents)  (US cents)   (%)

Basic and fully diluted basic earnings   1,2   (4.0)         (4.4)    -8.7

Headline and fully diluted headline 
earnings                                 1,2   (4.0)         (4.4)    -8.7

Net asset value                                                  3
    106.8                107.3                     0.5



Notes



1.       The amount in the "Before" column represents the basic, headline, fully
diluted basic and fully diluted headline earnings per share disclosed in the
financial results for the six months ended 30 September 2003.  The amounts in
the "After" column represent the basic, headline, fully diluted basic and fully
diluted headline earnings per share after the general repurchase on the
assumption that the general repurchase was effected on 1 April 2003.




2.       The amounts in the "After" column represent the basic, headline, fully
diluted basic and fully diluted headline earnings per share after the general
repurchase on the assumption that interest will no longer accrue to the company
on the repurchase consideration at 1.05 % in US dollars per annum after tax.



3.       The amounts in the "Before" column represent the net asset value per
share as disclosed in the financial results for the six months ended 30
September 2003.  The amounts in the "After" column represent the net asset value
based on the financial results for the six months ended 30 September 2003
adjusted for the general repurchase, had it been effected on 1 April 2003.







Luxembourg
17 November 2003



Sponsors:

Brait Sponsors

D & T Sponsors


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

POSBSBDBRGBGGXS