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National Mutual ann.to HKSE re Nat.Mutual Asia Ltd

Document date:  Mon 07 Sep 1998
Published:  Mon 07 Sep 1998 00:00:00
Document No:  140634
Document part:  A
Market Flag:  N
Classification: 

NATIONAL MUTUAL HOLDINGS LIMITED              1998-09-07  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Attached for market release is a copy of an announcement which
National Mutual Asia Limited released to the Hong Kong Stock Exchange
after close of trading in Melbourne today.

The information contained in the second last and third last sentences
of the announcement was provided by National Mutual Holdings Limited
as a result of specific questions directed by the Hong Kong Stock
Exchange to National Mutual Asia Limited.

K.D. LE PLASTRIER
GENERAL COUNSEL & COMPANY SECRETARY



NATIONAL MUTUAL ASIA LIMITED
(Incorporated in Bermuda with limited liability)
(A member of the Global AXA Group)

ANNOUNCEMENT

National Mutual Asia Limited refers to various articles speculating
about National Mutual Holdings Limited (the Company's parent company)
in Australia.

Some of the comments suggested that AXA (the Company's ultimate
parent company) would buy National Mutual Holdings Limited's 69%
shareholding in National Mutual Asia Limited, followed by AXA 
selling its 51% shareholding in National Mutual Holdings Limited to 
the ANZ Bank in Australia.

National Mutual Holdings Limited has made a number of comments about
its intention to grow the Australian and New Zealand business,
including the prospects of merger or acquisition opportunities.

National Mutual Holdings Limited stated that it is a time of
significant rationalisation within the Australian and New Zealand
financial services market and it is therefore not surprising that
other participants in the market express similar intentions.

National Mutual Holdings Limited has advised the Company that
National Mutual Holdings Limited has had no discussions of any
substance with the ANZ Bank or any other party. National Mutual
Holdings Limited is unaware of any negotiations between AXA and the
ANZ Bank regarding AXA's shareholding in National Mutual Holdings
Limited. National Mutual Holdings Limited has not had any
negotiations with AXA regarding the purchase by AXA of National
Mutual Holdings Limited's shareholding in National Mutual Asia
Limited. National Mutual Holdings Limited will therefore not be
responding to press speculation on matters of strategic interest to
National Mutual Holdings Limited in Australia.

T.J. SMITH 
CHIEF EXECUTIVE 

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