Subscription Agreement

Meikles Africa Ld
7 January 2000

                       MEIKLES AFRICA LIMITED
                                                                
                       NOTICE TO SHAREHOLDERS
                                                                    
On 9 December 1999 shareholders were notified that Meikles Africa and
Kingdom  Financial Holdings had agreed to work together on  a  retail
banking  initiative on the basis that Meikles Africa would  subscribe
for  74,425,407  Kingdom shares at a price of $3.50 per  share.   The
subscription  agreement  was subject to the  fulfillment  of  certain
conditions precedent, including the satisfactory completion of a  due
diligence on Kingdom.

Shareholders  are now advised that all the conditions precedent  have
been duly fulfilled and that on 31 December Meikles Africa subscribed
for 74,425,407 Kingdom shares at the price of $3.50 per share.
                                                     
Enquiries:

Meikles Africa Limited
Charles Golding, Finance Director            Tel: [phone]

College Hill Associates
Nicholas Williams                            Tel: [phone]