First South Africa Corporation Ltd.

Ticker: FSACF		Clarendon House, Church Street
Exchange: NASDAQ-Small Cap Market		Hamilton, Foreign HM CX
Industry: Financial		8092951422

Type of Shares:	Common Shares	Filing Date:	11/13/95
U.S. Shares:	2,000,000	Offer Date:	1/24/96
Non-U.S. Shares:	0	Filing Price:	$5.00
Primary Shares:	2,000,000	Offer Price:	$5.00
Secondary Shares:	0	Gross Spread:	$0.45
Offering Amount:	$10,000,000	Selling:	$0.14
Expenses:	$925,000	Reallowance:	$0.07
Shares Out After:	3,942,500

Spin out parent firm:	FSA Stock Trust

Manager	Tier	Phone
D.H. Blair & Co Inc.	Lead Manager	(212) 495-4000

Auditor: Price Waterhouse
	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
	6/30/95	9/30/95			9/30/95
Revenue:	$18.11	$5.10		Assets:	$8.88
Net Income:	$0.35	$0.37		Liabilities:	$5.63
EPS:	$0.41	$0.44		Equity:	$3.25
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

The company was recently organized to acquire, own and operate seasoned closely-held companies in South Africa with annual sales in the range of approximately $5 million to $50 million. Concurrently with the closing of this Offering, the company will acquire, through its South African subsidiary, First South African Holdings Limited, three South African companies, namely (i) Starpak Limited, which is engaged in the manufacture of high-quality plastic packaging machinery, (ii) L.S. Pressings Limited, which is engaged in the manufacture of washers for use in the fastener industry, and (iii) Europair Africa Limited, which is engaged in the manufacture and supply of air conditioning products.

Use of Proceeds

The net proceeds of this offering will be used as follows: 1) $1,332,500 - Repayment of Notes, 2) $5,842,500 - Potential Acquisitions, 3) $550,000 - Europair Credit Extension and 4) $450,000 - Working Capital.

Last updated: 10/28/96