Document:

<PAGE>
                                                                    Exhibit 10.6

                                                                  EXECUTION COPY

SHAREHOLDERS' AGREEMENT

between

PYRAMID FREIGHT (PROPRIETARY) LIMITED

and

THE TRUSTEES FOR THE TIME BEING OF THE UTi EMPOWERMENT TRUST

and

UTi SOUTH AFRICA (PROPRIETARY) LIMITED

                                     ------------------------------------------
                                                                             LT

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                                TABLE OF CONTENTS
<TABLE>
<S>        <C>                                                                            <C>
1.         Definitions and interpretation                                                    4
2.         Introduction                                                                      7
3.         Effective Date                                                                    7
4.         Characteristics of the Company                                                    7
5.         Financing                                                                         8
6.         The Board and Board meetings                                                      9
6.1          management to vest in Board                                                     9
6.2          composition of Board                                                            9
6.3          removal of directors                                                           10
6.4          alternate director                                                             10
6.5          vote of directors                                                              10
6.6          managing director                                                              10
6.7          chairman                                                                       11
6.8          matters of appointment and removal                                             11
6.9          right to call Board meeting                                                    11
6.10         quorum                                                                         11
6.11         notice of meetings                                                             11
6.12         frequency of meetings                                                          12
6.13         venue of meetings                                                              12
6.14         written resolutions                                                            12
6.15         minutes                                                                        12
6.16         conflicts of interest                                                          13
6.17         executive committee                                                            13
7.         Shareholders' meetings                                                           14
7.1          quorum                                                                         14
7.2          resolutions in writing                                                         14
8.         Minority protection provisions                                                   15
9.         Dividend policy                                                                  15
10.        Insurance                                                                        16
11.        Rights of pre-emption                                                            16
12.        Compulsory offers for sale                                                       19
13.        The purchase price and transfer of shares                                        20
14.        Change in empowerment charter and/or legislation                                 21
15.        Restraint                                                                        24
16.        Admission of new members                                                         26
17.        Financial information                                                            26
18.        Guarantees, suretyships and indemnities                                          27
19.        Support                                                                          27
20.        Conflict with articles of association                                            27
21.        Confidentiality                                                                  28
22.        Arbitration                                                                      28
22.2         identity of arbitrator                                                         29
22.3         venue                                                                          30
22.4         procedures                                                                     30
22.6         costs and expenses                                                             31
22.7         final and binding effect                                                       31
22.8         consent                                                                        31
22.9         severability                                                                   31
22.10        injunctive relief                                                              31
23.        Miscellaneous matters                                                            32
23.1         addresses and notices                                                          32
23.2         entire contract                                                                33
</TABLE>

                                       2.
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<TABLE>
<S>          <C>                                                                            <C>
23.3         no representations                                                             33
23.4         variation, cancellation and waiver                                             33
23.5         indulgences                                                                    33
23.6         cession                                                                        34
23.7         applicable law                                                                 34
23.8         costs                                                                          34
23.9         severance                                                                      34
23.10        co-operation                                                                   34
23.11        no partnership or agency                                                       34
23.12        counterparts                                                                   35
</TABLE>

                                       3.

<PAGE>

1. DEFINITIONS AND INTERPRETATION

1.1      In this Agreement the following words and phrases shall, unless the
         contrary intention appears, have the following meanings:

1.1.1    "AFFILIATE"                    - in relation to any company means that
                                          company's subsidiary or holding
                                          company, or a subsidiary of that
                                          company's holding company, and in
                                          relation to a trust means any other
                                          trust with the same beneficiaries and
                                          same objects as the Empowerment Trust
                                          and/or the entire interest in which is
                                          held and beneficially owned by the
                                          Empowerment Trust;

1.1.2    "THIS AGREEMENT"               - means this Agreement and includes the
                                          schedules and annexures to this
                                          Agreement, if any;

1.1.3    "THE BOARD"                    - means the board of directors for the
                                          time being of the Company;

1.1.4    "THE BUSINESS"                 - means the business carried on by the
                                          business divisions acquired or to be
                                          acquired by the Company from Pyramid
                                          Freight in terms of a sale of business
                                          agreement entered into or to be
                                          entered into between the Company and
                                          Pyramid Freight, namely the UTi
                                          International Division, Sun Couriers
                                          Division, Mounties Division and the
                                          RDS Division and such other business
                                          as the Company may carry on from time
                                          to time;

1.1.5    "BUSINESS DAY"                 - means any day other than a Saturday,
                                          Sunday or statutory public holiday in
                                          the Republic of South Africa;

                                       4.
<PAGE>
1.1.6    "THE COMPANIES ACT"            - means the Companies Act, 61 of 1973,
                                          as amended;

1.1.7    "THE COMPANY"                  - means UTi South Africa (Proprietary)
                                          Limited, a private company with
                                          limited liability registered and
                                          incorporated in accordance with the
                                          laws of the Republic of South Africa
                                          under registration number:
                                          2004/015747/07;

1.1.8    "DATE OF SIGNATURE"            - means the date on which this Agreement
                                          is signed by all parties, and if
                                          signed on different dates, then the
                                          last of those dates;

1.1.9    "EFFECTIVE DATE"               - means 1 August 2004;

1.1.10   "EMPOWERMENT TRUST"            - means the UTi Empowerment Trust, a
                                          trust registered in South Africa under
                                          Master's reference number IT 6457/04;

1.1.11   "PYRAMID FREIGHT"              - means Pyramid Freight (Proprietary)
                                          Limited, a company with limited
                                          liability registered and incorporated
                                          in the British Virgin Islands and
                                          registered as an external company in
                                          accordance with the laws of the
                                          Republic of South Africa under
                                          registration number 1987/003687/10;

1.1.12   "RAND" and "R"                 - means the lawful currency of the
                                          Republic of South Africa;

1.1.13   "SALE EVENT"                   - means any of the following:

                                       5.
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1.1.13.1                                  if a Shareholder is placed under
                                          judicial management or a winding-up
                                          order, whether voluntarily or
                                          compulsorily, provisionally or finally
                                          and in relation to a Shareholder which
                                          is a trust shall include a procedure
                                          equivalent to the above including the
                                          termination or dissolution of the
                                          trust; or

1.1.13.2                                  if a Shareholder commits a breach of a
                                          material provision of this Agreement
                                          and fails to remedy that breach within
                                          30 days of written notice calling on
                                          it to do so;

1.1.14   "THE SHAREHOLDERS"             - means the shareholders for the time
                                          being of the Company.

1.2      In this Agreement, except to the extent that the context otherwise
         requires or as otherwise expressly stipulated:

1.2.1    words referring to one gender shall include a reference to the other
         genders;

1.2.2    words importing the singular shall include the plural and vice versa;

1.2.3    a reference to:

1.2.3.1     a "subsidiary" or "holding company" shall be construed in accordance
            with section 1 of the Companies Act as in force at the date of this
            Agreement;

1.2.3.2     a "person" includes a reference to a body corporate, a trust, an
            unincorporated association or a partnership and that person's legal
            personal representatives and successors;

                                       6.
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1.2.4       where any payment falls due or any other obligation falls to be
            performed on a day which is not a Business Day, then such payment
            shall be made or such obligation performed on the next succeeding
            Business Day.

2. INTRODUCTION

   Pyramid Freight and Empowerment Trust are or are about to become shareholders
   in the Company and wish to enter into this Agreement to regulate their
   relationship with one another and with the Company on the terms and
   conditions set out below.

3. EFFECTIVE DATE

   Notwithstanding the Date of Signature, this Agreement shall be deemed to have
   commenced on the Effective Date.

4. CHARACTERISTICS OF THE COMPANY

4.1      The authorised share capital of the Company at the Effective Date was
         and at the Date of Signature is R1 000 divided into 1 000 ordinary
         shares with a par value of R1.00 each.

4.2      The issued share capital of the Company at the Date of Signature is
         R100 divided into 100 ordinary shares with a par value of R1.00 each,
         and will be held by the Shareholders as follows.
<TABLE>
<CAPTION>
NAME OF SHAREHOLDER                   NUMBER OF SHARES                   PERCENTAGE SHAREHOLDING
-------------------                   ----------------                   ------------------------
<S>                                   <C>                               <C>
Pyramid Freight                       75                                 75%
Empowerment Trust                     25                                 25%
TOTAL                                 100                                100%
</TABLE>

4.3      The Company shall conduct its accounting in accordance with South
         African Generally Accepted Accounting Practice ("GAAP").

4.4      The financial year of the Company currently ends on 31 January each
         year.

                                       7.
<PAGE>
4.5      The current auditors of the Company are Deloitte & Touche.

4.6      The parties will procure that the initial bankers of the Company are
         Nedbank Limited.

4.7      The registered address of the Company is 2 Protea Road (cnr North Reef
         Road), Bedfordview, 2007.

5. FINANCING

5.1      It is recorded that Pyramid Freight has lent or is about to lend an
         amount of R680 000 000 to the Company, which amount has been or will be
         utilised by the Company in payment of the purchase price for the
         business divisions acquired by the Company from Pyramid Freight in
         terms of a sale of business agreement entered into or to be entered
         into between Pyramid Freight and the Company. The terms of repayment
         and the interest rate of the loan are set out in the loan agreement
         entered into or to be entered into between Pyramid Freight and the
         Company. The repayment of this loan shall take preference to the
         repayment of any other loans by the Shareholders to the Company.

5.2      The Shareholders shall each use their reasonable endeavours to procure
         that the financial requirements of the Company are met as far as is
         practicable from its own resources or by borrowings from banks and
         other similar sources on the most favourable terms reasonably
         obtainable as to interest, repayment and security, but without allowing
         any prospective lender a right to participate in the equity share
         capital of the Company as a condition of any loan.

5.3      The Company shall notify the Shareholders of any amount which is from
         time to time required by the Company and which is not, or is unlikely
         to become, available from its own resources or from borrowings or other
         sources pursuant to clause 5.2 and shall supply to any Shareholder such
         information as that Shareholder may reasonably request to satisfy
         itself that the amount so notified is required and will not otherwise
         be available. If the Shareholders unanimously agree to provide
         additional funds, such additional funds shall be provided by the
         Shareholders as loans in proportion to their respective shareholdings
         in the Company.

                                       8.
<PAGE>
5.4      Subject to 5.1, the Shareholders' loan accounts against the Company, if
         any, shall, unless the Shareholders agree thereto in writing -

5.4.1       bear interest at a rate agreed to with the Company at the date of
            granting the loan;

5.4.2       be repaid by the Company to each Shareholder upon a Board resolution
            to make such repayment;

5.4.3       be repaid in the proportion that each Shareholder's loan account
            balance bears to the sum of all Shareholders' loan accounts; and

5.4.4       be subordinated to the extent necessary and acceptable to the
            Shareholders in order to enable the Company to obtain funding from
            any third party creditor.

5.5      All claims on loan account against the Company shall immediately become
         due and payable in any of the following events -

5.5.1       the Company being placed in liquidation or under judicial
            management, whether provisionally or finally, and whether
            compulsorily or voluntarily;

5.5.2       a submission by the Company of a compromise or similar offer to its
            creditors generally;

5.5.3       the assets of the Company being attached in execution and remaining
            attached for a period of not less than 15 days.

6. THE BOARD AND BOARD MEETINGS

6.1      MANAGEMENT TO VEST IN BOARD

         Subject to the provisions of this Agreement, the management of the
         Business and affairs of the Company shall vest in its Board.

6.2      COMPOSITION OF BOARD

         The Shareholders agree to procure (and undertake to exercise their
         rights as shareholders, whether directly or indirectly, of the Company
         to procure) that the Board will comprise of 6 directors of whom:

                                       9.
<PAGE>
6.2.1       Pyramid Freight (for so long as it is a Shareholder) shall be
            entitled, but not obliged, to appoint 4 directors;

6.2.2       Empowerment Trust (for so long as it is a Shareholder) shall be
            entitled, but not obliged, to appoint 1 director; and

6.2.3       the Shareholders shall appoint 1 independent director. It is agreed
            that a person shall be regarded as being independent of Pyramid
            Freight or the Empowerment Trust, as the case may be, if that person
            is not a director, trustee, officer or employee of Pyramid Freight
            or the Empowerment Trust.

6.3      REMOVAL OF DIRECTORS

         Each Shareholder shall be entitled to remove any person appointed by it
         as a director and to appoint any other person in the stead of any
         person so removed or who for any other reason fails to take up or
         remain in office. A Shareholder removing a director nominated by it
         will be responsible for and shall indemnify the other Shareholder and
         the Company against any claim by such director for wrongful or unfair
         dismissal or redundancy or any other compensation arising out of such
         removal or loss of office.

6.4      ALTERNATE DIRECTOR

         Each director shall be entitled to appoint (or remove, if he so
         desires) an alternate director and the Shareholders undertake to vote
         (and to procure that their nominees and appointees vote) in favour of
         the appointment (or removal) of the alternate director.

6.5      VOTE OF DIRECTORS

         Each director appointed shall have one vote at any meeting of the
         Board.

6.6      MANAGING DIRECTOR

         The Managing Director shall be appointed by Pyramid Freight from one of
         its nominees to the Board and shall not have a casting vote.

                                      10.
<PAGE>
6.7      CHAIRMAN

         The Board shall appoint a chairman of the Company from one of the
         Pyramid Freight nominees to the Board. The chairman shall not have a
         casting vote.

6.8      MATTERS OF APPOINTMENT AND REMOVAL

         Any appointment, removal or replacement of directors pursuant to this
         Agreement shall be in writing to the Company and shall be operative as
         soon as such notice is received at the Company's registered address.

6.9      RIGHT TO CALL BOARD MEETING

         Any director of the Company may call a meeting of the Board by giving
         the required notice.

6.10     QUORUM

6.10.1      A quorum at meetings of the Board shall be four directors present at
            the commencement and for the duration of the meeting provided that
            one shall be a director (or his alternate) appointed by Pyramid
            Freight.

6.10.2      If no quorum is present at a meeting of the Board within 30 minutes
            from the specified time, the meeting will be adjourned to a date
            seven days later, at the same time and venue, or if that date is not
            a Business Day, then to the next succeeding Business Day. If at such
            adjourned meeting a quorum is not present within 30 minutes from the
            time of that meeting, the directors present will be deemed to
            constitute a quorum.

6.11     NOTICE OF MEETINGS

6.11.1      The notice period for convening a meeting of the Board will be 14
            days, unless otherwise agreed by the directors; provided that in
            cases of urgency the notice period will be 48 hours.

6.11.2      Notice of all meetings of the Board will be given to all directors
            and their alternates at their respective addresses notified to the
            Company from time to time in writing. The notice shall contain an
            agenda, specifying in reasonable detail the matters to be discussed
            at the Board meeting and the agenda shall be accompanied by any
            relevant papers for discussion.

                                      11.
<PAGE>
6.11.3      Provided proper notice of the meeting and the means by which the
            meeting shall be conducted as contemplated in this Agreement have
            been given or waived, meetings of the Board may be held by means of
            such telephone, electronic or other communication facility as
            permits all persons participating in the meeting to communicate with
            each other simultaneously and instantaneously, provided that any
            director may insist that any meeting be held at which all directors
            are able to be present.

6.12     FREQUENCY OF MEETINGS

         Board meetings will be held quarterly, or more frequently as is
         necessary for the efficient conduct of the Business.

6.13     VENUE OF MEETINGS

         The venue of Board meetings shall be the registered address of the
         Company or such other venue as the directors may agree to in writing.

6.14     WRITTEN RESOLUTIONS

         A resolution in writing signed by all the directors of the Company,
         which resolution is incorporated into the directors' minute book, shall
         be as valid and effective for all purposes as a resolution passed by
         the directors of the Company at a meeting duly convened, held and
         constituted. Any such resolution may consist of several documents in
         like form, each signed by at least one of the directors. Unless the
         contrary is stated therein, any such resolution shall be deemed to have
         been passed on the date on which it was signed by the director last
         signing it. A fax of a director's or an alternate's signed resolution
         shall be acceptable evidence that such resolution has been signed by
         the director whose signature appears on the fax.

6.15     MINUTES

         Minutes of Board meetings will be circularised to all members of the
         Board within a reasonable time after the conclusion of each meeting and
         shall be tabled for approval at the next following Board meeting.

                                      12.
<PAGE>
6.16     CONFLICTS OF INTEREST

         If any person appointed as a director of the Company is a director of a
         competitive business to that carried on by the Company from time to
         time, any resolution to be considered by the directors in which such
         person could have a conflict of interest by reason of his directorship
         of the competing company, shall not be dealt with by the directors but
         shall be submitted to the Shareholders for consideration.

6.17     EXECUTIVE COMMITTEE

6.17.1      The Board may delegate any of their powers to an executive committee
            consisting of such member or members of their body as they think
            fit. Any committee so formed shall, in the exercise of the powers so
            delegated, conform to any rules that may be imposed on it by the
            Board.

6.17.2      The committee may elect a chairman of its meetings, provided that
            such person shall be elected from one of the nominees of Pyramid
            Freight.

6.17.3      A quorum at meetings of the executive committee shall be two members
            present at the commencement and for the duration of the meeting
            provided that one shall be a member (or his alternate) appointed by
            Pyramid Freight. If no quorum is present at a meeting of the
            committee within 30 minutes from the specified time, the meeting
            will be adjourned to a date seven days later, at the same time and
            venue, or if that date is not a Business Day, then to the next
            succeeding Business Day. If at such adjourned meeting a quorum is
            not present within 30 minutes from the time of that meeting, the
            members present will be deemed to constitute a quorum.

6.17.4      Questions arising at any meeting shall be determined by a majority
            of votes of the members present, and in the event of an equality of
            votes the chairman shall not have a second or casting vote.

6.17.5      The provisions of clauses 6.9 and 6.11 to 6.15 shall apply to
            meetings of the executive committee mutatis mutandis.

                                      13.
<PAGE>
7. SHAREHOLDERS' MEETINGS

7.1      QUORUM

7.1.1       A quorum at meetings of the Shareholders shall be all Shareholders,
            present personally or by proxy.

7.1.2       At a meeting of the Shareholders each Shareholder shall have one
            vote per share then held by that Shareholder.

7.1.3       If no quorum is present at any meeting of Shareholders within 30
            minutes of the time of the meeting (or such longer period as those
            present may agree), the meeting shall be adjourned to a day not
            later than seven days at the same time and venue, or if that day is
            not a Business Day then to the next succeeding Business Day. Written
            notice of such adjournment specifying the business to be dealt with
            at the adjourned meeting of Shareholders shall be given forthwith to
            the Shareholders.

7.1.4       If at the adjourned meeting a quorum is not present within 30
            minutes of the time of that meeting (or such longer period as those
            present may agree), the Shareholders present or represented shall
            constitute a quorum.

7.2      RESOLUTIONS IN WRITING

         Subject to the provisions of the Companies Act in relation to special
         resolutions, a resolution in writing circulated to all the Shareholders
         and signed by all of them shall be as valid and effective as if such
         resolution had been passed at a Shareholders' meeting duly convened and
         held. Any such resolution may consist of several documents in like
         form, each signed by at least one of the Shareholders. Unless the
         contrary is stated therein, any such resolution shall be deemed to have
         been passed on the date of the signature by the Shareholder last
         signing such resolution. A facsimile copy of the resolution signed by a
         Shareholder shall be acceptable evidence that such resolution has been
         signed by the Shareholder whose signature appears on that facsimile;
         provided always that such Shareholder shall have signed the original
         copy of the resolution and such original copy shall be retained in the
         records of the Company as specified in the Companies Act. Should a
         written resolution circulated to all Shareholders not be signed by all
         the

                                      14.

<PAGE>
         Shareholders, such resolution shall be of no force or effect and the
         matter or matters which are the subject of such written resolution
         shall be referred to a Shareholders' meeting for consideration.

8. MINORITY PROTECTION PROVISIONS

   The Shareholders and the Board shall procure (insofar as they are able by the
   exercise of all voting rights and powers of control available to them) that
   no decision shall be taken in respect of any of the following matters in
   relation to the Company, or, if taken, shall not be implemented unless such
   decision, if taken at a meeting of the Shareholders, is approved by all the
   Shareholders, or if taken at a meeting of the Board, is approved by all the
   directors present at the meeting provided that at least one shall be a
   director (or his alternate) appointed by Pyramid Freight (and any decision
   taken contrary to the provisions set out above shall be invalid):

8.1.1       any material change of the nature of the Business of the Company;

8.1.2       the disposal of the whole or substantially the whole of the Business
            of the Company;

8.1.3       the voluntary winding-up of the Company;

8.1.4       the conclusion of any non-arms' length transaction with a
            Shareholder or an Affiliate of a Shareholder;

8.1.5       the admission of any new shareholders to the Company (except as
            provided for elsewhere in this agreement).

9. DIVIDEND POLICY

9.1      The Board shall meet as soon as possible after the Company's annual
         financial statements have been prepared and in compliance with prudent
         financial management, and taking into account working capital
         requirements, banking covenants, operational requirements, the
         Company's annual business plan and the Company's cash commitments and
         obligations and provided further that the Company does not borrow funds
         in excess of its funding policy and gearing ratio from time to time to
         enable it to pay the dividend recommend to the Shareholders, that the
         Company declare and pay

                                      15.
<PAGE>
         as a dividend as much of its after-tax profits as are available for
         distribution. Such dividend shall be declared and paid by the Company
         once approved by the Shareholders.

9.2      The Shareholders and the Board shall procure (insofar as they are able
         by the exercise of all voting rights and powers of control available to
         them) that the Company shall lend and advance an amount of R250 000 per
         annum to the Empowerment Trust annually in advance in January each year
         until such time as the income of the Empowerment Trust equals or
         exceeds an amount of R250 000 per annum. The loan shall be interest
         free. The loan shall be repaid by the Empowerment Trust to the Company,
         by the Company setting-off the amount lent and advanced against the
         amount of dividends declared and to be paid by the Company to the
         Empowerment Trust or so much of the amount lent and advanced as equates
         to the amount of the dividends declared and to be paid by the Company
         to the Empowerment Trust, until the total amount lent and advanced has
         been repaid in full.

10. INSURANCE

   The Board shall procure that the Company takes out and maintains insurance to
   ensure that the Company's assets and operations are at all times adequately
   insured against risks which are usually insured against.

11. RIGHTS OF PRE-EMPTION

11.1     In the absence of any agreement in writing to the contrary, any
         original shares for the time being unissued and any new shares from
         time to time created in the Company shall before issue be offered to
         the Shareholders in proportion, as nearly as the circumstances admit,
         to the number of the existing shares held by them. The offer (which may
         not be ceded or renounced either in whole or in part without the
         consent of all Shareholders) shall be made by notice from the Board
         specifying the number of shares offered, the terms and conditions under
         which they are offered and limiting the time (which shall not be less
         than 15 days) when the offer, if not accepted, will be deemed to be
         declined.

                                      16.
<PAGE>
11.2     Notwithstanding anything to the contrary contained in this Agreement or
         in the Company's memorandum or articles of association for the time
         being and unless otherwise agreed to in writing by all Shareholders -

11.2.1      a Shareholder shall not pledge, cede or otherwise burden or encumber
            its shares in the Company without the prior written consent of the
            other Shareholder;

11.2.2      a Shareholder may not sell, donate, alienate or otherwise dispose of
            or transfer (hereinafter collectively referred to as "SELL") any of
            the shares held by it in the Company save in accordance with the
            provisions of this clause;

11.2.3      if such Shareholder is indebted to the Company, that Shareholder may
            sell any of the shares held by it in the Company, only if it
            simultaneously repays to the Company all amounts owed by it to the
            Company.

11.3     Subject to the other provisions of this Agreement, a Shareholder
         proposing to sell all or part of his shares in the Company shall at the
         same time offer to sell all or a portion of that Shareholder's claims
         on loan account against the Company, if any, at face value. The portion
         of the claims on loan account to be offered for sale shall be the same
         percentage of the selling Shareholder's total claims on loan account as
         the shares offered for sale are of the selling Shareholder's total
         shareholding in the Company. Any person accepting an offer of shares
         for sale shall at the same time accept the offer of the claim on loan
         account.

11.4     A Shareholder wishing to sell or otherwise dispose of all or part of
         its shares in the Company (THE OFFEROR) shall serve notice in writing
         upon the Company of his intention to sell its shares (THE offer) and
         shall deliver the share certificates and signed share transfer forms in
         respect of the shares concerned (THE IDENTIFIED SHARES) together with
         the notice.

11.5     The notice shall specify:

11.5.1      the purchase price per share at which the offeror is prepared to
            sell the identified shares;

                                      17.
<PAGE>
11.5.2      the value of the pro rata portion of the offeror's claims on loan
            account linked to the identified shares;

11.5.3      whether the offer is capable of acceptance in whole or in part;

11.5.4      any other terms and conditions upon which the offeror is prepared to
            sell his shares; and

11.5.5      if applicable, the identity of any interested third party.

11.6     The Company, on behalf of the offeror, shall first offer the identified
         shares to the remaining Shareholder. The offer shall remain open for
         acceptance for 30 days from the date it is given. Acceptance shall be
         given in writing within this 30 day period (THE FIRST PERIOD).

11.7     Subject to this clause 11, if at the expiry of the first period, the
         remaining Shareholder does not accept the offer, then the offeror shall
         be entitled to require the Company to take steps to dispose of such of
         the identified shares in respect of which the offer was not accepted by
         the other Shareholder, to a third party, provided that -

11.7.1      none of the terms and conditions of the disposal is more favourable
            to the third party than the equivalent term or condition specified
            in any offer to the Shareholders;

11.7.2      the offer is accepted by the third party within 30 days of the
            expiry of the offer to the remaining Shareholder referred to in
            11.6;

11.7.3      the third party becomes a party to this Agreement;

11.7.4      the remaining Shareholder does not object, on reasonable grounds, to
            the third party; and

11.7.5      the third party undertakes in writing to indemnify the disposing
            Shareholder against any claim which may be made against the
            disposing Shareholder by any party pursuant to a guarantee,
            suretyship or indemnity referred to in clause 18 or in respect of
            any cause of action arising after the date of sale in respect of the
            disposing Shareholder's liability as surety or guarantor for any of
            the obligations of the Company or its subsidiaries. The parties
            will, however, use their best endeavours

                                      18.
<PAGE>
            to procure that the third party will be accepted in the place of the
            offeror in respect of any guarantee, suretyship or indemnity, and
            that such offeror be released as a guarantor, surety or indemnifier.

11.8     If upon the expiry of the offer period referred to in 11.7.2, the
         aggregate of the shares for which an offer has been received is less
         than the aggregate of the identified shares, the offeror may, within
         fourteen days, elect to withdraw the offer, in which case the offer
         will be deemed to be withdrawn and the offeror shall be entitled to
         retain all the identified shares.

11.9     Notwithstanding the provisions of this clause 11, a shareholder shall
         be entitled to transfer its shares (in whole or in part) to an
         Affiliate of the Shareholder (THE TRANSFEREE) provided that:

11.9.1      the Transferee delivers a written undertaking, in a form and
            substance reasonably acceptable to the other Shareholder, to be
            bound by the provisions of this Agreement;

11.9.2      the original Shareholder (THE TRANSFEROR) delivers to the other
            Shareholder a written agreement binding itself as surety and
            co-principal debtor for the due fulfilment by the Transferee of all
            its obligations under this Agreement; and

11.9.3      if the Transferee ceases for any reason to be an Affiliate of the
            Transferor then the shares shall be transferred back to the
            Transferor. Should the Transferee fail, within a reasonable period
            after ceasing to be an Affiliate of the Transferor, to transfer the
            shares to the Transferor, any director of the Company for the time
            being is irrevocably authorised to sign all documents and do all
            things necessary to effect such transfer.

11.10    The transferee of any shares and loan accounts acquired pursuant to
         this clause 11, shall pay the stamp duty and any other similar duties
         payable in respect of such acquisition.

12. COMPULSORY OFFERS FOR SALE

12.1     If a Sale Event occurs in relation to a Shareholder then that
         Shareholder will be deemed on the day immediately preceding the Sale
         Event to have offered to sell its shares in and claims on loan account
         against the Company for sale

                                      19.

<PAGE>
         to the remaining Shareholder, in accordance with 11 but at a price
         determined in accordance with 12.2.

12.2     The price at which shares shall be offered pursuant to 12.1 shall be
         the fair market value at the date of the relevant Sale Event as agreed
         between the offeror and the remaining Shareholder. Failing such
         agreement within seven days of the relevant Sale Event, a determination
         as to the price shall be made by an independent chartered accountant in
         public practice of not less than 10 years' standing. The identity of
         such chartered accountant will be determined by agreement between the
         parties, or failing such agreement the chartered accountant will be
         nominated by the President for the time being of the South African
         Institute of Chartered Accountants (or its successor in title) provided
         that such chartered accountant shall be a partner or director of one of
         South Africa's major accounting firms.

12.3     In making his determination the chartered accountant will have regard
         to factors which he considers relevant. The chartered accountant will
         be deemed to be acting as an expert and not as an arbitrator in making
         the determination and his decision will, in the absence of manifest
         error, be final and binding on the parties. The costs of the chartered
         accountant in making the determination will be borne by the
         Shareholders in equal shares. The value attributed to the claims on
         loan account shall in all cases be the face value thereof.

12.4     Any disputes as to the calculation of the purchase price pursuant to
         the above shall be settled in accordance with 22.

13. THE PURCHASE PRICE AND TRANSFER OF SHARES

13.1     The purchase price in respect of a sale of shares pursuant to clauses
         11 or 12 shall be payable in cash, free of bank and other charges at
         the Company's registered office within seven days from the expiry of
         the 30 day period referred to in clause 11.6 or the seven day period
         referred to in 12.2 or such other period as may be set out in the
         offer, and against completion of the following matters by the offeror:

                                      20.
<PAGE>
13.1.1      the delivery of the share certificates in respect of the shares
            purchased together with such transfer forms as may be required to
            transfer them to the offeree or his nominee;

13.1.2      the delivery to the Company of a written cession of the loan
            account, or any part thereof purchased;

13.1.3      the written resignation of all directors appointed by the disposing
            Shareholder to the Board if all the offeror's shares in the Company
            have been disposed of, or such number of directors as are necessary
            to ensure that the number of directors appointed by the disposing
            Shareholder is in proportion to its shareholding after the disposal,
            pursuant to clause 6.2 above.

13.2     Should the offeror fail, within a reasonable period after the expiry of
         the seven day period referred to in clause 13.1, to deliver or procure
         the delivery of the shares to the offerees, upon 14 days' written
         notice to the offeror, any director of the Company for the time being
         shall be irrevocably authorised to sign all documents and do all things
         necessary to effect the transfer of the shares against receipt of the
         purchase price on behalf of the offeror.

14. CHANGE IN EMPOWERMENT CHARTER AND/OR LEGISLATION

    In the event that the South Africa Government introduces any amendments,
    adjustments or changes to the Empowerment Charter for the Freight Forwarding
    and Clearing Industry or introduces any new empowerment charter, legislation
    or regulations or that the practice in respect of black economic empowerment
    changes, any of which:

14.1     have the effect of no longer requiring the Company to be black economic
         empowered or of reducing the criteria for the Company to be black
         economic empowered, then the Empowerment Trust undertakes to sell to
         Pyramid Freight so much of its shareholding in the Company as Pyramid
         Freight may determine on written notice to the Empowerment Trust. The
         purchase price per share will be calculated in accordance with the
         following formula:

            x multiplied by the percentage of the share capital (as a percentage
            of the total issued share capital of the Company) to be acquired;

                                      21.
<PAGE>
            where:

            x = z multiplied by y;

            where for purposes of the above formula:

            y = 50% of the average trade weighted price earnings multiple of UTi
            Worldwide Inc as per UTi Worldwide Inc's listing on NASDAQ for the
            30 day period immediately preceding the date of the notice referred
            to in 14.1, subject to a maximum of 12; and

            z = the aggregate of the weighted attributable audited
            earnings (before minorities) of the Company over the reporting
            periods set out below with the weightings set out below:

<TABLE>
<CAPTION>
                REPORTING PERIOD         PERIOD OF EARNINGS                 WEIGHTING FACTOR
                ----------------         ------------------                 ----------------
                <S>                      <C>                                <C>
                Period 1                 Last four completed and            3/6
                                         reported quarters prior to
                                         date of notice referred to
                                         in 14.1

                Period 2                 4 quarters prior to period 1       2/6

                Period 3                 4 quarters prior to period 2       1/6
</TABLE>

            Any disputes as to the calculation of the purchase price of the
            shares pursuant to 14.1, shall be settled in accordance with 22.
            Payment of the purchase price for the shares will be made within
            seven days after the determination of the purchase price against:

14.1.1      delivery of the share certificates in respect of the shares
            purchased, together with share transfer forms as may be required to
            transfer them to Pyramid Freight;

                                      22.
<PAGE>
14.1.2      the written resignations of the Empowerment Trust's nominees to the
            Board in the same proportions as referred to in clause 13.1.3; and

14.1.3      the appointment of nominees of Pyramid Freight to the Board of the
            Company, if Pyramid Freight so requires.

            The claims of the Empowerment Trust on loan account against the
            Company, if any, shall become due and payable on the effective date
            (which will be the date on which the purchase price is paid) of the
            acquisition pro rata to the shares acquired by Pyramid Freight;

14.2     have the effect directly or indirectly reducing the status of the
         Empowerment Trust as a black economic empowerment entity and thus
         affecting the status of the Company as not being black economic
         empowered, the Empowerment Trust undertakes to sell so much of its
         shareholding in the Company at the then fair market value of such
         shareholding as determined by the auditors of the Company to another
         black economic empowerment entity nominated by Pyramid Freight so as to
         ensure that the Company retains its black economic empowered status.
         The black economic empowerment entity will be required to become a
         party to this Agreement or an amendment to this Agreement;

14.3     have an effect on the Company's ability to comply with the empowerment
         criteria of such empowerment charter, legislation, regulations or
         practice, other than in the circumstances set out in 14.1 and 14.2, the
         Shareholders agree that they will meet to negotiate in good faith
         changes to this Agreement and/or their individual shareholding in the
         Company (including but not limited to dilution of shareholding) so as
         to enable the Company to comply with such amendments, adjustments or
         changes to the Empowerment Charter for the Freight Forwarding and
         Clearing Industry or any new empowerment charter, legislation or
         regulations or any new empowerment practice. If the Shareholders are
         unable to reach agreement within 30 (thirty) Business Days after a
         Shareholder has called for the negotiations to take place pursuant to
         this clause, the dispute will be referred to arbitration in terms of
         22.

                                      23.
<PAGE>
15. RESTRAINT

15.1     The Empowerment Trust undertakes to Pyramid Freight and to the Company
         throughout the existence of this Agreement and for a period of two
         years after it ceases to be a Shareholder in the Company, it will not
         (and it will procure that its respective Affiliates will not):

15.1.1      without the prior written consent of Pyramid Freight and the Company
            and whether directly or indirectly, compete with the Company in the
            fields of activity referred to in clause 15.2 within the areas of
            restraint set out in clause 15.3;

15.1.2      solicit or induce others to solicit, directly or indirectly, any
            clients of the Company for the purpose of inducing them to cease
            doing business with the Company; or

15.1.3      persuade, induce, encourage or procure any employee employed by the
            Company to become employed by or interested, directly or indirectly,
            in any manner whatsoever in any business which is in competition
            with the business carried on by the Company, or terminate his
            employment with the Company or furnish any information or advice,
            acquired by the employee as a result of his employment by the
            Company, to any unauthorised person.

15.2     The fields of activity in respect of which the restraint applies will
         be the Business and the business actively carried on by the Company
         during the existence of this Agreement and at the time that the
         Empowerment Trust ceases to be a shareholder of the Company.

15.3     The area of restraint referred to in this clause shall be the Republic
         of South Africa and each province in the Republic of South Africa (as a
         separate restraint in each province).

15.4     Empowerment Trust acknowledges:

15.4.1      that the customers and clients of the Company are or could be drawn
            from all of the areas in which the restraint is to be operative;

                                      24.
<PAGE>
15.4.2      that Pyramid Freight and the Company would suffer substantial damage
            if it were to operate a business in the field of activity in respect
            of which it is restrained from competing with the Company, within
            the area to which, and during the time in which, the restraint is to
            be operative;

15.4.3      that the restraint is the minimum restraint required by the Company
            and Pyramid Freight to protect themselves against unfair
            competition;

15.4.4      that if Empowerment Trust were not prepared to agree to the
            restraints set out in this clause the parties would not have entered
            into this Agreement on these terms

            and that in the circumstances it is fair and reasonable, and
            necessary for the protection of the Company's interests that it
            should be restrained in the manner set out in this clause.

15.5     Should the reasonableness of any of the provisions set out in this
         clause at any time be disputed, then the onus of proving that the
         provision is unreasonable will rest on the party making such
         allegation.

15.6     Each and every restraint contained in this clause is separate and
         divisible from every other restraint in this clause and from any other
         restraint so that if one of the restraints is or becomes unenforceable
         for any reason that restraint will be severable and will not affect the
         validity of any other restraint contained in this clause or otherwise.

15.7     Insofar as the restraints are considered by the parties to be
         reasonable in all the circumstances, they agree that if the restraints,
         taken together, are adjudged to go beyond what is reasonable in all the
         circumstances but would be adjudged reasonable if part or parts of the
         wording of the restraints were deleted, the restraints will apply with
         such words deleted.

15.8     The restraints contained in this clause will be capable of being
         enforced by Pyramid Freight or by the Company.

                                      25.
<PAGE>

16. ADMISSION OF NEW MEMBERS

    Subject to clause 11 (rights of pre-emption), the Shareholders may from time
    to time agree to admit third parties as additional shareholders in the
    Company, provided that:

16.1     no third party shall be admitted as a shareholder in the Company unless
         unanimously agreed to in writing by all Shareholders;

16.2     no third party shall be entitled to become a shareholder in the Company
         unless and until such third party has signed this Agreement, or an
         amendment of this Agreement.

17. FINANCIAL INFORMATION

17.1     The Shareholders will procure that the Board ensures that:

17.1.1      the Company complies with the reporting requirements of UTi
            Worldwide Inc;

17.1.2      audited financial statements will be prepared as soon as possible
            after each financial year end but in any event by not later than 180
            days after the financial year end of the Company;

17.1.3      monthly management accounts will be prepared for delivery to the
            Shareholders as soon as possible after each month end;

17.1.4      monthly information summaries as may be required by the Shareholders
            are prepared and furnished to the Shareholders; and

17.1.5      an annual budget shall be prepared prior to the commencement of each
            financial year for acceptance by the Board.

17.2     The Shareholders shall each be entitled to examine during normal
         business hours the books and accounts kept by the Company and to be
         supplied by the Company with all relevant information in addition to
         that listed in clauses 17.1.1 to 17.1.5, including, without limitation,
         operating statistics and such other trading and financial information
         in such form as they may reasonably require, to keep them properly
         informed about the Business of the Company

                                      26.
<PAGE>

         and generally to protect their interests, and to make such copies
         thereof or extracts therefrom, as such Shareholder deems fit.

18. GUARANTEES, SURETYSHIPS AND INDEMNITIES

    No Shareholder shall issue any guarantee, suretyship or indemnity to third
    parties for the obligations of the Company or any of its subsidiaries, which
    shall in any way bind the Shareholders jointly and severally, unless such
    suretyship, guarantee or indemnity is furnished with the prior written
    consent of the other Shareholders, in which event, notwithstanding any
    individual liability in terms of such guarantee, suretyship or indemnity,
    the Shareholders who consent to the issue of such guarantee, suretyship or
    indemnity shall bear any loss or damage arising out of or in connection with
    the guarantee, suretyship or indemnity in the same ratio in which they hold
    shares in the Company at the time that the guarantee, suretyship or
    indemnity was given. The Company and the Shareholders indemnify each other
    accordingly.

19. SUPPORT

    The Shareholders undertake at all times to do all such things, perform all
    such actions and take such steps (including in particular the exercise of
    their voting rights in the Company) and to procure the doing of all such
    things, the performance of all such actions and taking of all such steps as
    may be open to them and necessary for or incidental to the putting into
    effect and maintenance of the provisions of this Agreement and to promote,
    grow and develop the Business of the Company.

20. CONFLICT WITH ARTICLES OF ASSOCIATION

20.1     The Shareholders undertake forthwith hereafter to take all such steps
         and do all such things as may be necessary to ensure that the
         memorandum and articles of association of the Company reflect, insofar
         as may be appropriate, the provisions of this Agreement.

20.2     Should any conflict arise between the articles of association of the
         Company and the provisions of this Agreement, the provisions of this
         Agreement will prevail.

                                      27.
<PAGE>
21. CONFIDENTIALITY

21.1     The parties to this Agreement acknowledge that each of them wishes to
         retain strict confidentiality regarding the contents of this Agreement.

21.2     Each party therefore undertakes to the other to treat all negotiations,
         the content and subject of this Agreement, and any other matters
         relating to this Agreement, in strict confidence and not to disclose
         any provisions of this Agreement to any third party (other than that
         party's holding company) without the prior written consent of the other
         party, except where it is necessary to do so:

21.2.1      to enforce the provisions of this Agreement;

21.2.2      to comply with statutory obligations or with the requirements of a
            competent government authority or registered stock exchange.

21.3     The obligation to maintain confidentiality shall not apply to
         information which was in the public domain prior to its disclosure by a
         party to this Agreement.

22. ARBITRATION

22.1     REFERRAL TO ARBITRATION

         Subject to clause 22.10, any dispute of whatever nature in respect of
         or arising from or pursuant to this Agreement or its termination,
         including, without limitation, any dispute as to:

22.1.1      the formation or existence of this Agreement;

22.1.2      the implementation of this Agreement;

22.1.3      the interpretation or application of any of the provisions of this
            Agreement;

22.1.4      the respective rights and obligations of the Parties in terms of or
            arising out of this Agreement or its breach or termination;

22.1.5      the validity, enforceability, rectification, termination or
            cancellation or alleged cancellation, whether in whole or in part,
            of this Agreement;

                                      28.
<PAGE>
22.1.6      any documents furnished by any of the parties to this Agreement; or

22.1.7      the amount of any damages which may be suffered under this Agreement
            or which relate in any way to any matter affecting any of the
            interests of all or any of the parties in terms of this Agreement

         shall, unless resolved among the parties to the dispute within 30 days
         following delivery of written notice by a party to the other parties of
         the nature of the dispute, be referred in the first instance at the
         request of any of the parties for mediation to the Managing Directors
         and the trustee nominated by the trustees for the time being of the
         Empowerment Trust for this purpose. If the dispute has not been
         resolved through the mediation of the Managing Directors and the
         trustee nominated by the trustees for the time being of the Empowerment
         Trust for this purpose within 10 Business Days of its being referred to
         them then the dispute will be determined by arbitration in accordance
         with the provisions of this clause 22.

22.2     IDENTITY OF ARBITRATOR

         The arbitrator shall:

22.2.1      if the matter in issue is primarily an accounting, tax or financial
            matter, be an independent auditor in public practice agreed upon
            between the Parties to the dispute, or failing such agreement within
            seven Business Days after any of the Parties has called for the
            dispute to be referred to arbitration, nominated from amongst the
            four largest accounting firms in South Africa by the President for
            the time being of the South African Institute of Chartered
            Accountants (or its successor);

22.2.2      if the matter in issue is primarily a legal matter, be a practising
            senior counsel or attorney of not less than 10 years standing, in
            practice in Johannesburg or Sandton, agreed upon between the Parties
            to the dispute or failing such agreement within seven Business Days
            after any of the Parties has called for the dispute to be referred
            to arbitration, nominated by the President for the time being of the
            Law Society of the Northern Provinces or, if that body does not then
            exist, the president for the time being of the body having
            jurisdiction over attorneys practising in Johannesburg;

                                      29.
<PAGE>

22.2.3      if the matter in issue does not fall within the scope of clauses
            22.2.1 or 22.2.2, be such independent person with appropriate
            knowledge, experience or skill in relation to the matter in issue,
            agreed upon between the Parties to the dispute or failing such
            agreement within seven Business Days after any of the Parties has
            called for the dispute to be referred to arbitration, nominated by
            the President for the time being of the South African Institute of
            Chartered Accountants.

22.3     VENUE

         The place of the arbitration will be Johannesburg or Sandton and the
         language of the arbitration and of the arbitration award will be
         English.

22.4     PROCEDURES

         In making a determination:

22.4.1      the arbitrator shall be bound to follow the general principles of
            law, in regard to the substantive issue in question but no strict
            rules of evidence or any legal formalities or procedures need be
            observed or be taken into account by him in arriving at his
            decision, provided, however, that natural justice shall apply;

22.4.2      the arbitrator shall be vested with entire discretion as to the
            procedure and manner to be followed in arriving at his decision,
            provided that any party to the dispute shall be entitled to call any
            witnesses whose evidence may be allowed in chief and who may be
            cross-examined by or on behalf of any of the parties; and

22.4.3      the arbitrator shall be entitled:

22.4.3.1       to investigate or cause to be investigated any matter, fact or
               thing which he considers necessary or desirable in connection
               with any issue in question and in particular to require the
               parties to the dispute to make full and complete discovery of
               documents; and

22.4.3.2       to interview and question under oath any witnesses and any
               executive or other employee of any of the parties and/or any
               director or officer thereof.

                                          30.
<PAGE>
22.5     TIME FOR DECISION

         The parties shall use their best endeavours to cause the decision of
         the arbitrator to be given within 90 days after the referral to him.

22.6     COSTS AND EXPENSES

         The arbitration award shall include a determination with respect to
         costs and expenses of the arbitration.

22.7     FINAL AND BINDING EFFECT

         The arbitrator's decision, including his decision in relation to costs,
         shall be final and binding on all parties affected thereby, shall be
         carried into effect and may be made an order of any competent court at
         the instance of any of the parties.

22.8     CONSENT

         This clause 22 constitutes an irrevocable consent by the parties to any
         proceedings in terms hereof and none of the parties shall be entitled
         to withdraw therefrom or to claim at any such proceedings that it is
         not bound by this clause 22.

22.9     SEVERABILITY

         This clause 22 is severable from the rest of this Agreement and shall
         remain in effect even if this Agreement is terminated for any reason.

22.10    INJUNCTIVE RELIEF

         The provisions of this clause 22 shall not preclude any party from
         instituting any proceedings for an injunction or an interdict or
         similar relief or any action where urgent relief may be required in a
         court of competent jurisdiction and unless immediate relief is
         obtained, the party will suffer irreparable harm and have no adequate
         remedy under this Agreement or in law.

                                      31.
<PAGE>

23. MISCELLANEOUS MATTERS

23.1     ADDRESSES AND NOTICES

23.1.1      For the purposes of this Agreement, including the giving of notices
            and the serving of legal process, the parties choose domicilium
            citandi et executandi (DOMICILIUM) at -

23.1.1.1       Pyramid Freight:

               2 Protea Road (cnr North Reef Road)
               Bedfordview
               2007

               telefax no: 011 457 2606

23.1.1.2       Empowerment Trust:

               2 Protea Road (cnr North Reef Road)
               Bedfordview
               2007

               telefax no: 011 457 2606;

23.1.1.3       the Company:

               2 Protea Road (cnr North Reef Road)
               Bedfordview
               2007

               telefax no: 011 457 2606.

23.1.2      Any party may at any time change that party's domicilium by notice
            in writing to another address, provided that the new domicilium
            consists of, or includes, a physical address at which process can be
            served.

23.1.3      Any notice given in connection with this Agreement shall -

23.1.3.1       be delivered by hand; or

23.1.3.2       be sent by prepaid registered post; or

23.1.3.3       be sent by telefax (if the domicilium includes a telefax number)
               to the domicilium chosen by the party concerned.

                                      32.
<PAGE>
23.1.4      A notice given as set out above shall be deemed to have been duly
            given -

23.1.4.1       if delivered, on the date of delivery; or

23.1.4.2       if sent by post, 14 days after posting; or

23.1.4.3       if sent by telefax, on the Business Day that the telefax is
               transmitted, except that any telefax transmitted after 16:30
               shall be deemed to have been received on the following Business
               Day.

23.2     ENTIRE CONTRACT

         This Agreement contains all the express provisions agreed on by the
         parties with regard to the subject matter of the Agreement and the
         parties waive the right to rely on any alleged express provision not
         contained in the Agreement. This Agreement supersedes any and all prior
         agreements, whether in writing or oral.

23.3     NO REPRESENTATIONS

         A party may not rely on any representation which allegedly induced that
         party to enter into this Agreement, unless the representation is
         recorded in this Agreement.

23.4     VARIATION, CANCELLATION AND WAIVER

         Any contract varying, adding to, deleting from, novating or cancelling
         this Agreement, and any waiver of any right under this Agreement, shall
         not be effective unless reduced to writing and signed by or on behalf
         of the parties.

23.5     INDULGENCES

         An indulgence granted by any party to any other party shall not
         constitute a waiver of any of that party's rights under this Agreement;
         accordingly, that party shall not be precluded, as a consequence of
         having granted such indulgence, from exercising any rights against the
         other party or parties which may have arisen in the past or which may
         arise in the future.

                                      33.
<PAGE>

23.6     CESSION

         A party may not cede that party's rights or delegate that party's
         obligations under this Agreement without the prior written consent of
         the other parties.

23.7     APPLICABLE LAW

         This Agreement shall be interpreted and implemented in accordance with
         the laws of the Republic of South Africa.

23.8     COSTS

23.8.1      Each party will bear its own legal costs of and incidental to the
            negotiation, preparation, settling, signing and implementation of
            this Agreement.

23.8.2      Any costs, including attorney and own client costs in terms of the
            relevant court scale of tariffs, incurred by any party arising out
            of the breach by any other party of any of the provisions of this
            Agreement shall be borne by the party in breach.

23.8.3      The stamp duty on the issue of any shares pursuant to this
            Agreement, if any, shall be borne by the Company.

23.9     SEVERANCE

         If any provision or warranty contained in this Agreement is rendered
         void, illegal or unenforceable in any respect, the validity, legality
         and enforceability of the remaining provisions or warranties shall not
         in any way be affected or impaired.

23.10    CO-OPERATION

         All of the parties undertake to do all things necessary for the
         implementation of this Agreement and they also undertake to sign all
         documents and complete all formalities necessary and proper to give
         effect to the content and intention of this Agreement.

                                      34.
<PAGE>
23.11    NO PARTNERSHIP OR AGENCY

         This Agreement will not be deemed to constitute a partnership between
         the parties, nor to constitute a party as the agent of the other party
         for any purpose whatsoever except as expressly provided in this
         Agreement.

23.12    COUNTERPARTS

         This Agreement may be executed in any number of counterparts by the
         parties to this agreement and once each party to this agreement has
         signed a counterpart, each such counterpart shall be considered an
         original and all such counterparts shall constitute one and the same
         instrument. Any such counterpart may be a facsimile transmission copy
         thereof.

Signed at Bedfordview   on   6, December                                   2004.

/s/ Damian McCann                              /s/ Matthys J. Wessels
----------------------------------------       -------------------------------

WITNESS                                         FOR AND ON BEHALF OF PYRAMID
                                                FREIGHT (PROPRIETARY)
                                                LIMITED DULY AUTHORISED THERETO

Signed at Illovo       on   6, December                                    2004.

/s/ Lindi Marais                                /s/ Mangiliso Mpshali
----------------------------------------        -------------------------------

WITNESS                                         FOR AND ON BEHALF OF THE
                                                TRUSTEES FOR THE TIME BEING OF
                                                THE UTi EMPOWERMENT TRUST DULY
                                                AUTHORISED THERETO

Signed at Johannesburg on   6, December                                    2004.

/s/ Merilyn Gardner                             /s/ Gordon C. Abbey
----------------------------------------        -------------------------------

WITNESS                                         FOR AND ON BEHALF OF UTi SOUTH
                                                AFRICA (PROPRIETARY) LIMITED
                                                DULY AUTHORISED THERETO

                                       35.<PAGE>

                                                                    EXHIBIT 10.7

                                                                  EXECUTION COPY

SALE OF BUSINESS AGREEMENT

between

PYRAMID FREIGHT (PROPRIETARY) LIMITED

and

UTi SOUTH AFRICA (PROPRIETARY) LIMITED

                                                                      [WWB LOGO]

                                                           WEBBER WENTZEL BOWENS
<PAGE>

                                                                              2.

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                       PAGE
<S>                                                    <C>
1.  Definitions and interpretation                       3

2.  Introduction                                        10

3.  Sale                                                10

4.  Purchase consideration and payment                  11

5.  Contracts                                           11

6.  Collection of Debtors                               13

7.  Completion                                          15

7.2 delivery                                            15

7.3 cession and delegation                              15

7.4 risk and benefit                                    15

7.5 ownership                                           15

7.6 registration of vehicles, Intellectual Property
     and Trade Marks                                    16

8.  Liabilities                                         16

9.  Transferred Employees                               16

10. Benefit matters and pension funds                   19

11. Publication in terms of Insolvency Act              19

12. Value-Added Tax                                     19

13. Breach                                              20

14. Arbitration                                         21

14.2 identity of arbitrator                             22

14.3 venue                                              23

14.4 procedures                                         23

14.6 costs and expenses                                 24

14.7 final and binding effect                           24

14.8 consent                                            24

14.9 severability                                       24

14.10 injunction relief                                 24

15. Confidentiality                                     25

16. Miscellaneous matters                               25

16.1 addresses and notice                               25

16.2 entire contact                                     26

16.3 no representations                                 26

16.4 variation, cancellation and waiver                 27

16.5 indulgences                                        27

16.6 cession                                            27

16.7 applicable law                                     27

16.8 costs                                              27

16.9 counterparts                                       28

Schedule 1 Schedule of Retained Assets                  29
</TABLE>

<PAGE>

                                                                              3.

1.   DEFINITIONS AND INTERPRETATION

1.1      In this Agreement and in the schedules to this Agreement:

1.1.1        clause headings are for convenience and are not to be used in its
             interpretation;

1.1.2        unless the context indicates a contrary intention an expression
             which denotes:

1.1.2.1         any gender includes the other genders;

1.1.2.2         a natural person includes a juristic person and vice versa;

1.1.2.3         the singular includes the plural and vice versa;

1.1.3        a reference to a "person" includes a reference to an individual,
             partnership, company, close corporation, other body corporate, a
             trust, an unincorporated association or a joint venture and that
             person's legal personal representatives and successors.

1.2      In this Agreement, and in any schedules to this Agreement, the
         following expressions bear the meanings assigned to them below and
         cognate expressions bear corresponding meanings:

1.2.1        "ACCOUNTS"             - means the accounting packs of the
                                      Businesses prepared by the Seller and
                                      reviewed by Deloitte & Touche for the
                                      period ending 31 July 2004, a copy of
                                      which shall be furnished to the Purchaser
                                      as soon as possible after they have been
                                      reviewed by Deloitte & Touche;

1.2.2        "BRANCH FUNDING"       - means all obligations or liabilities,
                                      whether actual or contingent, of the
                                      Seller in or in connection with the
                                      funding provided by Pyramid Freight

<PAGE>

                                                                              4.

                                      (Pty) Limited (a company registered and
                                      incorporated in the British Virgin Islands
                                      under registration number 530960) to the
                                      Seller, on the Effective Date, as
                                      reflected in the Accounts;

1.2.3        "BUSINESSES"           - means the following divisions of business
                                      carried on by the Seller each as a going
                                      concern, using the Business Assets and
                                      including the Transferred Liabilities:

1.2.3.1                                 UTi International Division;

1.2.3.2                                 Sun Couriers Division;

1.2.3.3                                 Mounties Division;  and

1.2.3.4                                 RDS Division;

1.2.4    "BUSINESS ASSETS"          - means all the assets owned or used by the
                                      Seller in or in connection with the
                                      Businesses at the Effective Date but
                                      excluding the Retained Assets, including
                                      without limitation:

                                        Business Information;

                                        Cash;

                                        Contracts;

                                        Debtors;

                                        Goodwill;

                                        Intellectual Property;

                                        Licences;

                                        Moveable Assets;  and

                                        Trade Marks;

<PAGE>

                                                                              5.

1.2.5    "BUSINESS DAY"             - means any day other than a Saturday,
                                      Sunday or statutory public holiday in the
                                      Republic of South Africa;

1.2.6    "BUSINESS INFORMATION"

                                    - means all information and related books
                                      and records used by the Seller in the
                                      operation of the Businesses on the
                                      Effective Date, including, but not limited
                                      to, files, computer discs and tapes,
                                      invoices, credit and sales records,
                                      personnel records, customer lists
                                      (including customer contracts and
                                      agreements), supplier lists (including
                                      supplier cost information), manuals,
                                      drawings, business plans and other plans
                                      and specifications, accounting books and
                                      records, sales literature, current price
                                      lists and discounts, promotional signs and
                                      literature, and marketing and sales
                                      programs;

1.2.7    "CASH"                     - means any cash-on-hand or bank deposits
                                      due to the Seller in relation to the
                                      Businesses on the Effective Date, as
                                      reflected in the Accounts but less the
                                      Surplus Cash;

1.2.8    "COMPLETION"               - means completion of the transactions and
                                      matters referred to in clause 7 of this
                                      Agreement;

1.2.9    "COMPLETION DATE"          - means the Signature Date or such later
                                      date as the Parties may agree to in
                                      writing;

<PAGE>

                                                                              6.

1.2.10   "CONTRACTS"                - means those contracts entered into
                                      before the Effective Date by or on behalf
                                      of the Seller in connection with the
                                      Businesses which remain to be performed
                                      (in whole or in part) on the Effective
                                      Date;

1.2.11   "CREDITORS"                - means the sums due by the Seller to
                                      trade creditors of the Businesses on the
                                      Effective Date, as reflected in the
                                      Accounts;

1.2.12   "DEBTORS"                  - means the claims of the Seller against
                                      all persons who are indebted to the Seller
                                      in relation to the Businesses in the
                                      normal course of business on the Effective
                                      Date, as reflected in the Accounts;

1.2.13   "EFFECTIVE DATE"           - means 1 August 2004;

1.2.14   "GOODWILL"                 -  means the goodwill of the Businesses;

1.2.15   "INTELLECTUAL PROPERTY"    - means all inventions, patents, designs,
                                      copyright, and domain names owned by the
                                      Seller on the Effective Date and used in
                                      relation to the Businesses, whether
                                      registered or unregistered, and including
                                      all applications and rights to apply for
                                      those rights;

1.2.16   "LICENCES                  - means all approvals, permits and
                                      licences held by the Seller in connection
                                      with the Businesses on the Effective Date,
                                      including those received from any
                                      governmental,

<PAGE>

                                                                              7.

                                      provincial, local or other regulatory
                                      bodies;

1.2.17   "LOAN AGREEMENT"           - means the loan agreement entered into or
                                      to be entered into between the Seller and
                                      the Purchaser in terms of which the Seller
                                      lends to the Purchaser the amount of R680
                                      000 000;

1.2.18   "MOVEABLE ASSETS"          - means the tangible property owned or
                                      used by the Seller in relation to the
                                      Businesses as at the Effective Date;

1.2.19   "PARTIES"                  - means the Seller and the Purchaser;

1.2.20   "PURCHASER"                - means UTi South Africa (Proprietary)
                                      Limited a private company with limited
                                      liability registered and incorporated in
                                      accordance with the laws of the Republic
                                      of South Africa under registration number:
                                      2004/015747/07;

1.2.21   "RETAINED ASSETS"          - means those assets owned or used by the
                                      Seller in or in connection with the
                                      Businesses at the Effective Date which are
                                      retained by the Seller and are not sold or
                                      transferred by the Seller to the Purchaser
                                      namely those assets listed in SCHEDULE 1
                                      to the Agreement;

1.2.22   "RETAINED LIABILITIES"     - means the obligations or liabilities of
                                      the Seller in or in connection with the
                                      Businesses at the Effective Date which are
                                      retained by the Seller and

<PAGE>

                                                                              8.

                                      are not sold or transferred by the Seller
                                      to the Purchaser namely:

1.2.22.1                                        Branch Funding;  and

1.2.22.2                                        Tax in respect of profits;

1.2.23  "SELLER"                    - means Pyramid Freight (Proprietary)
                                      Limited, a company with limited liability
                                      registered and incorporated in the British
                                      Virgin Islands and registered as an
                                      external company in accordance with the
                                      laws of the Republic of South Africa under
                                      registration number 1987/003687/10;

1.2.24  "SIGNATURE DATE"            - means the date on which this Agreement
                                      is signed by both Parties and if it is
                                      signed on different dates, then the last
                                      of those dates;

1.2.25  "SURPLUS CASH"              - means an amount of R11 709 280 being the
                                      amount of cash-on-hand or bank deposits
                                      due to the Seller in relation to the
                                      Businesses in excess of that required by
                                      the Businesses for operating purposes;

1.2.26  "TAX IN RESPECT OF PROFITS" - means all obligations or liabilities,
                                      whether actual or contingent of the Seller
                                      in or in connection with the tax payable
                                      by the Seller on the profits of the
                                      Businesses at the Effective Date, as
                                      reflected in the Accounts;

1.2.27   "TRADE MARKS"              - means the trade marks owned or used in
                                      connection with the Businesses at the
                                      Effective Date,

<PAGE>

                                                                              9.

                                      whether registered, pending registration
                                      or unregistered;

1.2.28   "TRANSFERRED EMPLOYEE"     - means any present employee of the Seller
                                      whose contract of employment is
                                      transferred to the Purchaser pursuant to
                                      clause 9.1 of this Agreement;

1.2.29   "TRANSFERRED LIABILITIES"  - means all obligations and liabilities of
                                      the Seller in connection with the
                                      Businesses at the Effective Date but
                                      excluding the Retained Liabilities and
                                      specifically including without limitation:

1.2.29.1                                the Creditors;

1.2.29.2                                those obligations and liabilities of the
                                        Seller under the Contracts which relate
                                        to periods on or after the Effective
                                        Date;

1.2.29.3                                the liability to Transferred Employees
                                        for accrued leave as at the Effective
                                        Date;

1.2.29.4                                those obligations and liabilities of the
                                        Seller under contracts of employment of
                                        the Transferred Employees which relate
                                        to periods on or after the Effective
                                        Date.

1.3      Words and expressions defined in any clause shall, for the purposes of
         that clause, bear the meaning assigned to such words and expressions in
         such clause.

1.4      If any provision is a substantive provision conferring rights or
         imposing obligations on any Party, notwithstanding that it is only in
         the definition clause,

<PAGE>

                                                                             10.

         effect will be given to it as if it were a substantive provision in the
         body of the Agreement.

1.5      In this Agreement and the schedules the word "Agreement" refers to this
         Agreement and the words "clause" and "Schedule" refer to clauses of and
         schedules to this Agreement.

1.6      The schedules to this Agreement comprise part of this Agreement and
         shall be deemed to be incorporated herein.

2.   INTRODUCTION

2.1      The Seller carries on the Businesses more fully described in clause
         1.2.3 above.

2.2      The Parties wish to record in writing the terms and conditions upon
         which the Seller sells to the Purchaser the Businesses, each as a going
         concern.

3.   SALE

3.1      On and with effect from the Effective Date, the Seller sells to the
         Purchaser, which purchases the Businesses, each as a going concern. The
         sale of the Businesses constitutes an indivisible transaction and
         comprises the acquisition by the Purchaser of the Business Assets but
         excluding the Retained Assets, which shall remain the property of the
         Seller.

3.2      The Seller shall sell the Business Assets as beneficial owner free from
         all liens or encumbrances and the risk in and benefit of the Business
         Assets shall be deemed to have vested in the Purchaser with effect from
         the Effective Date. Accordingly, the Seller shall retain the profits
         and losses of the Businesses at the Effective Date and the Purchaser
         will be entitled to the profits and losses of the Businesses from the
         Effective Date.

3.3      The acquisition of the Businesses will include the assumption by the
         Purchaser, subject to the provisions of this Agreement, of the
         Transferred Liabilities but excluding the Retained Liabilities which
         shall remain the responsibility of the Seller.

3.4      Nothing in this Agreement shall operate to transfer to the Purchaser
         any asset which is not a Business Asset.

<PAGE>

                                                                             11.

3.5      Insofar as the Businesses of the Seller have been conducted by the
         Seller since the Effective Date, the Seller will be deemed to have been
         conducting such Businesses as agent for and at the risk of the
         Purchaser. All profits accruing from the conduct of the Businesses
         since the Effective Date will accrue to the Purchaser, and the
         Purchaser shall bear all losses suffered by the Businesses from the
         Effective Date.

3.6      The Purchaser shall reimburse to the Seller any income tax payable by
         the Seller in respect of the conduct of the Businesses after the
         Effective Date, payment to be made at least 7 days before the date on
         which the Seller is required to pay the tax concerned.

4.   PURCHASE CONSIDERATION AND PAYMENT

4.1      The purchase consideration payable by the Purchaser to the Seller for
         the Businesses, in addition to the assumption of the Transferred
         Liabilities, is the amount of R680 000 000. The purchase consideration
         will be allocated amongst the Business Assets as follows: as to the
         tangible assets their net asset value as at the Effective Date and the
         balance of the purchase consideration to Goodwill.

4.2      The purchase consideration will be settled by the Purchaser crediting a
         claim on loan account in favour of the Seller in its accounting records
         in an amount of R680 000 000. The terms of repayment and interest rate
         of the loan are set out in the Loan Agreement.

5.   CONTRACTS

5.1      The Purchaser will take over and acquire for its own account with
         effect from the Effective Date the benefit and the burden of the
         Contracts.

5.2      The Purchaser will ensure that all liabilities and obligations of the
         Seller arising under the Contracts taken over by it pursuant to this
         clause 5 and which relate to periods after the Effective Date will be
         performed and completed by the Purchaser, and the Purchaser indemnifies
         the Seller against all actions, proceedings, costs, damages, claims,
         demands and liabilities (including without limitation all expenses
         incurred with lawyers and other consultants) in respect of any act or
         omission on the part of the Purchaser, its

<PAGE>

                                                                             12.

         employees, agents or representatives in relation to the Contracts on or
         after the Effective Date.

5.3      As far as the Contracts are concerned, nothing in this Agreement:

5.3.1        shall require the Purchaser to perform any obligation falling due
             for performance or which should have been performed before the
             Effective Date; or

5.3.2        shall make the Purchaser liable for any act, neglect, default or
             omission in respect of any of the Contracts prior to the Effective
             Date.

5.4      The Seller hereby indemnifies the Purchaser against all actions,
         proceedings, costs, damages, claims, demands and liabilities (including
         without limitation all expenses incurred with lawyers and other
         consultants) in respect of any act or omission on the part of the
         Seller, its employees, agents or representatives in relation to the
         Contracts before the Effective Date.

5.5      Insofar as the benefit or burden of any of the Contracts cannot
         effectively be assigned to the Purchaser except with the consent to the
         assignment from the other party to the contract:

5.5.1        the Seller shall use reasonable endeavours to procure the consent
             to such assignment;

5.5.2        until the Contract is assigned the Seller shall hold it in trust
             for the Purchaser absolutely and the Purchaser shall as the
             Seller's sub-contractor (if such sub-contracting is permissible and
             lawful under the Contract) perform all the obligations of the
             Seller under the Contract to be discharged after the Effective Date
             and shall be entitled to all the benefits in respect thereof with
             effect from the Effective Date, and to the extent that it lawfully
             can perform such obligations shall indemnify the Seller against all
             actions, proceedings, costs, damages, claims and demands in respect
             of any failure on the part of the Purchaser to perform those
             obligations; and

5.5.3        until the Contract is assigned the Seller shall (so far as it
             lawfully may) give all reasonable assistance to the Purchaser to
             enable the Purchaser to enforce its rights under the Contract as
             the case may be.

<PAGE>

                                                                             13.

5.6      The Seller shall use its best endeavours to procure that the Purchaser
         shall be entitled to occupy any leased premises from which the
         Businesses are now conducted (including the premises of the branches of
         the Businesses), either pursuant to an assignment of the leases in
         question or (if the Seller cannot procure an assignment) in terms of
         sub-leases; provided that where any premises are to be sub-let the
         terms of the sub-leases shall be the same, mutatis mutandis, as those
         applicable to the principal lease between the lessor and the Seller.

5.7      The Purchaser agrees to take over the premises in the condition in
         which they are on the Effective Date; and the Seller shall have no
         liability to any person to repair the premises or to restore the
         premises to their former condition. The Seller warrants that it is not
         aware of any material default in any of its obligations in relation to
         any premises on which the Businesses are conducted in relation to the
         condition of the premises or any other matter connected with leases of
         those premises.

5.8      If any lessor lawfully refuses to agree to the assignment of the leases
         to the Purchaser or to the sub-letting of the premises to the
         Purchaser, the Parties will co-operate with one another in any such way
         as may be lawful and to their respective best advantage in order to
         achieve the intent and object of this Agreement and, in particular, the
         intent and object of this clause 5.

6.   COLLECTION OF DEBTORS

6.1      It is recorded that the Seller has sold the Debtors to the Purchaser
         subject to the provisions of 6.5 and 6.6.

6.2      The Seller warrants that the Purchaser will recover the full amounts of
         the debts from the relevant Debtors within a period of 6 months from
         the Effective Date, but subject to the provisions of 6.3.

6.3      The Purchaser undertakes to use its best endeavours to collect the full
         amount of the debts (insofar as they have not yet been collected) as
         soon as possible after it has taken control of the Businesses, and in
         order to achieve this objective it shall be obliged, inter alia, to
         send out statements of account to the relevant Debtors not less than
         once a month. If so required by the

<PAGE>

                                                                             14.

         Seller, the Purchaser shall give satisfactory proof to the Seller that
         the Purchaser has fulfilled its obligations in terms of this 6.3.

6.4      If a customer of one of the Businesses carried on by the Seller who
         owes an amount which forms part of the debts, purchases service from
         that Business carried on by the Purchaser after it has taken control of
         the Businesses then, unless that customer otherwise directs either
         expressly or by implication, or such payment is made in respect of a
         particular debt, all payments made by the customer shall be allocated,
         as between debts owed by such customer prior to the date of taking over
         control and debts contracted by that customer after the date of taking
         over control, in the first instance to the debts owed by the customer
         prior to the taking over of control.

6.5      Subject to the provisions of 6.7 and 6.8, and subject to compliance by
         the Purchaser with its obligations in terms of 6.3, the Seller
         undertakes to pay to the Purchaser on the expiry of the period of 6
         months from the Effective Date an amount equal to the difference
         between the full value of the debts and the aggregate of the debts
         collected by the Purchaser during the period of 6 months. Against
         payment of such amount by the Seller to the Purchaser, the Purchaser
         shall re-cede the relevant uncollected debts to the Seller.

6.6      Notwithstanding anything to the contrary contained in 6.5, the Seller
         shall not be liable for any amount which was not collected in respect
         of the debts by reason of a settlement discount accorded to the
         relevant debtor in the ordinary, regular and normal course of business.

6.7      Having regard to the provisions of 6.5 it is recorded that the sale of
         the debts has been effected on the basis that the sale of each debt is
         subject to the resolutive condition that such sale will be deemed to be
         cancelled if the debt concerned has not been fully recovered within the
         period of 6 months referred to in 6.5.

6.8      In those cases where the Purchaser's rights in terms of 6.5 are subject
         to compliance by the Purchaser with its obligations in terms of 6.3,
         the material failure by the Purchaser to comply with those obligations
         in respect of any particular debt shall operate to discharge the Seller
         from its obligations (in terms of 6.5) in respect of that debt only.
<PAGE>

                                                                             15.

7.    COMPLETION

7.1   The Completion of the transactions contemplated in this Agreement, shall
      take place at the offices of the Seller on the Completion Date or such
      other date or place as the Parties may agree to in writing.

7.2   DELIVERY

      At Completion the Seller shall:

7.2.1       hand the Purchaser control of the Businesses and the Business
            Assets; and

7.2.2       deliver to the Purchaser at the premises at which they are situated
            all Business Assets (excluding assets in transit, which will be
            delivered on receipt) together with such documents, duly completed,
            as may be necessary to complete the sale and purchase of the
            Business Assets and vest title to the Business Assets in the
            Purchaser including without limitation in respect of all vehicles
            sold to the Purchaser, all such documents as may be necessary to
            enable the Purchaser to transfer, at the cost of the Purchaser, the
            registration of ownership of such vehicles into the name of the
            Purchaser.

7.3   CESSION AND DELEGATION

      The Seller shall be deemed to have ceded and delegated to the Purchaser on
      the Effective Date, the rights and obligations under the Contracts which
      have been acquired by the Purchaser in terms of the provisions of this
      Agreement.

7.4   RISK AND BENEFIT

      The risk in, and benefit of, each of the Businesses and the Business
      Assets shall be deemed to have passed to the Purchaser on the Effective
      Date.

7.5   OWNERSHIP

      Ownership in respect of the Businesses and all Business Assets shall pass
      to the Purchaser on the Completion Date.

<PAGE>

                                                                             16.

7.6   REGISTRATION OF VEHICLES, INTELLECTUAL PROPERTY AND TRADE MARKS

7.6.1       The Seller shall sign all such documents as may be reasonably
            required by the Purchaser to enable the Purchaser to transfer, at
            the cost of the Purchaser, the registration of ownership of the
            vehicles sold to the Purchaser into the name of the Purchaser.

7.6.2       The Seller shall sign all such documents as may be produced by the
            Purchaser which are necessary to procure the transfer of
            registration of all the Intellectual Property and/or Trade Marks
            into the name of the Purchaser, at the cost of the Purchaser, within
            a reasonable time after the Completion Date.

8.    LIABILITIES

8.1   The Seller shall be responsible for discharging all the Retained
      Liabilities on the due date for payment thereof and hereby indemnifies and
      holds the Purchaser harmless against all costs, claims, demands and
      liabilities (including, without limitation, all expenses incurred with
      lawyers and other consultants) in respect of any of those obligations or
      any failure of the Seller to discharge them.

8.2   The Purchaser shall be responsible for discharging all the Transferred
      Liabilities with effect from the Effective Date, on the due date for
      payment thereof and the Purchaser hereby indemnifies and holds the Seller
      harmless against all costs, claims, demands and liabilities (including,
      without limitation, all expenses incurred with lawyers and other
      consultants) in respect of any of those liabilities or any failure of the
      Purchaser to discharge them.

9.    TRANSFERRED EMPLOYEES

9.1   The Seller and the Purchaser acknowledge that because the sale of each of
      the Businesses constitutes the transfer of the whole or part of a
      business, trade or undertaking, as contemplated in section 197 of the
      Labour Relations Act 66 of 1995 ("THE ACT"), the provisions of section
      197(2) of the Act apply. Accordingly, and given the absence of agreement
      as referred to in section 197(6) of the Act:-

<PAGE>
                                                                           17.

9.1.1       all the rights and obligations between the Seller, as the "old
            employer", and each Transferred Employee as at the Effective Date,
            (other than the rights and obligations in respect of any share
            option or share incentive scheme applicable to the Transferred
            Employees, which are governed by the conditions of the applicable
            scheme), will continue in force as if they were rights and
            obligations between the Purchaser, as the "new employer", and each
            such Transferred Employee;

9.1.2       anything done before the transfer of the Businesses by or in
            relation to the "old employer" will be considered to have been done
            by or in relation to the "new employer";

9.1.3       the Purchaser as the "new employer" shall ensure continuity of
            service to each Transferred Employee;

      Without limiting the provisions of this clause 9.1, all rights, causes of
      action, claims, debts, liabilities and obligations relating to the
      employment or termination of employment of Transferred Employees with
      respect to the period commencing on the Effective Date, including, but not
      limited to, disability benefits and medical and life benefits will be
      borne by the Purchaser in its capacity as the "new employer".

9.2   Notwithstanding the provisions of clause 9.1, it is recorded that it is
      the Seller's and the Purchaser's intention (and the Seller and the
      Purchaser agree) that as between them all liabilities arising out of
      claims by Transferred Employees which were pending on the Effective Date
      (or which arise after the Effective Date but where the cause of action
      arose on or prior to the Effective Date) for any statutory, contractual or
      other legal obligation of the Seller as employer to any such Transferred
      Employees, will be borne by the Seller in respect of any such claims
      instituted within a period of 12 months after the Effective Date, and not
      thereafter. Such liabilities (referred to as "SELLER RESPONSIBILITIES"):

9.2.1       include, without limitation, liabilities for any claims for any
            monies owing in respect of wages, salaries or overtime, accrued
            bonuses, employer contributions to pension and provident funds,
            medical aid schemes or other employee benefit plans, employer
            contributions required by law (including unemployment insurance
            deductions and all income tax

<PAGE>

                                                                             18.

            deductible under SITE and PAYE provisions) and claims for redundancy
            pay, unemployment compensation, unfair labour practices, unlawful or
            unfair acts or omissions, workers' compensation (arising from
            accidents, injury or illness), medical treatment received prior to
            the Effective Date, hospitalisation or sick leave; but

9.2.2       exclude leave pay (in respect of leave accrued prior to the
            Effective Date but not taken) which may be payable after the
            Effective Date. The Purchaser and the Seller have agreed the value
            of the relevant amounts, the purchase consideration has been
            determined accordingly and provision has been made by the Purchaser
            in its financial plans to pay these amounts as and when they become
            due.

9.3   The Seller indemnifies the Purchaser and holds it harmless from and
      against all loss, liability, damage or expense which the Purchaser may
      suffer or incur in relation to any Seller Responsibility within a period
      of 12 months after the Effective Date. The Purchaser shall bear sole
      liability for any amount described in clause 9.2.2.

9.4   Subject to clause 9.2, in the event that a Transferred Employee institutes
      legal proceedings against the Purchaser and the Seller in relation to any
      alleged joint liability flowing from a change to the Transferred
      Employee's terms and conditions of employment, the Purchaser indemnifies
      the Seller and holds it harmless from and against all loss, liability,
      damage or exposure which the Seller may suffer or incur as a result of
      such legal proceedings.

9.5   In the event that the Purchaser deems it necessary to consult with the
      unions of which any of the Transferred Employees are members, in relation
      to the provisions of the transaction set out in this Agreement, the
      Purchaser shall, prior to consulting the unions, consult with the Seller.
      In this regard the Seller undertakes to reasonably co-operate with the
      Purchaser in relation to all negotiations and consultations with any such
      union.

9.6   The Seller and the Purchaser agree that the provisions of this clause 9
      sets out their agreement as envisaged by Section 197(7)(b) of the Act and
      that the terms hereof may be disclosed by the Seller to each of the
      Transferred Employees.

<PAGE>

                                                                             19.

10. BENEFIT MATTERS AND PENSION FUNDS

      The Purchaser shall procure that the Transferred Employees will be
      entitled to participate in pension and/or provident and medical aid plans
      or schemes and such other employee benefit plans on the whole not less
      favourable to the Transferred Employees than the pension and/or provident
      and medical aid plan or scheme and other employee benefit plans to which
      such employees belonged at the Effective Date.

11. PUBLICATION IN TERMS OF INSOLVENCY ACT

11.1  The Parties agree that notice of this transaction will not be published as
      contemplated in section 34 of the Insolvency Act 24 of 1936 ("THE
      INSOLVENCY ACT").

11.2  The Seller indemnifies the Purchaser against any loss or damage which the
      Purchaser may suffer as a result of notice of this transaction not being
      published in terms of the Insolvency Act.

11.3  The Purchaser shall have no duty to resist any proceedings to attach or to
      take possession of any of the Business Assets by any persons against whom
      this transaction is void in terms of the Insolvency Act as a consequence
      of notice of this transaction not being published as aforesaid; provided
      that the Purchaser shall be obliged to give written notice to the Seller
      as soon as it becomes aware of any such proceedings.

11.4  Should the Purchaser give notice to the Seller in terms of clause 11.3 and
      should the Seller fail within 7 days of receipt by them of such notice to
      procure that the Business Assets concerned are released from attachment or
      are returned to the Purchaser, as the case may be, then without prejudice
      to such other rights as the Purchaser may have against the Seller, the
      Purchaser shall be entitled to pay the claims of any such third party in
      order to procure the release of the Business Assets from attachment and
      return thereof to the Purchaser and to recover the amounts so paid and all
      the costs incurred in so doing, from the Seller on demand.

12. VALUE-ADDED TAX

12.1  The Parties record, and reciprocally warrant in favour of each other,
      that-

<PAGE>

                                                                             20.

12.1.1      the Seller and Purchaser respectively was at the Effective Date and
            will at the Completion Date be registered as a vendor in terms of
            the Value Added Tax Act, 1991;

12.1.2      each of the Businesses is sold as a going concern;

12.1.3      each  of the  Businesses  is an  enterprise  capable  of  separate
            operation;

12.1.4      each of the Businesses  constitute an income  earning  activity as
            at the Effective Date;

12.1.5      the assets  necessary to carry on each of the Businesses are being
            disposed  of by the  Seller  to the  Purchaser  in  terms  of this
            Agreement;  and

12.1.6      the  purchase  price is  inclusive of value added tax at a rate of
            0,0%

      and that accordingly the Purchaser and the Seller fall within the ambit of
      section 11(1)(e) of the Value Added Tax Act, 1991 so that the value added
      tax payable is calculated at 0,0%.

12.2  If the sale of the Businesses in terms of this Agreement is subject to
      value-added tax at a rate greater than zero, the Purchaser will pay to the
      Seller the value-added tax at the prescribed rate on the purchase price on
      presentation of the relevant tax invoice.

13. BREACH

13.1  If a Party breaches any material provision of this Agreement and remains
      in breach for 14 days after written notice to that Party requiring that
      Party to rectify that breach, provided that if the breach cannot
      reasonably be remedied within 14 days, the Party in default shall be
      entitled to an extension, not exceeding a further 90 days, to remedy the
      breach, on condition that the Party in default provides evidence to the
      reasonable satisfaction of the other Party within the 14 days that
      effective steps to remedy the breach have been initiated and continues to
      provide such evidence on an ongoing basis that the steps are being
      expeditiously pursued;

13.2  the aggrieved party shall be entitled, at its option:

<PAGE>

                                                                             21.

13.2.1      to  sue  for  immediate   specific   performance  of  any  of  the
            defaulting  party's  obligations under this Agreement,  whether or
            not such obligation is then due; or

13.2.2      to cancel this Agreement, in which case written notice of the
            cancellation shall be given to the defaulting party, and the
            cancellation shall take effect on the giving of the notice. No Party
            shall be entitled to cancel this Agreement unless the breach is a
            material breach of a material term, and the remedy of specific
            performance or damages would not adequately prevent the aggrieved
            party from being prejudiced.

13.3  The aggrieved party's remedies in terms of this clause are without
      prejudice to any other remedies to which the aggrieved party may be
      entitled in law, including without limitation, the aggrieved party's
      rights to claim damages.

14. ARBITRATION

14.1  REFERRAL TO ARBITRATION

      Subject to 14.10, any dispute of whatever nature in respect of or arising
      from or pursuant to this Agreement or its termination, including, without
      limitation, any dispute as to:

14.1.1      the formation or existence of this Agreement;

14.1.2      the implementation of this Agreement;

14.1.3      the interpretation or application of any of the provisions of this
            Agreement;

14.1.4      the respective rights and obligations of the Parties in terms of or
            arising out of this Agreement or its breach or termination;

14.1.5      the validity, enforceability, rectification, termination or
            cancellation or alleged cancellation, whether in whole or in part,
            of this Agreement;

14.1.6      any documents furnished by any of the Parties to this Agreement;

<PAGE>

                                                                             22.

14.1.7      the amount of any damages which may be suffered under this Agreement
            or which relate in any way to any matter affecting any of the
            interests of all or any of the Parties in terms of this Agreement

      shall, unless resolved among the Parties to the dispute within 30 days
      following delivery of written notice by a Party to the other Party of the
      nature of the dispute, be referred in the first instance at the request of
      any of the Parties for mediation to the Managing Directors of the Seller
      and the Purchaser. If the dispute has not been resolved through the
      mediation of the Managing Directors within 10 Business Days of its being
      referred to them then the dispute will be determined by arbitration in
      accordance with the provisions of this clause 14.

14.2  IDENTITY OF ARBITRATOR

      The arbitrator shall:

14.2.1      if the matter in issue is primarily an accounting, tax or financial
            matter, be an independent auditor in public practice agreed upon
            between the Parties to the dispute, or failing such agreement within
            seven Business Days after any of the Parties has called for the
            dispute to be referred to arbitration, nominated from amongst the
            four largest accounting firms in South Africa by the President for
            the time being of the South African Institute of Chartered
            Accountants;

14.2.2      if the matter in issue is primarily a legal matter, be a practising
            senior counsel or attorney of not less than 10 years standing, in
            practice in Johannesburg or Sandton, agreed upon between the Parties
            to the dispute or failing such agreement within seven Business Days
            after any of the Parties has called for the dispute to be referred
            to arbitration, nominated by the President for the time being of the
            Law Society of the Northern Provinces or, if that body does not then
            exist, the president for the time being of the body having
            jurisdiction over attorneys practising in Johannesburg;

14.2.3      if the matter in issue does not fall within the scope of 14.2.1 or
            14.2.2, be such independent person with appropriate knowledge,
            experience or skill in relation to the matter in issue, agreed upon
            between the Parties to the

<PAGE>

                                                                             23.

            dispute or failing such agreement within seven Business Days after
            any of the Parties has called for the dispute to be referred to
            arbitration, nominated by the President for the time being of the
            South African Institute of Chartered Accountants.

14.3  VENUE

      The place of the arbitration will be Johannesburg or Sandton and the
      language of the arbitration and of the arbitration award will be English.

14.4  PROCEDURES

      In making a determination:

14.4.1      the arbitrator shall be bound to follow the general principles of
            law, in regard to the substantive issue in question but no strict
            rules of evidence or any legal formalities or procedures need be
            observed or be taken into account by him in arriving at his
            decision, provided, however, that natural justice shall apply;

14.4.2      the arbitrator shall be vested with entire discretion as to the
            procedure and manner to be followed in arriving at his decision,
            provided that any Party to the dispute shall be entitled to call any
            witnesses whose evidence may be allowed in chief and who may be
            cross-examined by or on behalf of any of the Parties; and

14.4.3      the arbitrator shall be entitled:

14.4.3.1          to investigate or cause to be investigated any matter, fact or
                  thing which he considers necessary or desirable in connection
                  with any issue in question and in particular to require the
                  Parties to the dispute to make full and complete discovery of
                  documents; and

14.4.3.2          to interview and question under oath any witnesses and any
                  executive or other employee of any of the Parties and/or any
                  director or officer thereof.

<PAGE>

                                                                             24.

14.5  TIME FOR DECISION

      The Parties shall use their best endeavours to cause the decision of the
      arbitrator to be given within 90 days after the referral to him.

14.6  COSTS AND EXPENSES

      The arbitration award shall include a determination with respect to costs
      and expenses of the arbitration.

14.7  FINAL AND BINDING EFFECT

      The arbitrator's decision, including his decision in relation to costs,
      shall be final and binding on all Parties affected thereby, shall be
      carried into effect and may be made an order of any competent court at the
      instance of any of the Parties.

14.8  CONSENT

      This clause 14 constitutes an irrevocable consent by the Parties to any
      proceedings in terms hereof and none of the Parties shall be entitled to
      withdraw therefrom or to claim at any such proceedings that it is not
      bound by this clause 14.

14.9  SEVERABILITY

      This clause 14 is severable from the rest of this Agreement and shall
      remain in effect even if this Agreement is terminated for any reason.

14.10 INJUNCTIVE RELIEF

      The provisions of this clause 14 shall not preclude any Party from
      instituting any proceedings for an injunction or an interdict or similar
      relief or any action where urgent relief may be required in a court of
      competent jurisdiction and unless immediate relief is obtained, the Party
      will suffer irreparable harm and have no adequate remedy under this
      Agreement or in law.

<PAGE>

                                                                             25.

15.   CONFIDENTIALITY

15.1  The Parties to this Agreement acknowledge that each of them wishes to
      retain strict confidentiality regarding the negotiations on the subject
      matter and the contents of this Agreement.

15.2  Each Party therefore undertakes to the other to treat all negotiations,
      the content and subject of this Agreement and any other matters relating
      to this Agreement, in strict confidence and not to disclose any provisions
      of this Agreement to any third party without the prior written consent of
      the other Party, except where it is necessary to do so:

15.2.1      to enforce the provisions of this Agreement;

15.2.2      to comply with statutory obligations or with the requirements of a
            competent government authority or registered stock exchange.

15.3  The obligation to maintain confidentiality shall not apply to information
      which was in the public domain prior to its disclosure by a Party to this
      Agreement.

16.   MISCELLANEOUS MATTERS

16.1  ADDRESSES AND NOTICES

16.1.1      For the purposes of this Agreement, including the giving of notices
            and the serving of legal process, the Parties choose domicilium
            citandi et executandi ("DOMICILIUM") at:

16.1.1.1          the Seller:          2 Protea Road (cnr North Reef Road)
                                       Bedfordview
                                       2007;

                  Telefax:             011 457 2606;

                  Attention:           Mr Tiger Wessels.

16.1.1.2          the Purchaser:       2 Protea Road (cnr North Reef Road)
                                       Bedfordview
                                       2007

                  Telefax:             011 457 2606;

                  Attention:           Mr Damian McCann.

<PAGE>

                                                                             26.

16.1.2      Any Party may at any time change that Party's domicilium by notice
            in writing to another address, provided that the new domicilium
            consists of or includes, a physical address at which process can be
            served.

16.1.3      Any notice given in connection with this Agreement shall -

16.1.3.1          be delivered by hand; or

16.1.3.2          be sent be prepaid registered post; or

16.1.3.3          be sent by telefax (if the domicilium includes a telefax
                  number) to the domicilium chosen by the Party concerned.

16.1.4      A notice  given as set out above shall be deemed to have been duly
            given -

16.1.4.1          if delivered to a responsible person during the normal
                  business hours of the addressee, on the date of delivery; or

16.1.4.2          if sent by post, 14 days after posting; or

16.1.4.3          if sent by telefax with the transmitting machine printing a
                  report to the effect that the telefax has been received by the
                  receiving telefax machine, on the Business Day that the
                  telefax is transmitted, except that any telefax transmitted
                  after 16h30 shall be deemed to have been received on the
                  following Business Day.

16.2  ENTIRE CONTRACT

      This Agreement contains all the express provisions agreed on by the
      Parties with regard to the subject matter of the Agreement and the Parties
      waive the right to rely on any alleged express provision not contained in
      the Agreement.

16.3  NO REPRESENTATIONS

      Neither Party may rely on any representation which allegedly induced that
      Party to enter into this Agreement, unless the representation is recorded
      in this Agreement.

<PAGE>

                                                                             27.

16.4  VARIATION, CANCELLATION AND WAIVER

      No contract varying, adding to, deleting from or cancelling this
      Agreement, and no waiver of any right under this Agreement, shall be
      effective unless reduced to writing and signed by or on behalf of the
      Parties.

16.5  INDULGENCES

      No indulgence granted by a Party to the other Party shall constitute a
      waiver of any of that Party's rights under this Agreement; accordingly,
      that Party shall not be precluded, as a consequence of having granted such
      indulgence, from exercising any rights against the other Party which may
      have arisen in the past or which may arise in the future.

16.6  CESSION

      Neither Party may cede that Party's rights or delegate that Party's
      obligations under this Agreement without the prior written consent of the
      other Party.

16.7  APPLICABLE LAW

      This Agreement shall be interpreted and implemented in accordance with the
      law of the Republic of South Africa.

16.8  COSTS

16.8.1      Each Party shall bear that Party's own legal and financial advisor's
            costs of and incidental to the negotiation, preparation, settling,
            signing and implementation of this Agreement.

16.8.2      Any costs, including attorney and own client costs, incurred by any
            Party arising out of the breach by the other Party of any of the
            provisions of this Agreement shall be borne by the Party in breach.

16.8.3      All costs (including, without limitation, attorney fees, stamp duty
            and trade marks office charges, if any) incurred in the registration
            or transfer of the Intellectual Property and/or Trade Marks and any
            other Business Assets to the Purchaser shall be borne by the
            Purchaser. The Purchaser shall have the full and sole responsibility
            for procuring the registration of such transfers where appropriate,
            and the Seller shall be obliged to give

<PAGE>

                                                                             28.

            such reasonable assistance and co-operation as may be reasonably
            required to the Purchaser in this regard.

16.9  COUNTERPARTS

      This Agreement may be executed in one or more counterparts, by the parties
to this Agreement and once each party to this Agreement has signed a
Counterpart, each such Counterpart shall be considered an original and all such
Counterparts shall constitute one and the same instrument. Any such Counterpart
may be a facsimile transmission copy thereof.

SIGNED at Bedfordview on the 6 day of December 2004.

AS WITNESSES:

/s/ Damian McCann                   /s/ Matthys J. Wessels
                                    --------------------------------------------
                                    FOR AND ON BEHALF OF PYRAMID FREIGHT
                                    (PROPRIETARY) LIMITED, DULY AUTHORISED
                                    THERETO

SIGNED at Johannesburg on the 6th day of December 2004.

AS WITNESSES:

/s/ Merilyn Gardner                 /s/ Gordon C. Abbey
                                    --------------------------------------------
                                    FOR AND ON BEHALF OF UTi SOUTH AFRICA
                                    (PROPRIETARY) LIMITED, DULY AUTHORISED
                                    THERETO

<PAGE>

                                                                             29.

                                                                      SCHEDULE 1
                                                             (SEE CLAUSE 1.2.21)

                           SCHEDULE OF RETAINED ASSETS

<TABLE>
<CAPTION>
                IMMOVABLE PROPERTY                                       DESCRIPTION
<S>                                                    <C>
Rietfontein Property - Erf No. Rietfontein 63 IR       situate at 1 North Reef Road, Bedfordview
(Usufruct)

Gordon Avenue Property - Erf No. 479 & 480             situate at Cnr Edelbert Street/Hendrik Potgieter,
Florida Glen                                           Florida Glen

Leicester Road Apartment - Sectional Plan #:           situate at 1508 Martinno, Leicester Road,
55151191                                               Bedfordview

UNLISTED INVESTMENTS

Portion 118 Rietfontein (Pty) Ltd - Reg No:            3055 shares, comprising 100% of the issued
1993/004128/07 (Bare Dominium)                         share capital

Chilltrac (Pty) Ltd - Reg No: 1986/005077/07           50 shares, comprising 50% of the issued share
                                                       capital

Co-ordinated Investment Holdings (Pty) Ltd -           50 shares, comprising 50% of the issued share
Reg No. 1998/003167/07                                 capital

Illanga Freight (Pty) Ltd - Reg No:                    49 shares, comprising 49% of the issued share
1989/004006/07                                         capital

Sun Exco Investments (Pty) Ltd - Reg No:               5 shares, comprising 100% of the issued share
1987/000785/07                                         capital
</TABLE>

<PAGE>

                                                                    30.

<TABLE>
<S>                                                    <C>
E-Deliveries (Pty) Ltd - Reg No:                       1 share, comprising 100% of the issued share
1989/002174/07                                         capital

International Health Care Distributors (Pty) Ltd -     beneficial shareholder of  6 800 002 shares,
Reg No: 1993/003736/07                                 comprising 100% of the issued share capital

Kite Logistics (Pty) Limited - Reg No.                 50 shares, comprising 50% of the issued share
1997/000039/07                                         capital

CLAIMS ON LOAN ACCOUNT

Marine Link (Pty) Ltd - Reg No:
1980/002913/07

Chilltrac (Pty) Ltd - Reg No: 1986/005077/07

Portion 118 Rietfontein (Pty) Ltd - Reg
No: 1993/004128/07

Sun Couriers Share Incentive Trust - Reg No.
IT5508/1994
</TABLE>

<PAGE>

                                                                    31.

<TABLE>
<S>                                                    <C>
SURPLUS CASH                                           an amount of R11 709 280 being the amount of
                                                       cash-on-hand or bank deposits due to the
                                                       Seller in relation to the Businesses in excess of
                                                       that required by the Businesses for operating
                                                       purposes

ASSETS OF THE IT DIVISION                              including but not limited to tangible fixed assets
                                                       such as computer equipment, fixures and
                                                       fittings
</TABLE>

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