Features | - Part 139

Tiger Brands Considers North Africa for Continental Expansion

JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. is considering North African nations among expansion targets as the continent’s biggest listed packaged-food maker looks for growth outside its home market of South Africa. The company is still developing its ‘rest-of-Africa’ strategy, which has been delayed by about six months as management dealt with one of its plants having been linked to South Africa’s listeriosis infection crisis, said Chief Executive Officer Lawrence Mac Dougall. Tiger Brands,…

Jooste Profited From Steinhoff Land Deal in 2007, Filings Show

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Markus Jooste, who quit as head of Steinhoff International Holdings NV in December amid an accounting scandal, oversaw a complex series of transactions where decisions made by the South African retailer benefited him personally, company filings show. In a set of property deals reviewed by Bloomberg, companies linked to Jooste and Steinhoff associates profited by hundreds of millions of rand between 2002 and 2007. Steinhoff said it has handed information about…

Tiger Brands May Not Find How Deadly Bacteria Entered Plant

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. may never know how a strain of bacteria linked by the government to the world’s deadliest outbreak of listeriosis entered its South African factory. Africa’s largest listed packaged-food maker has spent the past three months testing and cleaning the Enterprise processed-meat plant in the northeast of the country that was identified by Health Minister Aaron Motsoaledi as the source of the deadly crisis. More than 200 people in…

Africa’s Biggest Transport Company Starts Split of Auto Unit

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Imperial Holdings Ltd., Africa’s largest transportation company by sales, moved forward with plans to list shares of its automotive division in Johannesburg as part of efforts aimed at improving prospects for the overall group. In a strategy initiated by former Chief Executive Officer Mark Lamberti, Johannesburg-based Imperial has been gradually separating the vehicle and logistics businesses ahead of the proposed new listing. While the autos unit is focused mainly on…

Why South Africa Is Ripping Up Its Mining Rules Again: QuickTake

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s mining industry is a prime example of the nation’s stark imbalances. Its highly paid, mainly white male executives oversee hundreds of thousands of mostly black workers laboring in deep and dangerous operations. To spread the nation’s wealth more equally, the government revised its mining charter in 2017 to require that companies give more ownership to black shareholders. The industry lobby group sued to stop some changes it…

Ratings Cos. Gave South Africa Benefit of the Doubt, Nene Says

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JOHANNESBURG (Capital Markets in Africa) – Credit ratings companies gave South Africa the “benefit of the doubt” by keeping the nation’s credit assessments unchanged after the recent political transition, Finance Minister Nhlanhla Nene said. With all three major credit rating companies that now have a stable outlook on their assessments they “are giving us a chance to implement our reforms,” Nene told reporters in London on Friday. President Cyril Ramaphosa’s rise to power since December initially boosted sentiment and the…

Steinhoff Signs Austrian Deal With Signa After Days of Haggling

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV signed off on the sale of Austrian furniture retailer Kika/Leiner and real estate assets to billionaire Rene Benko’s Signa Holding GmbH. Steinhoff is selling the retail companies for a nominal amount, and the properties for a price “based on an enterprise value” of 490 million euros ($570 million), subject to adjustments, the group said in a statement. Steinhoff accepted a conditional offer from Signa last week pending due…

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