Features | - Part 140

Africa’s Biggest Transport Company Starts Split of Auto Unit

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

Posted on by The Editorial Team

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…

Transnet Bosses Liable for Contract Overrun, Probe Concludes

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Top officials of Transnet SOC Ltd. should be liable for losses suffered from allegedly irregular and unlawful contracts the South African port and freight-rail operator entered when it agreed to buy 1,064 locomotives, an investigation ordered by the state-owned company concluded. Transnet’s board — which has since been replaced — approved the deal in 2014 to buy locomotives from China South Rail, China North Rail, General Electric Co. and Bombadier Inc….

South Sudan Peace Talks Fail to Reach Consensus, Rebels Say

Posted on by The Editorial Team

SOUTH SUDAN (Capital Markets in Africa) – The first face-to-face meeting in two years between South Sudan’s president and his exiled rival failed to achieve a deal, the country’s main rebel group said, asking for more time to reach a lasting agreement to end four years of civil war. President Salva Kiir and the leader of the Sudan People’s Liberation Movement in Opposition, Riek Machar, met in the Ethiopian capital, Addis Ababa, this week under a regional peace…

Cobalt Explorers See Congo Mine Law Offset by Price, High Grades

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Junior miners exploring for cobalt in the Democratic Republic of Congo reckon increased prices and the country’s high-grade deposits will offset the added costs of new legislation larger companies have opposed. Congo, the world’s largest source of the metal, this month began implementing an amended mining code that introduces new taxes and increases royalty payments. Miners including Glencore Plc, Randgold Resources Ltd. and China Molybdenum Co. have criticized the new law…

« 1 … 138 139 140 141 142 … 259 »