South Africa | - Part 25

Polish Malls a Big Attraction for South African Property Fund

JOHANNESBURG (Capital Markets in Africa) – The first South African property fund to bet on the Polish market says it’s just the beginning. Redefine Properties Ltd., a Johannesburg-listed real estate investment trust, wants its Echo Polska Properties NV unit to double its Polish shopping-center portfolio in the next three years, Chief Executive Officer Andrew Konig said in an interview in Warsaw. The fund will seek to expand via opportunistic purchases of established malls to avoid the risk of…

South Africa $7.5 Billion Pensions Bid `Untrue,’ Gigaba Says

Posted on by The Editorial Team

JOHANNESBUGH (Capital Markets in Africa) – A Bloomberg News report that South Africa’s National Treasury is seeking as much as 100 billion rand ($7.5 billion) from the government workers’ pension fund to finance struggling state companies is untrue, Finance Minister Malusi Gigaba said. The Public Investment Corp., which manages the fund and has about 1.86 trillion rand in assets, has been asked by the Treasury to buy its entire 12 billion-rand stake in Telkom SA SOC Ltd. to pay…

Regional Power Split Threatens Vote on Zuma’s Succession

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The top leadership of South Africa’s ruling African National Congress starts meeting on Friday in a bid to heal a bitter split in the key region of KwaZulu-Natal that could derail its plans to elect a successor to President Jacob Zuma as party leader in December. The meeting comes after the High Court annulled the election of Zuma allies as the province’s party leadership because the conference that chose them wasn’t lawfully…

Billionaire Agarwal to Boost Anglo Stake by Up to $2 Billion

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JOHANNESBURG (Capital Markets in Africa) – Anil Agarwal, an Indian mining billionaire, is buying 1.5 billion pounds ($2 billion) worth of additional Anglo American Plc shares, increasing his stake in the blue-chip British miner that’s benefited from a recovery in commodity prices. Agarwal said Wednesday the purchase, which is the equivalent of about 9 percent, was a family investment and he doesn’t intend to make a takeover offer for the company, according to a statement. It comes…

Aliko Dangote Ups Bidding War for PPC With Cash, Share Offer

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, the Nigerian company controlled by Africa’s richest person, has written to PPC Ltd. offering South Africa’s biggest cement maker cash and shares as part of a takeover deal that is fuelling a bidding war. “We are waiting for them to get back to us, hopefully early next week,” Aliko Dangote said in an interview with Bloomberg TV in New York. “They can be part and parcel…

South Africa Inflation Stays Firmly Within Target Band in August

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s inflation rate stayed firmly within the central bank’s target band in August, strengthening the case for more policy easing on Thursday. Inflation quickened to 4.8 percent from 4.6 percent in July, Pretoria-based Statistics South Africa said Wednesday in a report on its website. The median estimate of 22 economists in a Bloomberg survey was for 4.9 percent. Prices rose 0.1 percent in the month. The higher inflation is unlikely to…

South Africa Minister Wants Assurance on KPMG Analysis of Oil Sale

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s probe into the sale of 10 million barrels of its crude oil reserves may be delayed after Energy Minister Mmamoloko Kubayi said she has some concerns because a key financial analysis in the investigation was conducted by KPMG LLP. Kubayi said she wants assurances from the country’s Central Energy Fund about the report after KPMG’s local unit became embroiled in a corruption scandal revolving around members of the…

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