African Bank Investments Makes a Come Back After 30-Month Hiatus

African Bank Investments Makes a Come Back After 30-Month Hiatus

JOHANNESBURG (Capital Markets in Africa) – African Phoenix Investments Ltd., the holding company resurrected from the remnants of failed African Bank Investments Ltd., started trading 30 months after being suspended, with volumes far exceeding all other shares on the Johannesburg Stock Exchange. The securities started trading at 55 cents, before falling to 50 cents as of 10:19 a.m. in Johannesburg, giving the company a market value of 751 million rand ($56 million). Almost 24 million shares…

Read More

Stefanutti to Raise $74 Million for Black-Owned Coal Miners

Stefanutti to Raise $74 Million for Black-Owned Coal Miners

JOHANNESBURG (Capital Markets in Africa) – Stefanutti Stocks Holdings Ltd., a South African construction firm, plans to raise a 1 billion-rand ($74 million) fund to invest in coal mining operators majority-owned by black investors. The building company is working in partnership with Africa-focused investment group Jaltech Financial Consultants to set up the JSS Empowerment Mining Fund and source the necessary capital from wealthy individuals, according to JSS money manager Gaurav Nair. Participants will receive a tax benefit on…

Read More

South Africa Posts Its Biggest Trade Surplus in Seven Months

South Africa Posts Its Biggest Trade Surplus in Seven Months

JOHANNESBURG (Capital Markets in Africa) – South Africa recorded its biggest trade surplus in seven months in December, narrowing the shortfall for the year and supporting the rand. The 12 billion-rand ($890 million) surplus compares with a revised 1.7 billion-rand shortfall in November, after imports of chemicals and base metals dropped, the Pretoria-based South African Revenue Service said in an e-mailed statement on Tuesday. The cumulative deficit for last year was 2.9 billion rand compared with 52.2 billion…

Read More

Nando’s Spicy Chicken Chain Said to Weigh IPO Amid Expansion

Nando’s Spicy Chicken Chain Said to Weigh IPO Amid Expansion

JIOHANNESBURG (Capital Markets in Africa) – Nando’s Group, the South African fast-food company known for its spicy chicken and fries, is considering an initial public offering, according to people familiar with the matter. Nando’s is speaking to advisers and is in the early stages of planning a share sale, the people said, asking not to be identified as the deliberations are private. The company is weighing a London listing among other potential venues, they said….

Read More

Glencore Considering Bid for Impala’s Chrome Waste Operations

Glencore Considering Bid for Impala’s Chrome Waste Operations

JIOHANNESBURG (Capital Markets in Africa) – Glencore Plc, the mining and trading firm run by billionaire Ivan Glasenberg, is considering bidding for Impala Platinum Holdings Ltd.’s 65 percent stake in a chrome waste-retreatment operation in South Africa, two people familiar with the matter said. Glencore already has an agreement to buy metal from Chrome Traders Processing (Pty) Ltd., the closely held company that owns 30 percent of the business controlled by Impala. Glencore, which has chrome…

Read More

Liberty Drops Most Since 2009 as Profit Falls More Than Expected

Liberty Drops Most Since 2009 as Profit Falls More Than Expected

JOHANNESBURG (Capital Markets in Africa) – Liberty Holdings Ltd. slumped the most since April 2009 after the South African insurer said full-year profit tumbled more than analysts expected. The stock slid almost 12 percent to 109.90 rand as of 3:05 p.m. on Friday in Johannesburg, the biggest decline of 162 securities on the FTSE/JSE Africa All Share Index. Volumes traded in Liberty soared, reaching 2.7 times the daily average over the past three months. Earnings per share for…

Read More

Barclays Africa Hit by Protesters Demanding Apartheid-Era Money

Barclays Africa Hit by Protesters Demanding Apartheid-Era Money

JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Limited was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. Demonstrators linked to the youth league of South Africa’s ruling African National Congress gathered outside the branch in Durban on South Africa’s east coast, Johannesburg-based Barclays Africa said in an e-mailed response to questions….

Read More
1 47 48 49 50 51 95