Investor Transactional Capital begins WeBuyCars takeover discussions

SOUTH AFRICA – Investor group Transactional Capital has opened formal negotiations with WBC Holdings to acquire controlling shares in online, vehicle retailer WeBuyCars. The Johannesburg Stock Exchange -listed Transactional Capital announced that it’s seeking to increase its stake in WeBuyCars from the current 49.9% shareholding to 74.9% and take charge of the online retailer. WeBuyCars is a dealer in used vehicles in South Africa. The car dealer purchases used vehicles mainly from private sellers and then on-sells them to used car dealers and private consumers. In a note to shareholders,…

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Retail giant Pick n Pay plans Africa expansion

SOUTH AFRICA – The second largest supermarket chain store in South Africa Pick n Pay, is planning to tap into growth opportunities in the rest of Africa over the long term as it announced a 4.3 percent increase in group turnover to US$6.5 billion during the 12 months ended in February 2021 compared to a similar period a year ago. Presenting his final financial results presentation after 8 years at the helm, outgoing Pick n Pay chief executive Richard Brasher said that the group was planning in a measured way…

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Absa Group confirms the departure of CEO Daniel Mminele

SOUTH AFRICA – Absa Group’s chief executive officer Daniel Mminele is set to step down just 16 months in the position. The financial services group has officially confirmed. Daniel Mminele was Absa Bank first black Chief Executive Officer. Confirming the reports, Absa bank announced, through the Johannesburg Stock Exchange  sent statement, that it was working on a separation agreement with group chief executive Daniel Mminele. The bank said: “In response to press speculation, shareholders are advised that the boards of directors of Absa Group and Absa Bank (“Boards”) and their…

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MTN Rwandacell to list by introduction on Rwanda Stock Exchange

RWANDA – MTN Group will list its Rwandan subsidiary on the Rwanda Stock Exchange (RSE) on 4 May, the Johannesburg Stock Exchange (JSE)-listed telecommunication giant has announced. The move follows approval by the Rwanda’s Capital Market Authority and the Rwanda Stock Exchange (RSE) of MTN Rwanda’s listing by introduction on the stock exchange as well as the approval of Crystal Telecom shareholders to distribute the 20% of MTN Rwanda’s shareholding held by Crystal to its shareholders effective from the listing date. The listing of MTN Rwanda will see 1.35 billion ordinary…

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Growthpoint Properties receives a US$546m offer to sell real estate assets in Europe

SOUTH AFRICA – Growthpoint Properties, one of South Africa’s largest real estate investment companies, has received an offer to sell the 65.2 million shares, representing its 29.5% stake in a London-listed real estate company active in Central and Eastern Europe. Growthpoint Properties manages a portfolio of more than 500 properties in Europe, Australia, and South Africa, Two Luxembourg companies made the offer, Aroundtown South Africa, and CPI Property Group South Africa, which own 51.5% of Globalworth Real Estate Investments Limited (Gwi). The two investors are offering €7 (US$8.4) for each share…

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Mining company Exxaro Resources to offload thermal coal amid environmental concerns

SOUTH AFRICA – Coal and heavy minerals mining company Exxaro Resources, public utility Eskom’s biggest coal supplier, has become the latest company to offload thermal coal assets as pressure mounts for mining companies to reduce exposure to fossil fuels amid climate change concerns. The Johannesburg Stock Exchange (JSE) listed mining firm announced the sale of its Exxaro Coal Central (ECC) to black-owned and private mining operator Overlooked, without disclosing the value of the transaction. Exxaro said the sale was part of playing a meaningful role in helping black mining operators obtain…

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Financial services firm Investec estimates earnings to plunge by 29%, shares decline

SOUTH AFRICA – Anglo-South African international banking and wealth management group Investec group has flagged that its full-year earnings could decline by as much as 29 percent, an announcement that saw its share price fall by more than 6 percent on the Johannesburg Stock Exchange on March 19, 2021. The group said in a trading update that it expected its adjusted earnings per share from continuing operations for the year to end March between 20 and 29 percent weaker compared to the same period last year. The group also unbundled…

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Retail company Mr Price in an all-cash deal to buy Yuppiechef for US$31.6m

SOUTH AFRICA – Publicly traded retailcompany Mr Price has revealed that it has reached an agreement to buy 100% of Yuppiechef, an “omnichannel” retail business focused on kitchenware, for about US31.6 million in cash. The business has two primary operations: Yuppiechef Online, the retail division comprising the online platform and seven stores, as well as a wholesale division, which develops, and imports branded goods for wholesale distribution. Yuppiechef was started as a pure e-commerce company and since 2017 has transitioned into an omni-channel retail platform. “The retail division represents 85%…

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Energy fund Revego eyes JSE listing to raise US$103.4m for growth

SOUTH AFRICA – Revego Africa Energy Fund, an investor in South African renewable projects, is looking to raise US$103.4 million by April this year as it eyes listing at the Johannesburg Stock Exchange (JSE). The fund which is backed by Investec, the Eskom Pension & Provident Fund and UK Climate Investment is seeking to list on the JSE, this is according to Revego Fund Managers chief investment officer Michael Meeser. “We have already identified assets equal to that value and have actually signed purchase agreements,” he said. The listing may come…

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Imperial Logistics acquires e-commerce specialist Parcelninja

SOUTH AFRICA – Johannesburg Stock Exchange -listed Imperial Logistics has bought South African e-commerce logistics specialist Parcelninja. The terms and value of the deal were not disclosed. Imperial revealed details of the acquisition in its interim results for the six months ended 31 December 2020, in which it reported a 15% increase in revenue to US$1.8 billion. “The Parcelninja acquisition will provide specialised warehousing and distribution management in e-commerce, direct to consumers and to informal markets,” the logistics company said in notes alongside the financial results. “The acquisition will provide specialised…

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