Fortress REIT launches US$61.3m sustainability-linked bonds on JSE to scale-up

SOUTH AFRICA – Hybrid fund Fortress Reit said it had launched sustainability-linked bonds of R900 (US$61.3 million) million aligned to its ongoing strategic environmental, social and governance plan to scale up its renewable energy outputs and deliver more solar energy to the national grid. The Johannesburg Stock Exchange had granted Fortress the listing of a three-year sustainability-linked bond of R495 million (US$33.7 million) and a five-year sustainability-linked note of R405 million (US$27.6 million). It said. “Although the bonds do not have specific use-of-proceed requirements, the funds will assist Fortress with…

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ASEA signs deal to boost trading among African securities exchanges

AFRICA – Cross-border trading from one African securities exchange to another has come a step closer after the African Securities Exchanges Association (ASEA) signed a contract to procure an order-routing system. Seven of Africa’s leading securities Exchanges are working together in the African Exchanges Linkage Project (AELP) to boost pan-African investment flows and bring more liquidity to African markets. The contract is for the design and rollout of the AELP Link technology platform for routing orders and trade confirmations between stockbrokers on the seven Exchanges participating in the pilot phase…

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Imvula Education Empowerment Fund acquires 23% of Ellies Holdings for US$1.3m

SOUTH AFRICA – Imvula Education Empowerment Fund Trust has concluded its first investment in a Johannesburg Stock Exchange-listed company through its BroadBased Black Economic Empowerment (B-BBEE) agreement with Ellies Holdings. The transaction will see Imvula invest R18.5 million (US$1.3 million) of its capital to acquire more than 185 million ordinary Ellies shares at 10 cents a share, representing a 23 percent stake in the company. Additionally, unlike other B-BBEE agreements, Imvula’s share purchase did not attract any discount to the prevailing market price at the time of closing the deal,…

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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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