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SA Corporate Update
Bidvest Group:The company announced that its Chairperson, Cyril Ramaphosa, has notified the board of his intention to step down from his position, and would be succeeded by current Independent Non-Executive Director, Lorato Phalatse.
Murray & Roberts Holdings:The construction company reported that its 62.0% owned Australian subsidiary, Clough Limited, has concluded a Block Trade Agreement with Macquarie Capital Limited to underwrite the sale of approximately 30.90mn shares in Forge Group Limited for a total consideration of approximately $195.80mn.
Adcorp Holdings:The company stated that it would introduce a new 10-year black-empowerment deal worth R521.50mn.
SABMiller:The brewerege company indicated that it expects to deliver mid-single digit volume growth and upper-single digit revenue growth from its business in Latin America.
Interwaste returns to profit in FY12:Waste management company, Interwaste, returned to profit in FY12, having struggled with delays in projects in the previous financial year. Interwaste’s headline EPS were 3.89c, compared to a loss of 1.48c/share a year ago, the group said.
Vodacom extends 4G service to prepaid and top up:Vodacom has become the first network in South Africa to offer LTE services to all its customers. LTE represents the next evolution in mobile with connection speeds many times higher than 3G, translating into faster downloads and stutter free video.
Harmony ‘restoring order at mine after strike’:Harmony Gold took a difficult and expensive decision to suspend its Kusasalethu mine until it could restore order and tilt workers’ first allegiance back to the company and away from the unions.
Famous Brands buys controlling stake in Turn ’n Tender:Famous Brands has entered into a joint venture agreement with the founder-owners of steakhouse, Turn ’n Tender, it said. The joint venture is in line with the group’s strategy to expand its presence in the casual dining sector.
Stanlib to fund retail properties in Africa:Stanlib intends to launch its Stanlib Africa Direct Property Development Fund in May or June, as it seeks to capitalise on Africa’s growing retail sector. The chief investment officer of Stanlib Direct Property Investments, Amelia Beattie, said on Friday the fund would focus on new retail developments in Nigeria and Kenya, where there was still an undersupply of quality retail properties.
Dipula to pay R559.00mn for retail properties:JSE-listed property loan stock company, Dipula Income Fund, said that it would, through a subsidiary, acquire six properties in a single transaction for a combined R559.00mn, pushing its property assets to more than R4.00bn.
Transnet awards black firm big contract:Transnet SOC Ltd has awarded its biggest contract, worth about R1.30bn, to local accounting firm, SekelaXabiso, over the next five years.
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