Mondi finds buyer for its last asset in Russia

JSE-listed packaging and paper company Mondi has announced that it will sell its Russian subsidiary Mondi Syktyvkar to Sezar Invest for ₽80-billion, or about €775-million, which will be paid in a series of instalments. The total cash consideration will be paid to Mondi in ruble and in six monthly instalments. The first payment will made [...]

Attacq, GEPF conclude landmark equity transaction

JSE-listed real estate investment trust (Reit) Attacq, which is developing Waterfall City, in Gauteng, has concluded its landmark R2.7-billion transaction with the Government Employees Pension Fund (GEPF). Under the terms of the transaction, the GEPF has acquired a 30% shareholding in Attacq Waterfall Investment Company Proprietary Limited (AWIC) – the company that holds the Waterfall [...]

R107m Steenbras Dam scheme upgrade in the works to help Cape Town ease loadshedding

A R107-million refurbishment of the Steenbras Hydro Pumped Storage Scheme is on the pipeline, with Capetonians hoping it will bring further relief from load shedding. This week, the City of Cape Town's mayoral committee recommended that the council approve funding for the provision of professional services for the refurbishment project over the next few years. [...]

South Africa publishes draft law to establish holding company for State entities

South Africa has released a draft law that will facilitate the creation of a holding company to house struggling power utility Eskom, rail and port operator Transnet and other State-owned enterprises. The National State Enterprises Bill, which will enable the formation of the State Asset Management, was released for comment on Friday by Public Enterprises [...]

Glencore risks missing investment deadline for Cape Town refinery

Glencore is in negotiations with the South African government about a pledge to invest R6-billion in the Cape Town refinery, as the company is set to miss the deadline following an explosion that shut the plant for several years. The commodities-trading giant agreed when it bought the plant to make the investment in the facility [...]

M&R confirms death of 18 employees in Limpopo bush crash

JSE-listed engineering and contractor group Murray & Roberts (M&R) has confirmed the death of 18 employees in collision between a bus transporting its employees to diamond miner De Beers’ Venetia mine, in Limpopo. The incident involved a head-on collision with another vehicle, following which both vehicles caught alight.

Durban business chamber calls for axing of Transnet CEO and execs

The Durban Chamber of Commerce and Industry has called on the Public Enterprises Minister to remove Transnet’s CEO Portia Derby, accusing her of sabotaging businesses through lack of service delivery. In a letter dated 12 September and signed by Palesa Phili, CEO of the Durban Chamber of Commerce and Industry, the business community of eThekwini [...]

Metair ups profit despite Hesto bleed, export losses

Despite the loss of the Russian battery export market, as well as the poor performance of wiring harness maker Hesto, Metair still managed to chalk up a healthy increase in profit for the six months ended June 30. Operating profit for the period was up 124%, to R324-million, compared with the same period last year, [...]

Kruger Park opposes new border link to Mozambique

South Africa’s biggest wildlife reserve and some local businesses are opposing plans for a new privately operated trucks-only border crossing aimed at speeding up mineral exports to ports in neighboring Mozambique. The Logistics Co., indirectly owned by Old Mutual’s African Infrastructure Investment Managers, plans to open a new route at Komatipoort, the main land crossing [...]

ARC grows intrinsic net asset value by 15.8%, reports portfolio restructuring progress

JSE-listed investment holding company African Rainbow Capital (ARC) increased its intrinsic net asset value by 15.8% year-on-year to R15.3-billion for the financial year ended June 30, while its net asset value a share increased by 13.4% to R11.41 a share. The company’s cash reserves, however, decreased by 25% to R500-million, while its debt increased by [...]

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