Also: new majority-black-controlled private equity fund, and Sibanye-Stillwater takes over Lonmin.
Listed distribution group Barloworld has unveiled a B-BBEE deal that will include the sale of its shares and local property portfolio to a foundation and majority black-owned company.
The first part of the deal will involve Barloworld issuing 6,578,121 of its ordinary shares – constituting three percent of its entire issued share capital – at R0.05 each to the newly formed Barloworld Empowerment Foundation.
Read more: Barloworld unveils new B-BBEE deal
South Africa’s private equity industry, which has more than R160 billion in assets under management, will see yet another addition of a new and black-owned firm.
A new majority-black-controlled private equity fund New Seasons Investment Fund has been launched after the merger of two private equity fund companies, New Seasons Investment Holdings and Nodus Equity.
Read more: Another boost for blackowned private equity firms
South Africa’s Competition Tribunal has approved Sibanye-Stillwater’s takeover of platinum producer Lonmin but imposed a six-month hold on job cuts, it announced on Wednesday.
Sibanye has proposed to buy Lonmin for about R5.73 billion to create the world’s number-two platinum producer at a time when prices for the metal are depressed.
Read more: Competition authority approves Lonmin, Sibanye deal
General Electric, the US-based conglomerate, has announced that South Africa’s Transnet will now be leading a $2 billion (R27.8 billion) Nigerian narrow-gauge railway concession project.
This means that Transnet, which is a state-owned rail operator, will have a lion’s share of the project.
Read more: Transnet leads $2 billion Nigerian railway deal from General Electric
Capitec Bank said its offer to buy Mercantile Bank for R3.2 billion has been approved, which will see the microlender enter the small- to medium-sized enterprise financing industry.
Read more: Capitec to buy Mercantile Bank for R32 billion
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