Also: Curro acquires three new schools and Investec to sell 10 percent of its asset management business.
Telkom announced on Friday that its offer to take over Cell C was rejected by Cell C’s board of directors, adding that it continued to believe the offer was “a compelling proposition that would have created significant value for all stakeholders including Telkom’s shareholders.”
Read more: Cell C rejects Telkom’s takeover offer
African Phoenix Investments is considering a merger with new shareholder, financial services group Zarclear.
African Phoenix would acquire the entire share capital of Zarclear, in an exchange determined by the ratio between the net asset values of the two companies.
Choppies has sold its stores and distribution centres in South Africa to King Investments for R1, the company announced on Tuesday.
The company, which has a primary listing on the Botswana Stock Exchange and a secondary listing on the Johannesburg Stock Exchange, said its South Africa-based businesses have been trading at a “substantial loss for the last two years”.
Investec will sell about 10 percent of its asset management business, to be renamed Ninety One, when it is spun off as part of a demerger expected in March.
Investec announced the structural overhaul last year in a move intended to strengthen the asset management business and Investec’s remaining banking and wealth operations. In an update published on Friday, Investec said it plans to sell about 10 percent of Ninety One, which will be split between London and Johannesburg under a dual-listing.
Read more: Investec split planned for March
Arqaam Capital, the Dubai-based investment bank focusing on emerging markets, is closing its South African office.
The company, which opened an office in Johannesburg in 2014, said in a note to clients on Monday that it was ceasing research coverage in South Africa. Clients haven’t yet been informed that the office, which employs about 17 people, is closing, a source told Bloomberg, declining to be identified because an official notification on that hasn’t been sent out.
Capital & Counties Properties on Monday said it has completed the sale of its interest in Earls Court, London, and now expects to convert to UK real estate investment trust status before the end of 2019.
Read more: Capital & Counties buys London properties
Curro says it has acquired three new schools in Gauteng as part of its plan to increase its geographical footprint in South Africa’s wealthiest province.
“Although these acquisitions may not be material, they are strategic from a footprint and/or operational perspective,” the group said in a statement on Tuesday.
The company acquired King’s School Linbro Park in Sandton, and two nursery schools known as Land of Oz, from two-different vendors.
Read more: Curro acquires new schools