Also: SARB sells its stake in African Bank and Nampak disposes of glass business.
The South African Reserve Bank is forging ahead with the sale of its stake in African Bank. It is now looking for a transaction advisor to help it start looking at the feasibility of disposing of the 50 percent shareholding the Reserve Bank due to one of South Africa’s biggest banking scandals when African Bank Investments collapsed under a mountain of bad debt in 2014.
Read more: Reserve Bank moves to offload stake in African Bank
The decision by AngloGold Ashanti to sell its last remaining South Africa-based assets is credit-positive as it will streamline the miner’s asset portfolio and optimise capital allocation.
AngloGold Ashanti said it will sell its South African assets for about $300 million (about R4.4 billion) to Harmony Gold, marking the end of its exposure to the country’s mining industry.
Read more: AngloGold’s sale of last South Africa mine is credit-positive
Nampak said on Tuesday that the Competition Tribunal has approved the disposal of its glass business, although certain conditions need to be fulfilled.
Conditions imposed by the tribunal are acceptable to the parties, Nampak said, with one condition still outstanding, related to certain material licences and permits.
Read more: Competition authorities approve Nampak’s sale of its glass business
Massmart’s new CEO Mitch Slape (pictured) said on Wednesday he was not ready to let the firm’s Game department chain fail as the South African retailer undergoes a turnaround plan aimed at cutting costs and boosting profit and margins.
Mitch announced a turnaround strategy in January that will see Massmart exit poor performing categories such as fresh and frozen food and re-introduce basic apparel such as shirts and socks at its Game stores.
Read more: Massmart CEO not ready to let Game department chain fail
Transaction Capital said on Wednesday that three of its founders had sold shares worth R1.6 billion in order to diversify its shareholder base and improve liquidity.
Jonathan Jawno, Michael Mendelowitz and Roberto Rossi sold 69-million shares through their respective shareholding vehicles, via a bookbuild that was oversubscribed. The transaction equated to about 10 percent of the company’s market capitalisation.
Read more: Transaction Capital founders sell R16 billion of shares
South Africa’s Competition Tribunal has found that global beer brewer, Anheuser-Busch InBev (AB InBev) did not breach conditions relating to its merger with SAB Miller (SAB) in 2016 through its exclusive branding rights with liquor outlets.
Read more: AB InBev did not breach merger terms
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