Also: Shoprite, Equites Property Fund, Mahindra & Mahindra, and Ford looking at joint ventures.
African fintech company JUMO has raised $55 million (about R841 million) in debt and equity funding from undisclosed new and existing investors.
Shoprite Holdings and specialist high-end warehouse owner Equites Property Fund have established a R4 billion joint venture property company to house a R2 billion portfolio of distribution centres and associated undeveloped land in Brackenfell in the Western Cape and Centurion in Gauteng.
Sebata has announced the sale of a majority stake in its Software Group Companies subsidiary for R501.9 million to Inzalo Capital Holdings in a bid to improve its empowerment credentials, according to a Business Day article.
Read more: Sebata sells another subsidiary
Imperial Logistics expects to conclude the sale of its European shipping business by the end of June 2020 and turn its focus in entering the international freight industry, said CEO Mohammed Akoojee (pictured).
The company, which has bemoaned weak economic growth in SA, disposed of the struggling consumer packaged goods business in 2019. An acquisition of a freight business will add freight management capability to its portfolio, Mohammed said.
Tongaat Hulett, which wants to reduce its South Africa debt by R8.1 billion by March 2021, said its subsidiary Tongaat Hulett Developments has concluded the sale of an Umhlanga Rocks property to real estate developer, Balwin Properties, for over R167.2 million.
South Africa’s competition authority has recommended the approval to vehicle makers Mahindra & Mahindra and Ford to establish a joint venture that will export vehicles manufactured in India across the world.
The Competition Commission has recommended that the Competition Tribunal approve the proposed transaction between both vehicle makers “without conditions”. The two companies will now have a joint venture in a new company Ardour Automotive Private Ltd (Ardour).
Hammerson, the UK-focused real estate company that is listed on the Johannesburg Stock Exchange, has offloaded its out-of-town retail parks for £455 million (R8.9 billion) as it looks to reduce its £3 billion (R58.6 billion) debt pile and shield itself from the high-street crisis.
The property group is selling seven sites, including Elliott’s Field in Rugby and the Cyfarthfa park in Merthyr Tydfil, to the London-based private equity firm Orion for £400 million. The sale of two other parks has raised another £55 million.