Also: Calgro M3 publicly censured by JSE and Taste Holdings gives up on Starbucks.
Redefine Properties is putting its R4 billion in Australian assets up for sale as it looks to exit the country by 2020.
This was revealed by Redefine CEO Andrew König (pictured) during the group’s 2019 full-year results media briefing in Johannesburg on Monday. The move to recycle its high-value properties in Australia is aimed at strengthening its balance sheet by bringing down debt in the face of challenging conditions in its core home market in South Africa.
Read more: Redefine to exit Australia
AVI has sold its 40 percent interest in Australia-based seafood and snack manufacturer Simplot for R633 million.
The group cited as reasons its lack of managerial control in the venture, as well as a desire to exit businesses whose return on capital prospects did not meet its expectations.
Read more: AVI sells stake in Australian seafood joint venture
Sun International said the merger between its Chile-based gaming business Sun Dreams and Marina del Sol has been put on hold after both parties failed to agree on a memorandum of understanding.
Read more: Sun International puts merger with Marina del Sol on hold
The Australian group South32 has sold its 92 percent stake in South Africa Energy Coal to a group of local investors.
Seriti will make an up-front cash payment of R100 million, and as part of the deal South32 will receive 49 percent of the free cash flow generated by the local coal business until March 2024, with the payment capped at a maximum of R1.5 billion per year.
Read more: Australian miner sells SA coal assets to black-owned group
MC Mining said on Tuesday that it had been given the go-ahead for its Generaal coking and thermal coal project in Limpopo.
The mining right is a further step in unlocking value from MC Mining’s significant coking and thermal coal assets, and positions the company, formerly Coal of Africa, to be a potential long-term coal supplier to industrial users both local and offshore.
Read more: MC Mining receives mining right for coking and thermal coal project
Calgro M3 has been publicly censured by the Johannesburg Stock Exchange (JSE) for failing to alert shareholders regarding dealings with its directors.
Calgro announced in September 2018 that it had cancelled the executive share incentive scheme, which also entailed it buying back shares originally issued to directors. The company had failed to get shareholder approval, and failed to alert shareholders via the JSE’s news service (Sens).
Read more: Calgro M3 censured by JSE over cancelled share scheme
RECM & Calibre (RAC) has taken a controlling stake in Mauritius-based investment firm Astoria.
RAC’s portfolio of investments include stakes in Trans Hex Group, Unicorn Capital Partners, Outdoor Investment Holdings, private education company ISA Carstens and Conduit Capital. The company has upped its stake from 29.4 percent to 78.45 percent, and is now obliged to make a takeover offer of the rest of the shares.
Read more: RAC takes controlling stake in Mauritius-based Astoria
Taste Holdings has given up on Starbucks in South Africa, saying it plans to sell the franchise rights it owns to manage and roll out the coffee conglomerate’s chains across the country for R7-million.
Read more: Taste holdings has given up on Starbucks the global coffee behemoth
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