Company news

11 April 2018 | Business

Libstar plans stock market listing

Libstar Holdings Propriety Ltd, a South African consumer goods company, plans to raise 1.5 billion rand (US$124 million) to repay a portion of its debt and expand its capacity by selling shares on the Johannesburg Stock Exchange, the firm said on Monday.

The offering, which will only be made available to private investors, is targeting a free float of at least 40%, Libstar said.

Libstar is the third company in the past two weeks to state its intention to float in Johannesburg, highlighting a more positive mood among investors following newly elected president Cyril Ramaphosa’s promises to kick-start the economy.

-Nampa/Reuters

Impairments push Lafarge Africa to 2017 loss, shares fall

Lafarge Africa has taken a one-off impairment in Nigeria and South Africa totalling around 33 billion naira (US$105 million), widening its loss before tax for 2017 from a year earlier and sending its shares tumbling.

Bruno Bayet, chief financial officer, told Reuters the impairments accounted for bulk of the loss, without which the cement maker would have turned a profit.

Lafarge Africa shares listed on the Lagos bourse fell to a one-year low on the news.

-Nampa/Reuters

ABSA announces structural changes

Barclays Africa Group, the holding company for ABSA bank, announced a new structure with four core businesses in a statement on Monday morning.

The announcement is part of the bank's long-term vision to chart its own path, after separating from its United Kingdom parent company and doubling its share of banking revenue on the African continent from 6% to 12%.

Among other executive changes, the bank’s current head of compliance Yasmin Masithela will now become chief executive of strategic services. Masithela will be responsible for the bank’s digital strategy and human resources, and lead ABSA’s separation from Barclays Plc.

Augustus Van Heerden will go from leading the separation programme to serving as chief risk officer. Current group chief operating officer Charles Russon will become the group’s chief technology officer, responsible for technology infrastructure, cyber and data.

-Fin24

Gordhan appoints new Denel interim board

Public Enterprises Minister Pravin Gordhan has announced the appointment of a new interim board for Denel after meeting with the state-owned defence company.

Speaking in Irene, Gordhan said Denel had a "good reputation in the past [but] sadly that reputation has been lost".

"The changing of the board is the first step we are taking as governance," he said.

Gordhan announced that the new chairperson of the board will be Monhla Hlahla, the former CEO of Acsa and a non-executive director of various South African companies.

No members of the previous board were retained.

Hlahla said the board would, in the next weeks, be immersed in trying to understand the financial health of the group and would start by scrutinising its 2016/2017 financial results.

-Fin24

Nigerian oil firm Neconde mounts arbitration case against Shell

Nigerian energy company Neconde has launched an arbitration case against Royal Dutch Shell, the West African firm’s chief executive said, alleging the oil major continued to lift crude and failed to remit funds after a lease had been sold.

The oilfield in question, Oil Mining Lease (OML) 42, is also at the centre of corruption allegations. Shell filed a criminal complaint against a former employee in late March over suspected bribes in the US$390 million sale of the field.

Neconde CEO Frank Edozie told Reuters the company bought a stake in OML 42 from Shell in April 2011. He alleged the oil giant continued to produce crude there until the petroleum ministry approved Neconde’s licence in November that year.

-Nampa/Reuters

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