Company news
Murray & Roberts rejects takeover offer
An independent board of Murray & Roberts' has said it will not support the buyout of shareholders by German investment holdings company Aton GmbH.
On Monday shares in the SA engineering and mining contractor jumped by 47% after news of Aton’s proposed takeover bid was made public.
Aton, which currently owns just under 30% of the group’s shares, was proposing to buy all the group’s issued share capital.
-Fin24
MTN's record Ghana IPO seen drawing Africa-focused funds
A record wave of stock is heading for Ghana’s market as MTN is said to prepare to sell a chunk of its local unit to investors for about US$790 million. The shares should be snapped up, according to the Databank Group.
The numbers are striking: the planned listing would be more than 10 times bigger than the country’s largest initial public offering to date. Even so, demand from foreign investors attracted by MTN’s profitability should ensure the IPO is a success, said Alex Boahen, head of research at Databank Group.
-Fin24
Debswana expects rise in diamond output
Botswana’s Debswana Diamond Mining said on Tuesday production jumped 11% to a three year high in 2017 and it expects growth this year as lower taxes in the United States leave consumers with more to spend on luxury goods. Debswana, a joint venture between De Beers and the southern African country’s government, said annual production rose to 22.2 million carats last year.
Sales jumped 16%, contributing to a 20% increase in earnings before interest, tax and amortization.
-Nampa/Reuters
Eskom to have new strategy - CEO
Eskom interim CEO Phakamani Hadebe told Parliament’s portfolio committee on energy on Tuesday morning that he has spoken with Minister of Public Enterprises Pravin Gordhan on plans to steer the power utility back on course, saying a strategy is expected by September.
Hadebe told the committee that Eskom raised R30billion in three weeks, which later grew to R33billion from the market in net terms. This, he said, indicates the funding market is beginning to welcome Eskom back, allowing it to diversify its funding model.
-Fin24
Moody’s keeps SA banks at investment grade
Ratings agency Moody’s has kept the ratings of SA’s big five banks at investment grade. According to a report issued on Tuesday evening, Moody’s kept the ratings of Standard Bank, Investec, FirstRand, Absa and Nedbank at Baa3. Moody’s also confirmed Mercantile Bank’s national scale rating of Baa1.za/P-2.za was confirmed. Moody’s indicated that the rating was primarily driven by the confirmation of the sovereign rating at Baa3, with a stable outlook.
-Fin24
An independent board of Murray & Roberts' has said it will not support the buyout of shareholders by German investment holdings company Aton GmbH.
On Monday shares in the SA engineering and mining contractor jumped by 47% after news of Aton’s proposed takeover bid was made public.
Aton, which currently owns just under 30% of the group’s shares, was proposing to buy all the group’s issued share capital.
-Fin24
MTN's record Ghana IPO seen drawing Africa-focused funds
A record wave of stock is heading for Ghana’s market as MTN is said to prepare to sell a chunk of its local unit to investors for about US$790 million. The shares should be snapped up, according to the Databank Group.
The numbers are striking: the planned listing would be more than 10 times bigger than the country’s largest initial public offering to date. Even so, demand from foreign investors attracted by MTN’s profitability should ensure the IPO is a success, said Alex Boahen, head of research at Databank Group.
-Fin24
Debswana expects rise in diamond output
Botswana’s Debswana Diamond Mining said on Tuesday production jumped 11% to a three year high in 2017 and it expects growth this year as lower taxes in the United States leave consumers with more to spend on luxury goods. Debswana, a joint venture between De Beers and the southern African country’s government, said annual production rose to 22.2 million carats last year.
Sales jumped 16%, contributing to a 20% increase in earnings before interest, tax and amortization.
-Nampa/Reuters
Eskom to have new strategy - CEO
Eskom interim CEO Phakamani Hadebe told Parliament’s portfolio committee on energy on Tuesday morning that he has spoken with Minister of Public Enterprises Pravin Gordhan on plans to steer the power utility back on course, saying a strategy is expected by September.
Hadebe told the committee that Eskom raised R30billion in three weeks, which later grew to R33billion from the market in net terms. This, he said, indicates the funding market is beginning to welcome Eskom back, allowing it to diversify its funding model.
-Fin24
Moody’s keeps SA banks at investment grade
Ratings agency Moody’s has kept the ratings of SA’s big five banks at investment grade. According to a report issued on Tuesday evening, Moody’s kept the ratings of Standard Bank, Investec, FirstRand, Absa and Nedbank at Baa3. Moody’s also confirmed Mercantile Bank’s national scale rating of Baa1.za/P-2.za was confirmed. Moody’s indicated that the rating was primarily driven by the confirmation of the sovereign rating at Baa3, with a stable outlook.
-Fin24
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