Company news in brief

Sonangol to begin selling assets in AprilAngolan state oil company Sonangol will begin in April to sell its stakes in several private firms, chair Sebastiao Gaspar Martins said, as part of a government bid to privatise key state assets including parts of Sonangol itself by 2022.The eleven companies include local bank Banco BAI as well as Sonamet, Sonatip and Sonadit dedicated to metals, maritime services and the maintenance of offshore companies respectively.Describing Sonangol as an "octopus", the country's minister of mineral resources and petroleum, Diamantino Azevedo, has said it would need to shed stakes in everything from hotels to aviation around the world before a 30% share sale in 2022.The Angolan state will exit full or part ownership of 81 companies this year via public tender, six by auction and three in IPOs, with 12 set to be privatized in 2021 and four in 2022, according to Angop.Among the last will be Sonangol, along with state-owned diamond giant Endiama. – Nampa/ReutersCorona beer sales remain strong despite virusCorona beer maker Constellation Brands Inc said on Friday sales of its Corona Extra beer remained strong in the United States in the four weeks to Feb. 16, amid the rapid global spread of the coronavirus.The Modelo Especial beer maker also said all units supporting its beer business are seeing positive sales trends for the brand thus far in 2020 despite claims about the impact of the coronavirus on its business.There have been a few media reports inaccurately claiming sales of the beer were being impacted by the virus, a Constellation spokesman said."We've seen no impact to our people, facilities or operations and our business continues to perform very well," chief executive officer Bill Newlands said in a statement.Newlands added the company does not have much exposure to international markets such as China that have been most impacted by the outbreak. – Nampa/ReutersVW proposes 35% dividend increaseVolkswagen Group said its full-year operating profit rose 22% to 16.9 billion euro (US$18.5 billion) thanks to strong sales of higher-margin cars and lower diesel charges, defying an industry downturn that has cut the earnings of rivals.Volkswagen is in the midst of ramping up sales of sports utility vehicles, which command better profits than ordinary cars, to 40% of passenger car sales from below 25% in 2018, while diesel related fines and settlements fell to 2.3 billion euros, down from 3.2 billion a year earlier.Earlier this month rivals Ford and Daimler posted weaker earnings hit by trade wars and higher spending to build low emission cars.VW predicted vehicle deliveries this year would be stable at 2019 levels despite a declining market.Volkswagen and a major German consumer group said on Friday that they had reached an 830 million euro (US$902.04 million) agreement in a class action lawsuit over the carmaker's rigging of diesel emissions tests. – Nampa/ReutersNo profit, no love for Beyond MeatShares of Beyond Meat Inc fell nearly 20% on Friday after it narrowly failed to make a profit in the fourth quarter despite tripling sales, eating into expectations among investors for the high-flying faux meat maker.Beyond Meat, which surged nearly ten-fold in market value from its initial public offering price, has since partnered with numerous retail chains and restaurants, including McDonald's, helping the company more than triple its revenue in 2019.But with rival plant-based meat producers - from Impossible Foods, to Kellogg Co's Morningstar Farms, or Nestle SA's Sweet Earth - vying for shelf space at retailers and deals with food service outlets, analysts say the company is at risk of losing its first mover advantage."Pricey valuation, increasing competition, and the potential for new selling pressures following the expiration of the lock-up suggest more muted upside potential from here," Oppenheimer analyst Rupesh Parikh said.From a peak of just under US$240 last July, shares in the company have now fallen below US$100 but still look expensive on a traditional valuation basis at 222.21 times expected earnings. – Nampa/ReutersLion Air puts $500 mln IPO on holdIndonesia's Lion Air has deferred plans for an initial public offering (IPO) due to a sharp fall in global stock markets, people close to the matter said on Friday, as the spreading coronavirus sparks worries of a global pandemic.A decision on the up to US$500 million IPO of one of Asia's largest budget airlines was expected by the end of February after banks completed investor presentations in global financial centres earlier this month.Two people said Lion Air, which was set to launch the IPO as early as March, would consider a float only when markets stabilised. The people declined to be identified because they were not authorised to speak to the media.Lion Air had no immediate response to a Reuters request for comment. The carrier has toyed with an IPO for about five years.Last week, global share prices plunged on fears of sustained global economic impact as the coronavirus spreads beyond China. – Nampa/Reuters

Company news in brief

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Namibian Sun 2025-05-07

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Company news in brief

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Namibian Sun 2025-05-07

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