DIVORCE AND DEATHS
we take a sweeping look at the latest moves in business MARRIAGES
CONSTRUCTION South Africa
Construction companies Murray & Roberts and Concor, part of the Murray and Roberts Group, have merged to form a single company; Murray & Roberts Construction. The merged entity, with a combined annual turnover of ZAR6.5 billion ($901m), has now become one of the largest local construction players in the African construction sector. The company said that the integration into a single entity will represent a strengthened brand and will renew focus on developing resources, in addition to transforming the organisation to take advantage of business opportunities throughout Africa. This move promises to significantly reduce costs and to ensure best practice in all aspects of the business and support systems.
BANKING Nigeria
Ahead of the Central Bank of Nigeria’s deadline for the recapitalisation of rescued banks, Oceanic Bank International has entered a merger with Togo’s Ecobank Transactional Incorporated. The merged entity is now projected to become the third largest bank in the country. Oceanic Bank will begin the process of seeking regulatory and shareholder approval in accordance with the relevant laws of the Federal Republic of Nigeria. The bank has said that the transaction is fully in line with Ecobank’s strategy to be a major player in all markets in which it operates.
TRADE Mozambique-Botswana
Ten Memoranda of Understanding (MoU) were recently signed for cooperation between Mozambique and Botswana,
and included agreements for the supply of electricity and fuel to Botswana, border control of cattle diseases, training of diplomats from Botswana at the International Relations Institute (ISRI) and cooperation in the health and education sectors. Mozambique and Botswana have also agreed to invest together in several projects that will give Botswana access to the Indian Ocean. Mozambique’s transport and communications sector is confident that the facilities created will allow Botswana to import over five million cubic metres of fuel per year via Mozambique.
DIVORCES
FINANCE South Africa
Private equity company Paladin Capital has been delisted by its owner PSG in order to remove it from the financial and administrative burden of being listed. PSG states that it no longer makes sense for it to claim management fees from a company it already owns. Its board had resolved to unbundle 125 million shares in private schools firm Curro, equivalent to 77.54% of its entire issued share capital to Paladin shareholders. Paladin also maintains that the initial basis to list as a separate investment vehicle includes giving investors direct exposure to private equity deal flow at PSG and to use Paladin script to facilitate transactions.
CAPITAL MARKETS Tanzania
After a one-month suspension of Tanzania’s National Investment Company Ltd (NICOL) in June, the Dar es Salaam Stock Exchange (DSE) has delisted the company, making it the first in the 12-year history of the DSE to be delisted. The decision to push
and that means essentially starting with the modernisation of agriculture” Harvard University Professor Calestous Juma, author of “The New Harvest,” calls on African leaders to make agricultural expansion a priority
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through the delisting was reached by the DSE governing council after the failure of the firm to submit its 2009 and 2010 financial results. Although NICOL agrees that the company failed to comply with DSE requirements, it claims that the company did so due to the fact that its Board and Chief Executive Officer were suspended by the Capital Markets and Securities Authority in March this year.
MINING Kenya-Botswana
Botswana-listed Aviva Corporation has separated its Mmamantswe coal project from its gold assets in Kenya to give the coal assets a proper focus in line with the Botswana government’s recently initiated Coal Road Map. This will also ideally provide further transparency of value for Aviva shareholders and position Mmamantswe to participate in synergistic transactions between the two countries. The Botswana government initiated the Coal Road Map study to deliver an implementation plan for the management and optimisation of the country’s 210 billion tonne-coal reserves. This action is deemed necessary to drive development of the sector in Botswana.
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