TUESDAY, 11.30AM
SOUTH Korea’s Daewoo Motor Company is on the verge of making a decision on a car assembly plant in South Africa, according to the company’s SA public relations manager Nick Bates.
“Port Elizabeth is high on the list of priorities, as is Pretoria; obviously becasue of the motor industry already situated there. But we have reached no firm decision on whether we are going to invest and, if so, where,” said Bates. He added that a decision is expected within eight weeks and that the prospects are “very positive”.
Daewoo MD BK Lee in May said the company intended to have a SA factory up and running by September, with the aim of producing between 10 000 and 30 000 vehicles in the first three years.
BUSINESS BRIEFS
ESKOM LAUNCHES EUROBOND POWER parastatal Eskom on Monday launched a R6-billion, 30-year, zero coupon eurorand bond issue. The issue was the first zero coupon eurorand as well as the longest-dated public bond issue by a SA issuer.
FOREIGNERS INVEST FOREIGN investors were net buyers of R235,5-million in shares on the Johannesburg Stock Exchange last week. The figure was the result of total sales of R1,38-billion versus total purchases of R1,62-billion. Foreigners have been net buyers of equities totalling R12,32-billion so far this year, already well over the 1996 total of R4,86-billion.
MAIZE HARVEST LOOKS UP THE SA maize harvest, which received a setback from late rains and unseasonal cold weather, looks set to exceed expectations. With the harvest getting into full swing, physical and futures trades picked up last week. Traders have reported yields of 5,5 tons a hectare, as opposed to earlier expectations of between 3,5 and 4,2 tons.