TUESDAY, 11.00AM
WOMEN’s empowerment group Nozala Investments is to acquire 10% of listed private education and personnel group Educor in a two-phase deal.
The first phase of the deal will see Nozala acquire 17,8-million new Educor shares (6% of the group’s enlarged equity) at 412c a share, a total of R73-million. The price represents a 10% discount on the average share price over the 30 days before June 27.
The second tranche of shares will be transferred during the next 12 months to bring to total Nozala holding up to 10%, with pricing determined on the same basis.
BUSINESS BRIEFS
SUN AIR DEADLINE EXTENDED The deadline for non-binding offers from shortlisted bidders for parastatal Sun Air has been extended from Monday to August 4, the ministry of public enterprises said. Ministry representative Wandile Zote said the deadline was extended to allow two of the consortia bidding for a 100% stake in Sun Air to garner additional information about the airline. It is believed all four consortia on the bidding shortlist asked for additional time to prepare their bids. Each of the bidders were given four days to peruse Sun Air’s financial statements.
SEIFSA, UNIONS STRIKE DEAL THE Steel and Engineering Industries Federation of SA said on Monday it had reached agreement with the National Union of Metalworkers of SA and the Steel, Engineering and Allied Workers’ Union of SA on wage increases of between 9% and 11% backdated to July 1. Seifsa said the deal brings a sector-wide accord a step closer.
ANGLO IN TANZANIAN VENTURE ANGLO American on Monday said it had bought a majority stake in a Tanzanian nickel and cobalt exploration project that might lead to the development of a $135-million mine. In a deal with Canadian group Sutton Resources, Anglo committed $27-million towards development of the project in return for a 60% stake in Kabanga Nickel Company, which holds the project rights.