MONDAY, 11.30AM
NEW Africa Investments Limited is to dismantle and absorb as a subsidiary New Africa Finance Holdings Limited, a pyramid structure controlled by Nail.
In a deal worth R600,7-million, Nail will acquire the remaining 32,7% interest in the holding company that are still owned by various other shareholders, and reconstitute it as a wholly owned subsidiary.
Nail said at the weekend the reason for the deal is that thewre are no longer reasons to maintain Nafhold as a separate entity.
At the same time as making the Nafhold announcement, Nail informewd shareholders that its recent R1-billion N-share rights issue, intended to fund various acquisitions, will not be underwritten, and is contingent on the minimum subscription of R700-million being realised. The company added it had received “irrevocable commitments” from Nail shareholders to apply for excess N-shares in terms of their pro-rata rights.
In effect, the control-maintaining mechanism of the pyramid structure will be replaced by that of the N-share issue.
BUSINESS BRIEFS
PLATINUM SHIPMENT DISAPPEARS LOCAL police are investigating the disappearance of a shipment of 21 platinum bars, worth about R7-million, which went missing last week en route to Switzerland. The precious metal, from Anglo American Corporation’s Amplats mine, was apparently stolen somewhere between Johannesburg International Airport and Zurich.
SAB EYES UGANDAN BREWER SA BREWERIES, the world’s fourth largest brewing company, is negotiating the purchase of a stake in Nile Breweries, in an attempt to gain a foothold in Uganda’s clear beer market. If the purchase is completed, it will mean an SAB presence in all three East Africa countries, after buying 46% of parastatal Tanzania Breweries and 41% of Kenya’s Thika brewery, currently under construction.
BROKERAGES MERGE UAL Merchant Bank and fund manager Syfrets, both Nedcor subsidiaries, have merged their stockbroking operations under the banner of UAL Syfrets Securities, as of September 1. The merger is subject to approval from the JSE, Safex and the SA Bond Exchange.