PSG Investment Bank said on Wednesday it has acquired all of the issued share capital of the Business Bank Limited (TBB), a subsidiary of TBB Holdings, for R160-million. PSG said the acquisition is expected to have a positive effect on the earnings of PSG Investment Bank for the financial year ending February 28, 2001.
ANGLO SHARES DROP
SHARES in Anglo American Plc fell on Tuesday to their lowest level since the mining company moved its primary listing to London last May, as investors continued to shun the sector. Mining analysts said that there was no company specific news but sentiment towards the sector was undermined by a big sell-off in base metal prices in the US overnight. Anglo appeared to be receiving its share of negative attention after Billiton Plc and Rio Tinto Plc both unveiled robust but poorly received results, on February 28 and 24 respectively.