Prices commanded by some of South Africa’s top wines at the 2005 Nederburg auction, which took place in Paarl on April 9, have skyrocketed by 90%, boosted by a more restricted, higher quality offering, with the average price per nine-litre case of wine rising to an all-time high of R2Â 145 from R843,36 in 2004.
A now cash-flush South African National Treasury may well decide, as one of the options available to it, to reduce the amount it planned to borrow offshore this year given that it has a much lower Budget deficit to fund after getting an extra R10-billion in the tax coffers than expected.
Diversified industrial group Imperial Holdings has concluded a black economic empowerment (BEE) transaction in which it will sell a 7,25% stake in the company to Lereko Mobility, a BEE company owned 51% by a broad-based BEE consortium, for the equivalent of R96,85 per Imperial share, or a total of R1,4-billion.
More than 97Â 000 hectares of state-owned forest land in the Garden Route area around Knysna managed by the Department of Water Affairs and Forestry has been formally transferred to South African National Parks as the basis for the new Garden Route National Mega Reserve.
Absa, South Africa’s largest retail bank in terms of customers at 6,96-million, has announced bank-fee increases of between 4% and 7% for 2005, which will become effective from April 1. "These fees were determined in response to the additional needs of our customers," Absa said.
Amid a backdrop of buoyant consumer and government spending, higher international commodity prices, lower inflation and stable interest rates in 2004, the South African Reserve Bank quarterly bulletin reviewing macroeconomic activity in 2004 paints a very positive picture of an economy experiencing accelerating growth.
Listed sugar, aluminium and property development group Tongaat-Hulett is expected to accelerate its earnings growth in 2005 through both incremental growth and investment opportunities, after posting a turnaround in 2004.
Allan Gray Limited, one of South Africa’s top unlisted asset-management groups, has announced a series of transactions and initiatives that will result in a 25% black empowerment (BEE) shareholding in the company, the launch of a focused effort to encourage black entrepreneurship and the acceleration of the internal transformation of the company.
Global banking group Barclays is expecting the rand to strengthen again to below R6 per dollar in the coming months and bond yields to recover on the back of continued strong commodity prices, low inflation and lower interest rates in 2005, according to a recent research report by Barclays Capital.
Listed hotels and gaming group Sun International plans to dispose of its 38,6% stake in fellow hotel group City Lodge Holdings for R627-million, equating to R38,50 per share. Once the transaction is completed, BEE individuals and groupings will hold more than 25% interest in Sun International and its subsidiaries.