Kagiso Strategic Investments, the investment arm of the Kagiso Charitable Trust, has acquired a 25,1% stake in vehicle-recovery operator Matrix Vehicle Tracking for an undisclosed amount. Distinguishing the transaction, the group noted, is Kagiso’s upfront multimillion-rand cash payment in full for its direct stake in Matrix.
Listed South African hotel and gaming group Peermont Global continues to look at further acquisitions to boost its growth in 2005, and is currently examining "alternative methods" for funding this investment since the company has reached its maximum level of gearing, according to CEO Ernie Joubert.
Listed plastic and packaging producer Transpaco has finalised negotiations to purchase printed cartons producer Britepak Trading for R18,5-million, payable out of Transpaco’s resources, the group announced on Thursday. The acquisition provides a vehicle for Transpaco to lessen its dependence on plastic-based materials.
Namibian-listed brewer Namibian Breweries, one of the country’s largest private-sector employers, has reported a fall in its headline earnings per share for the six months to the end of December 2004 to 18,4 cents, from 19,4 cents in the year-earlier period. The group declared an interim dividend of 5,5 cents per share.
Looking at the final results posted by Metropolitan Holdings on Wednesday, the group’s strong new life-business growth in most segments shows that it is continuing to gain market share from most of its competitors, particularly in the area of employee benefits, according to Metropolitan CEO Peter Doyle.
Given Metropolitan’s strong performance and shareholder returns relative to its competitors over the past two years, there has been little reason for the company to participate in the consolidation experienced in South Africa’s life insurance industry, according to CEO Peter Doyle.
South African insurance company Sanlam on Thursday reported a 31% increase in headline earnings per share to 116,6 cents for the year ended December 31 2004, from 89,2 cents a year ago. A dividend of 50 cents per share was declared, up 25% from the previous year. Sanlam said there was a strong performance from all its businesses.
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/ 28 February 2005
The 2004 life sales of Old Mutual, South Africa’s largest insurer, have been dented by a poor performance in its group sales, with group sales falling 48% for the year to R422-million from R809-million in 2003. This contributed to a 10% decline in the company’s total life sales, which came in at R3,08-billion rand on an annual premium equivalent basis for the year.
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/ 28 February 2005
Old Mutual, South Africa’s largest insurer, will unveil details of its black economic empowerment (BEE) plans in the "near future", its CEO has confirmed. The group has been working on a transaction involving the sale of a 10% stake in its South African operations, as well as Nedcor and Mutual & Federal, to black empowerment partners.
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/ 23 February 2005
<img src="http://www.mg.co.za/ContentImages/197779/special_rep_icon_template.gif" align=left>Excise duties on alcoholic beverages have been increased by between 9,4% and 20% as part of the government’s 2005/06 Budget, according to Minister of Finance Trevor Manuel. Excise duty on unfortified wine and sparkling wine will see the largest increases (20% each on a nominal basis, 15,8% real).