Lynn Bolin
Guest Author
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/ 26 January 2005

BMW names new South Africa MD

BMW has announced that Wolfgang Stadler will succeed Ian Robertson as managing director of BMW South Africa on February 1 2005. As reported late last year, Robertson will be leaving South Africa to assume the post of chairperson and CEO of Rolls-Royce Motor Cars, in Goodwood in the United Kingdom.

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/ 24 January 2005

New Clicks changes pharmacy strategy

The new pharmacy operations of listed health and beauty retailer New Clicks Holdings continue to show a loss four months into the company’s 2005 financial year, with the government’s new dispensing-fee regulations eating into margins. This is leading the company to focus on rolling out pharmacy dispensaries in larger Clicks stores.

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/ 24 January 2005

Investec to raise R522,5m via share issue

Johannesburg- and London-listed financial services group Investec plans to raise R522,5-million via the issue of five million new preference shares at an issue price of R104,5-million, the company announced on Monday. The preference share offering opens on Monday and closes on Friday February 11.

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/ 21 January 2005

Shareholders pave way for Metoz buyout

Shareholders of Australian-listed grocery and liquor wholesaler Metcash Trading have approved resolutions that will facilitate the group’s plans to buy the 60% stake in Metcash held by South African-listed holding group Metoz, Metcash confirmed on Friday. Metoz was previously known as Metro Cash and Carry or Metcash.

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/ 19 January 2005

Distell share price equals previous high

The share price of Distell South Africa’s largest listed wine and spirits producer, has gained 7,4% or R1,80 to reach its previous all-time high on Wednesday on the back of its bullish trading update, issued late on Tuesday. At 4.30pm, Distell shares were quoted on the JSE Securities Exchange at R26, up from R24,20 at Tuesday’s close.

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/ 19 January 2005

Cape Town gets ‘clean bill of health’

The government of the City of Cape Town has been given an unqualified audit report for the first time by Auditor General Shauket Fakie, for its financial year ended June 30 2004, Cape Town executive mayor Nomaindia Mfeketo announced on Wednesday. "It is with humility that I can announce a great achievement," Mfeketo said.

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/ 18 January 2005

SABMiller gives positive trading update

The share price of SABMiller plc, one of the world’s largest brewers, has reacted positively to the group’s trading update, gaining 1,45% or R1,35 in early trade on Tuesday on the back of evidence of continued strong growth in the brewer’s beer volumes. At 10.30am, SABMiller was quoted on the JSE Securities Exchange at R97,65.

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/ 17 January 2005

Canada cancels Madagascar debt

The government of Canada has cancelled $21-million in debt owed to Canada by Madagascar under the Canadian Debt Initiative. Canada has also announced $42-million in increased funding to support the Global Polio Eradication Initiative, according to Paul Boothe, the G8 personal representative for Canada.

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/ 15 January 2005

Consol returns to JSE

Glass-packaging manufacturer Consol, which is being unbundled from industrial giant AVI, will be making its reappearance on the JSE Securities Exchange (JSE) on February 28 after an absence of seven years, it emerged on Friday. With a total turnover of about R2,1-billion rand, Consol is South Africa’s largest glassmaker.