South African financial services specialist Sterling Waterford Securities is breaking new ground in the international investment field with the planned launch of environmentally linked derivatives. The group’s upcoming carbon credit note issue will be a world first, while also providing the first formal trading facility for environmental derivatives.
Shareholders representing 37,6% of short-term insurer Mutual & Federal’s issued share capital have accepted the R17,02 per share offer from parent Old Mutual plc, far short of the 90% Old Mutual required to succeed in its minority buyout. Old Mutual announced the results of the offer on Monday
Food retailer Shoprite Holdings will be announcing a black economic empowerment (BEE) initiative with the Department of Trade and Industry’s credit facilitation agency for small and medium enterprises, Khula Enterprise Finance, on Wednesday. Shoprite said the business venture will create positive spin-offs for BEE in South Africa.
Grintek Aviation Systems, a subsidiary of defence electronics group Grintek, has been awarded a multimillion-rand contract by Botswana’s Department of Civil Aviation to upgrade its VHF communications network. Grintek Aviation announced the award on Tuesday.
Pick ‘n Pay Stores, one of Africa’s largest food and general merchandise retailers, is expected to post a 20% rise in its fully diluted headline earnings per share for the year to the end of February 2004 when it releases its final results on Tuesday April 20. Dividends for the year are forecast to rise by 17,8%.
Listed furniture, electronic and electric appliance retailer JD Group expects its basic headline earnings per share for the six-month period ending February 29 2004 to be more than 50% higher than those reported for the previous corresponding period.
The 2001 Shiraz from De Trafford Wines in Stellenbosch has received a rating of 94 points in the latest edition of <i>Wine Spectator</i> magazine, the highest-ever score achieved by a South African wine in the well respected publication.
South Africa’s unit trust industry saw total assets leap to R243-billion in the quarter to the end of March 2004, from R230-billion in the previous quarter, on the back of continuing strong inflows and impressive performances in many sectors for the 12-month period to the end of March.
Metropolitan, one of South Africa’s top four insurers, is currently enjoying a strong run of popularity among the investment community, reflected in both the performance of its share price, which has strongly outperformed the rest of the insurance sector so far in April, and rising trading volumes.
Leading international drinks companies Heineken, Diageo and Namibia Breweries have finalised the shareholder agreements for their new joint venture company in South Africa, the companies announced on Thursday. The joint venture combines the sales, marketing and distribution businesses in South Africa of the three shareholders.