Listed gaming and hotels group Peermont Global has agreed to acquire a controlling stake in the Tusk Casino Resorts and Hotels group for a total of between R440,3-million and R583-million in cash, the company announced on Wednesday. Peermont owns the Emperors Palace casino and hotel complex in Johannesburg, among others.

South Africa and United Kingdom-listed financial services group Old Mutual is "very comfortable" with the 62,5% level of acceptances received from Skandia shareholders for its R38-billion bid for the Swedish insurer, according to CEO Jim Sutcliffe. Sutcliffe said he also expects to receive more acceptances from Skandia shareholders, with the offer having been extended until January 12 2006.

Sanlam, one of South Africa’s largest life insurers, on Monday confirmed the cost to it of the announced joint settlement agreement between the life-insurance industry and National Treasury at R600-million (pre-tax). Sanlam CEO Johan van Zyl earlier on Monday said that the post-tax cost would be R500-million.

Old Mutual will not raise its offer price for Swedish insurer Skandia, the company said on Thursday. Miranda Bellord, head of media relations at Old Mutual in London, was responding to earlier media reports that the company was considering lifting its R38-billion offer for Skandia in order to persuade some reluctant Skandia shareholders to accept its bid.

The share price of Cape Town-based black economic empowerment group Sekunjalo Investments hit 80 cents in early trade on Monday, gaining eight cents and approaching a four-and-a-half year high of 82 cents. This follows the group’s announcement late on Thursday of a 303% rise in headline earnings per share to 4,76 cents for the year ended on August 31.

The proposed R38-billion takeover of Swedish life insurer Skandia by South African financial and insurance giant Old Mutual plc has been approved by the Swedish Financial Supervisory Authority, Old Mutual said in a statement on Friday. The group hopes to have all of the necessary regulatory approvals in place by mid-January.

Cell C, South Africa’s unlisted third cellphone operator, has posted a 54% rise in its earnings before interest, tax, depreciation and amortisation to R134,5-million in the third quarter of its financial year to the end of September 2005 versus R87,7-million in the second quarter of the year, the group said on Tuesday.

Listed South African retailer Edgars Consolidated Stores (Edcon) has reported a 28% rise in diluted headline earnings per share to 109 cents for the six months to the end of September 2005, versus 85 cents in the year-earlier period. The company declared an interim dividend of 62 cents per share.

Listed fund-management group Coronation Fund Managers, one of South Africa’s largest independent fund-management companies, has posted a 29% increase in its assets under management for the year to the end of September 2005, reaching R82-billion from R63,7-billion a year earlier.