According to the latest Absa house-price index, nominal house prices rose by 17,6% year-on-year in September, versus a revised 19,6% in August, the lowest year-on-year growth since December 2002, when it was 17,3%. On a month-on-month basis, nominal growth in house prices was 0,6% in September.
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/ 28 September 2005
Listed diversified black economic empowerment (BEE) company Mvelaphanda Group (Mvela) will acquire a further effective 2,47% stake in banking group Absa, the company said on Wednesday. This follows an agreement with Mvelaphanda Holdings and BEE group Batho Bonke.
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/ 27 September 2005
The Fourth National Swedish Pension Fund said on Tuesday it will reject the R38-billion offer by South African insurer Old Mutual to purchase Skandia Insurance Company, making it the second state pension fund to do so after Skandia’s board would not recommend the offer the shareholders.
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/ 23 September 2005
South Africa’s wine drinkers will soon have the choice of imbibing their favourite wines out of a can for the first time, as Australian group Barokes introduces its patented canned-wine technology to the country. The group is currently in negotiations with several major wineries and wine regions in South Africa.
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/ 20 September 2005
Listed hotel and gaming group Sun International and its Free State-based black economic empowerment partner, Mangaung Sun, are on track to open their new R240-million Windmill Casino and Entertainment Centre complex in Bloemfontein at the end of September, Sun International said on Tuesday.
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/ 16 September 2005
Distell Group, South Africa’s largest listed wine and spirits producer, will be unveiling details of its long-awaited black economic empowerment (BEE) transaction on Wednesday September 21, the company said on Friday. Distell will make an announcement together with its partners on the initiative at its Nederberg cellar in Paarl.
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/ 14 September 2005
South Africa’s state-owned oil and gas entity, PetroSA, has posted a pre-tax profit of R1,8-billion for the financial year ended March 31 2005, a substantial improvement on the R240-million recorded in 2004, on the back of record high international oil prices, a firmer rand and strict cost containment.
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/ 9 September 2005
Listed clothing manufacturer and retailer Rex Trueform Clothing Company has reported a jump in headline earnings per share for the year to the end of June 2005 to 62,5 cents from a restated 19,3 cents a year earlier. The board declared a dividend of 25 cents per share for the year, up from 20 cents in 2004.
The board of Swedish financial-services group Skandia has reportedly rejected as being too low an offer by South Africa’s Old Mutual to acquire the company, according to reports by Swedish newspapers on Monday. Skandia is set to make an announcement on the issue on Monday, the newspapers said.
Listed short-term insurer Santam has reported a 16% increase in its fully diluted headline earnings per share for the six months to the end of June 2005, to 586 cents from 507 cents the previous year. The group declared an interim dividend of 108 cents per share, up from 95 cents in 2004.