Sanlam, South Africa’s second-largest life assurer, has finalised the sale of its entire 21,3% stake in banking group Absa to the United Kingdom’s Barclays Bank for R10,3-billion, the company said in a statement on Tuesday. The group sold all of its 124,3-million Absa shares for R82,50 per share in the transaction.
Listed hotel and gaming group Sun International will proceed with the sale of its entire 38,6% stake in City Lodge Hotels to Sun International shareholders for a total of R627-million, in exchange for repurchasing its own shares from them, the company said on Tuesday.
South African retailer Pick ‘n Pay has experienced a total turnover loss of just less than R50-million over the four days since Friday, when approximately 20 000 staff, members of the South African Commercial, Catering and Allied Workers’ Union, began their strike over higher wages, according to CEO Sean Summers.
Transformation and black economic empowerment (BEE) in South Africa’s financial sector must not jeopardise ongoing financial stability, Minister of Finance Trevor Manuel cautioned on Monday. He was speaking at the start of the Financial Sector Campaign Coalition Conference in Cape Town.
Picketing and toyi-toying Pick ‘n Pay workers at the retailer’s high-profile store at Cape Town’s V&A Waterfront, as well as at its main Claremont headquarters, are disrupting shopping at the venues, reports said on Friday. South Africa’s largest food retailer confirmed earlier that the strike is affecting 150 stores countrywide.
South African investors should put some of their savings in offshore markets in order to take advantage of the opportunities not available in South Africa, as well as for diversification and risk reasons, it emerged at Stanlib’s second investment cnference in Cape Town on Monday.
A significant proportion of the planned R180-billion in South African government and parastatal spending on infrastructure projects over the next five years is destined to go overseas due to the lack of workers qualified to implement these projects, according to Frater Asset Management analyst Matthew Kreeve.
Edgars Consolidated Stores (Edcon), one of South Africa’s largest retailers, will see its shares split in a ratio of 10 new shares for every one existing Edcon share at the beginning of trade on Monday July 25, the company said on Wednesday. The share split will facilitate a staff empowerment transaction.
The South African Revenue Service (Sars) had by Tuesday received an estimated 2,4-million tax returns for the 2004/05 financial year, following the passage of the official tax-return deadline on Friday July 8. The estimate of 2,4-million is a "very conservative" one, Sars spokesperson Adrian Lackay said on Tuesday.
Verimark Holdings (VMK) debuted on the JSE on Monday, opening with an inaugural trade of R3,05 and subsequently trading in a range of R2,99 to R3,01 per share in early dealings. The company develops and retails a range of products including household goods, DIY, beauty and exercise equipment.