Fuels and petrochemicals group Sasol will sell a 10% stake in the company to black investors in South Africa’s biggest black economic empowerment transaction to date, worth R25,9-billion. Sasol, the world’s top maker of oil from coal, said the deal involving 63,1-million shares will broaden and transform the group’s shareholder base.
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/ 23 November 2007
Standard Bank expects as much as -million in incremental earnings by the third year of the deal in which China’s biggest lender ICBC will buy a 20% stake for ,6-billion, it said on Friday. Standard Bank said in a presentation on its website that the bank expects incremental earnings of -million to -million.
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/ 25 October 2007
China’s biggest lender ICBC is to buy 20% of South Africa’s Standard Bank for R36,67-billion (,6-billion) in cash, in the biggest foreign investment yet in Africa. The move announced on Thursday comes as Beijing encourages major state firms to expand abroad, particularly in developing countries.
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/ 24 October 2007
Africa’s biggest banking group by assets, Standard Bank, said on Tuesday it was in talks which if successfully concluded might affect its shares, sending the company’s stock higher. Standard Bank said in a statement that it expected to make an announcement soon.
South Africa’s Nedbank lifted its first-quarter headline earnings per share (EPS) by 26,3%, helped by solid retail and corporate lending growth but said it expected bad debts to increase. Nedbank, majority-owned by insurer Old Mutual, said on Wednesday its headline EPS increased to 322 cents per share.
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/ 8 February 2007
Anglo American has formed a new South African coal group, Anglo Inyosi Coal, worth R7-billion and 27% owned by black investors, the mining group said on Thursday. The deal is in line with the government’s black economic empowerment policy aimed at giving black South Africans, disadvantaged under apartheid, a bigger stake in Africa’s economic powerhouse.