Star SW-2021-04-20

Sandile Mchunu sandile.mchunu@inl.co.za STEINHOFF International appreciated more than 6 percent on the JSE yesterday morning after the troubled retailer said it was seeking consents from its creditors to list Pepco Group as a sepa- rate entity. Steinhoff said it decided to request the necessary consents after proceeding with an initial public offering (IPO), including the placement of shares held by Steinhoff in the Pepco Group. “The determination to proceed with an IPO following the receipt of the consents will be made by the company in due course,” the group said. Pepco Europe is a fast-growing pan-European discount variety retailer, which has more than 3 200 stores in 15 territories across Europe. It owns the Pepco and Dealz brands in Europe and the Poundland brand in the UK. In…

Sandile Mchunu sandile.mchunu@inl.co.za THE PRUDENTIAL Authority (PA) said yesterday that it had no concerns regarding Absa Group’s decision to close its Absa Money Market Fund (AMMF), worth around R80 billion, following its engagement with the bank since last year. The South African Reserve Bank (SARB) said the Prudential Authority (PA) had a number of engagements with Absa Group (AGL) during the course of 2020 and 2021 on the proposed closure of the Absa Money Market Fund and rationale thereof. “The closure of the Absa Money Market Fund was based on an assessment and decision made by the Absa Group. The PA does not have any material concerns regarding AGL’s decision to wind down the fund,” the SARB said. Last week, Absa informed investors that it would close the…

PRESIDENT Cyril Ramaphosa yesterday called on the private sector to partner with the government to increase investment in port and rail infrastructure at the Port of Durban. In his weekly newsletter yesterday, Ramaphosa said that the expansion of infrastructure at the Port of Durban would require R100 billion in new investment over the next decade. He said the investment would be required to expand the port’s capacity for container handling from 2.9 million units to more than 11 million units a year. “Altogether, the expansion of infrastructure at the port will require R100bn in new investment over the next decade and more,” Ramaphosa said. “This will completely transform the port, expanding its capacity for container handling from 2.9 million units to more than 11 million units.” Ramaphosa…

ALLEGATIONS by businessperson and ANC veteran Tokyo Sexwale on alleged billions deposited at the South African Reserve Bank (SARB) pointed to a com- mon scam and there were no such funds, the SA Reserve Bank said in a statement yesterday. Sexwale had said in an eNCA Power to Truth programme that money from the Heritage Fund – meant for the poor – had been stolen. He had said President Cyril Ramaphosa and his prede- cessor, Jacob Zuma, were aware of this fund. “This fund is here in South Africa already, it comes through the SA Reserve Bank. I'm part of two people who are mandate holders,” he was quoted as saying on the eNCA website. SARB said that over the years, it and National Trea- sury had received many such…

Dineo Faku dineo.faku@inl.co.za THE COCA-COLA Company has unveiled plans to sell its shareholding in Coca-Cola Beverages Africa (CCBA) through an initial public offering (IPO) that will see shares traded on the JSE and Amsterdam. The company said the group had not yet taken a decision on the quantum of the stake, and would work with CCBA on the IPO process over the next 18 months. The IPO was expected to pave the way for CCBA, Africa’s biggest bottling company, to operate as an independent Africa-focused, South African-headquartered, managed and domiciled business. Speaking during The Coca-Cola Company’s 2020 first quarter earnings webcast yesterday, chief executive James Quincey said it had always been the group’s intention to reduce its interest in CCBA in line with its strategy to operate as…

AIM- AND JSE-listed Kibo Energy briefly rallied 7.6 percent on the JSE on news that it had commenced an extensive due diligence process for the potential acqui- sition of all or part of a prospective port- folio of UK renewable energy projects. Chief executive Louis Coetzee said the opportunity was in line with the group’s strategic aim to deliberately and actively transition from fossil fuel-based energy solutions to sustainable renewable energy solutions. “It also has the potential to sig- nificantly advance and accelerate the development of the company’s renewable energy project portfolio in the UK and, subject to positive outcomes from ongoing due diligence and feasibility assessments, provide the company with a further source of short-term revenue,” Coetzee said. The opportunity comprised several attractive standalone renewable energy projects in…