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ASCENDIS Health said yesterday it had concluded a deal to sell its non-core asset Respiratory Care Africa (RCA) for R450 million as it recapitalises the debt-troubled group. It said it had alerted its shareholders on May 12 to the potential disposal of RCA. RCA is a supplier of respiratory, monitoring, radiology and other medical equipment and consumables used in the treatment of patients at hospitals (with a focus in high care, ICU, operating theatre and maternity wards) and in the home. It also provides technical support and services in relation to the medical equipment it supplies. A sale-of-shares agreement had been concluded between Surgical Innovations, a wholly owned subsidiary of Ascendis Health, with RCA as a subsidiary, and K2021519417, indirectly owned by the Ata Fund III Partnership, an en commandite…
EDWARD WEST edward.west@inl.co.za MEDICLINIC’S share price rose 6.6 percent yesterday after it said it could realise R5.6 billion from the offer by Australian firm Ramsay Property Group to acquire Mediclinic’s 29.9 percent stake in the UK’s Spire Healthcare Group. The JSE- and London-listed healthcare group, which principally operates through Hirslanden in Switzerland, Mediclinic Southern Africa and Mediclinic Middle East, said yesterday that it would support Ramsay’s offer. The share price reached R64.42 yesterday afternoon on the local market, after trading at R58.16 a year ago. The share closed at R63.70. The funds from the sale of the shareholding would be used to reduce leverage and provide additional financial flexibility to deliver on strategic goals and growth opportunities. Chief executive Dr Ronnie van der Merwe said the firm expected to…
As president, she’s inspired by the industry to become a catalyst for the country’s economic growth Dineo Faku dineo.faku@inl.co.za MINERALS Council South Africa, previously known as the Chamber of Mines, will be led by a woman for the first time in its 131-year history after veteran executive Nolitha Fakude was voted president during the council’s annual general meeting (AGM) held virtually yesterday. Fakude, who was previously Sasol’s vice-president for strategy and sustainability and currently chairs the board of Anglo American plc’s South African business, said her vision was propelled by #MakingMiningMatter. “Personally, I am inspired by the fact that we have got the possibility as an industry to become catalysts of economic growth of the country,” said Fakude. Fakude succeeds Mxolisi Mgojo, Exxaro Resources’ chief executive, while the new vice-presidents…
Siphelele Dludla siphelele.dludla@inl.co.za ESKOM chief executive Andre de Ruyter yesterday again dismissed suggestions that the unbundling process under way at the power utility would make way for the privatisation of the electricity supplier. Appearing before the Select Committee on Public Enterprises, De Ruyter assured Parliament that the unbund- ling of Eskom into three separate units was on track, because the functional separation had been completed. De Ruyter said that at this point in time there was no intention for privatisation to be reflected in the way in which Eskom was approaching the restructuring process. “We anticipate that all three of the divisions will be wholly owned entities under Eskom SOC Ltd,” De Ruyter said. “So there is no provision made in our internal restructuring plans for any private sector participation…
STEINHOFF International Holdings (SIHNV) yesterday provided an update on the application for the provisional liquidation of SIHNV made by the former shareholders of Tekkie Town in the Western Cape Division of the High Court earlier this month. On Tuesday, the court had directed that the hearing would take place between September 1 and 3. The court had also set a timetable for the parties to deliver papers prior to the hearing of the application, it said. The Tekkie Town executives had previously requested the matter to be heard on an urgent basis on May 24. The standoff is a result of the December 2017 accounting scandal that led to a decline of more than 95 percent in Steinhoff’s share price following the admission of irregularities. |…
SHARES in Poundland owner Pepco Group jumped on its stock market debut in Warsaw yesterday following the biggest initial public offering (IPO) in Poland this year. Pepco’s IPO gives a boost to War- saw’s stock market which has had a rise in the number of listings but was passed over by parcel delivery company InPost, which opted to list in Amsterdam in January. Pepco had priced the IPO at 40 zlotys (R149.08) per share, giving it a valuation of 23 billion zlotys (R87bn). At 7.20am local time the stock was up 8 percent at 43.3 zlotys. The offering comprised 92.4 million shares worth 3.7bn zlotys. Additionally, South African conglomerate Steinhoff placed a portion of shares directly with some of its lenders, bringing the total gross proceeds…
