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Technology, presence and global reach define continent’s future trade ecosystem DELIVERING on Standard Bank’s ambition to build Africa’s dominant business trade platform is not as unlikely as many may think. As a bank committed to driving Africa’s growth, Standard Bank has for decades steadily expanded its footprint and deepened its reach and capability across 20 African territories. Today, the bank is the largest by assets in Africa. Through Standard Bank’s equity partnership with the Industrial and Commercial Bank of China (ICBC), the biggest bank in the world, the Group represents a formidable continent-wide banking ecosystem, driving Africa’s growth by linking Africans to each other – and Africa with the world. Philip Myburgh, the head of Trade and Africa-China at Standard Bank’s Business & Commercial Clients’ (BCC) division, believes recent developments…
THE CITY of Cape Town has reached an out-of-court settlement with the three construction companies that were accused of collusion and bid-rigging for the Cape Town Stadium built in Green Point for the 2010 Fifa World Cup. In terms of the joint settlement agreement outlined yesterday by the parties, construction companies Stefanutti Stocks, WBHO and Aveng Africa agreed to pay the city council R10.5 million annually, for three years, bringing the total to R94.5m. WBHO and Stefanutti Stocks also committed to corporate social investment projects in the city. The settlement would bring to an end a dispute dating back to 2014, when the companies were involved in the R4.5 billion construction of the stadium in 2007, in anticipation of South Africa hosting the 2010 World Soccer Cup. The City…
SHOPRITE Holdings is issuing R8.9 billion worth of shares, or 40 million shares, in its subsidiary, Shoprite Checkers, to its staff through a new black economic empowerment (BEE) trust as it seeks to “retain, motivate and incentivise the employees” to its success going forward. This increases its black ownership by 19.2 percent. In a statement yesterday, the retailer said the shares recognised its employees’ valued contribution and ensure their ongoing participation in the Shoprite Group’s continued growth and success. Shoprite is currently valued at R129bn. In its 2021 annual report it said it had gained R4.5bn in market share across all its brands in South Africa, which includes Shoprite, Checkers, uSave, Checkers Hyper and LiquorShop, among others. The Shoprite Employee Trust was established on a non-vesting, evergreen…
THE OFFICE of Public Enterprises (OPE) was established in 1994 to champion and direct the restructuring of state-owned companies (SOCs) and to ensure their optimal economic and developmental impact. The Minister of Public Enterprises, Pravin Gordhan, on May 10, regarding the disposal of the 51 percent shareholding in South African Airways (SAA) to Takatso Consortium, confirmed that they were able to fund the transaction. The following press release was issued. “Note to Editors: This is an explanatory release to all media to highlight the salient points of the presentation to Parliament’s Standing Committee on Public Accounts (Scopa) by the Minister of Public Enterprises on May 10, regarding the disposal of 51 percent shareholding in SAA. The minister stated: “The intent is for the consortium to acquire a 51…
INVESTEC Property Fund (IPF) is exploring the sale of its pan-European logistics (PEL) portfolio, which amounts to almost half its balance sheet value, to unlock maximum value for shareholders, the group said yesterday. Joint CEO Andrew Wooler said they previously indicated an intention to introduce third-party capital into the PEL platform, and since then significant unsolicited interest in the PEL had been received. “As a result, earlier this year the board, with the PEL platform co-investors, considered it appropriate to undertake a formal sale process. The process is in the very early stages,” he said. Joint CEO Darryl Mayers said the aim was to benefit shareholders – prices for logistics assets were high worldwide and there was “a wall of capital chasing these assets”. “We have seen the PEL platform…
TRANSACTION Capital grew earnings at rates higher than pre-pandemic levels in the six months to March 31, but reduced commuter activity and the impact of floods at Toyota SA would impact second-half growth. Core headline earnings increased 38 percent to R603 million, and core headline earnings per share grew by 28 percent to 83.7 cents in the interim period. However, the post-lockdown economic recovery that started in 2021 was likely to be subdued in 2022 due to power outages, high unemployment, rising fuel and energy prices, inflationary pressures, and other global economic shocks, chief executive David Hurwitz said in a telephone interview yesterday. These factors had resulted in reduced commuter activity, he said. Retail prices for minibus taxis had risen 6.6 percent since September 2021…
