February 22, 2010
SAB deal open for retailers
Johannesburg - Global brewing giant SABMiller plc's local unit, The South African Breweries, announced on Monday that the retailer component of its broad-based empowerment transaction - SAB Zenzele - is now open for participation by retailers. The offer is scheduled to close on 7 April and will be implemented in May 2010.
Posted by StaffWriter at 12:44 PM | Comments (0)
January 14, 2010
SAB BEE deal done 'in good faith'
Cape Town - There was no cynicism or deviousness about SABMiller's broad-based black economic empowerment (BBBEE) transaction, which was approved by shareholders at a meeting in London on Wednesday.
Posted by StaffWriter at 9:32 AM | Comments (0)
December 15, 2009
TMT feature: Naspers extends BEE deal offer: Francois Groepe - CEO, Media24
Participants in the Naspers BEE deal get another helping hand.
ALEC HOGG: David, it must be really difficult if you are working for a group whose share price has gone from R140 to R300 in the past little while, and you are in the section of the group that isn't doing that well.
Posted by StaffWriter at 9:48 AM | Comments (0)
December 14, 2009
Altech announces R1,5bn BEE deal
Technology group Altech on Monday announced a black economic empowerment (BEE) transaction valued at R1,5-billion.
Posted by StaffWriter at 9:47 AM | Comments (0)
Altech empowers Netstar
Allied Technologies will be placing 25.1% of its Netstar group of companies to investment partners, BEE business Thebe Investment Corporation and wholly women-owned company, Identity Partners.
Posted by StaffWriter at 9:42 AM | Comments (0)
December 10, 2009
RBM seals deal on empowerment
RICHARDS Bay Minerals, a joint venture between mining giants BHP Billiton and Rio Tinto, yesterday announced the completion of its long-awaited 4,5bn black economic empowerment deal with KwaZulu-Natal consortium Blue Horison as it seeks to boost its chances of gaining new-order mining rights.
Posted by StaffWriter at 10:15 AM | Comments (0)
Union spits out BEE brew
The Food and Allied Workers' Union (Fawu) on Wednesday rejected the content of the South African Breweries' black economic empowerment deal.
Posted by StaffWriter at 10:13 AM | Comments (0)
Mvela 'factors' in R120m deal
Cape Town - Mvelaphanda Holdings, the private BEE investment company, has made a shift into specialist financing with the acquisition of a strategic stake in Merchant Factors.
Posted by StaffWriter at 10:09 AM | Comments (0)
December 9, 2009
BEE deal will help keep retailers loyal to SAB
With Heineken making significant inroads into the all-important township market, analysts said yesterday that SA Breweries (SAB) was under pressure to provide a significant incentive to secure the support of the country's extensive network of retailers.
Posted by StaffWriter at 10:09 AM | Comments (0)
December 8, 2009
SABMiller to conclude R7,3bn empowerment deal by May
Global brewer SABMiller expected to conclude its R7,3-billion Zenzele broad-based black economic empowerment (BBBEE) transaction, which would place 8,45% of its South African business, the South African Breweries' (SAB's), shares under black ownership, by May next year.
Posted by StaffWriter at 10:16 AM | Comments (0)
December 2, 2009
Assore unveils second R2,1bn BEE deal
JOHANNESBURG (miningweekly.com) - JSE-listed mining group Assore, which has interests in South African iron-ore and manganese mines, unveiled a second R2,1-billion black economic-empowerment (BEE) transaction on Wednesday, which would raise BEE ownership in the company from 15,26% to 26,07%.
Posted by StaffWriter at 12:29 PM | Comments (0)
November 29, 2009
Adcock swallows medicine to cure BEE headache
The pharmaceutical sector was in great health this week after Adcock Ingram concluded its black economic empowerment deal.
Posted by StaffWriter at 8:52 AM | Comments (0)
November 24, 2009
B&W to buy lightning protection company for R19,2m
JSE-listed instrumentation specialist B&W has entered into an agreement with lightning protection product manufacturer Pontins, wherein B&W's wholly owned subsidiary, Brightwater Trade and Invest 38, would acquire Pontins for a purchase price of R19,2-million.
Posted by StaffWriter at 10:57 AM | Comments (0)
November 20, 2009
Vodacom faces CCMA over BEE deal
The Communication Workers Union (CWU) has started complaints proceedings against Vodacom over what it calls broken promises over its equity deal.
Posted by StaffWriter at 9:52 AM | Comments (0)
November 18, 2009
Petra: Option to increase ownership in iconic Cullinan diamond mine and fundraising
Petra Diamonds Limited ("Petra" or the "Company" or the "Group") is pleased to announce that, on 17 November 2009, Petra and Al Rajhi Holdings W.L.L. ("Al Rajhi") entered into an option agreement whereby Petra can, by 18 December 2009, acquire (at its election) Al Rajhi's 37% interest in the Cullinan mine (the "Option") on the terms set out below. Exercise of the Cullinan Option would take Petra's interest in this iconic diamond mine from 37% to 74%, substantially increasing the Group's attributable revenues and resource base.
Posted by StaffWriter at 7:34 AM | Comments (0)
November 17, 2009
Barloworld may get back its BEE security
Barloworld will in the next 10 days recoup all of the R125 million it placed in an interest-bearing account earlier this year to underpin its black economic empowerment (BEE) transaction if its share price remains at current levels.
Posted by StaffWriter at 11:45 AM | Comments (0)
November 6, 2009
Erbacon buys Civcon, signs R113,2m BEE deal
JSE-listed plant hire services group Erbacon Investment Holdings on Friday reported that it has concluded a deal with AltX-listed company, Civcontract Civils, trading as Civcon Civil Engineering, and Medu Capital, in which Medu Capital as a black economic empowerment (BEE) partner was investing R113,2-million to acquire an initial equity interest of about 29,41% in Erbacon.
Posted by StaffWriter at 8:07 AM | Comments (0)
November 3, 2009
MTN delays empowerment deal
MTN now plans to implement its multibillion-rand empowerment deal in the first half of 2010, after initially expecting it to go ahead earlier this year.
Posted by StaffWriter at 11:26 AM | Comments (0)
November 2, 2009
Sealub In BEE Deal
SEALUB has concluded a multi-million rand BEE deal, one of the first for the local marine oil sector. The deal is with prominent local businessman Mo Kajee, who has taken up the position of chief executive officer.
Posted by StaffWriter at 9:12 AM | Comments (0)
November 1, 2009
Arms dealer buys BEE stake in Aerosud
An arms dealer who holds the local franchise for the Build-a-Bear Workshop has bought the "black empowerment" shares in military aviation company Aerosud, one of South Africa's two "risk partners" in the manufacturing of Europe's A400M Airbus.
Posted by StaffWriter at 9:10 AM | Comments (0)
October 15, 2009
Deadline looms for Bidvest Namibia share offer
The offer to the Namibian public of 50,7 million shares closes today, Thursday 15 October 2009 at 12pm ahead of the scheduled listing of Bidvest Namibia on the Namibian Stock Exchange on 26 October. The listing is expected to raise N$313.6 million, earmarked for further investment and expansion of local opportunities.
Posted by StaffWriter at 1:11 PM | Comments (0)
September 29, 2009
Oz firm makes BEE deal
OM Holdings, a company listed on the Sydney Stock Exchange, will acquire a 20 percent interest in broad based black economic empowerment (BBBEE) group Ntsimbintle Mining.
Posted by StaffWriter at 11:21 AM | Comments (0)
September 16, 2009
Tiger Brands: Second phase of BEE deal next month
The second phase of Tiger Brands' black economic empowerment (BEE) deal would be implemented next month, the food group said yesterday.
Posted by StaffWriter at 11:14 AM | Comments (0)
September 1, 2009
Tiger Brands to sell further 10% stake to black investors
Tiger Brands says it plans plans to sell a further 10% stake to black investors.
Posted by StaffWriter at 1:13 PM | Comments (0)
Falling shares hit Mustek plans to sell BEE equity
Mustek had shelved plans to sell equity to a black company following a drop in its shares to trade lower than the net asset value (NAV), the computer distributor said yesterday.
Posted by StaffWriter at 1:12 PM | Comments (0)
July 22, 2009
Adcock cuts down potential empowerment partners to 10
ADCOCK Ingram had whittled down the number of potential black economic empowerment (BEE) partners to 10 from the list of 188 applications it received in March, when it first called for expression of interest, spokesman Mike Mabasa said yesterday.
Posted by StaffWriter at 9:59 AM | Comments (0)
July 17, 2009
Spar staff get R1bn BEE slice of group
GROCERY retailer Spar said yesterday it would sell 10% of its equity to staff and franchise employees in an empowerment deal valued at about R1bn.
Posted by StaffWriter at 9:39 AM | Comments (0)
July 16, 2009
Spar announces proposed broad-based BEE scheme
RETAIL group Spar (SPP) today announced its proposed broad-based black economic empowerment (BBBEE) scheme which would result in certain full-time employees of Spar and its member retailers' employees holding an effective 10% of the total issued share capital of the group.
Posted by StaffWriter at 12:42 PM | Comments (0)
Spar in a R1bn BBBEE scheme
The deal will see 10% of the company's equity issued to its employees and retail members.
Posted by StaffWriter at 12:38 PM | Comments (0)
July 10, 2009
BEE consortium secures 26% of Foskor
HE successful bidders in Foskor's Black Economic Empowerment deal were announced yesterday.
Posted by StaffWriter at 1:15 PM | Comments (0)
July 9, 2009
Kyocera in BEE deal with Nozala
PRINTER and copier manufacturer Kyocera Mita SA has struck a black empowerment deal for Nozala Investments to take a 15% stake in the business.
Posted by StaffWriter at 1:12 PM | Comments (0)
July 8, 2009
IDC names bidders for Foskor BEE deal
The Industrial Development Corporation (IDC) on Wednesday announced the successful bidders for a 26% broad-based black economic empowerment (BEE) stake in phosphate and phosphoric acid producer Foskor.
Posted by StaffWriter at 9:40 AM | Comments (0)
Foskor sells stake to Manyoro Consortium, workers in BEE deal
The Industrial Development Corporation's (IDC's) broad-based black economic-empowerment (BBBEE) transaction with regard to phosphate rock miner and phosphoric acid producer Foskor, would benefit in excess of one-million people, IDC CEO Geoffrey Qhena highlighted on Wednesday.
Posted by StaffWriter at 9:38 AM | Comments (0)
July 1, 2009
SABMiller in R6bn BBBEE deal
The deal will place 10% of the company's shares under black ownership, the transaction will benefit stakeholders who are directly involved in the company's business.
Posted by StaffWriter at 10:25 AM | Comments (0)
SABMiller in R6bn BBBEE deal: Norman Adami - CEO, SAB Limited SA
ALEC HOGG: Norman Adami joins us now. He's the chief executive of SAB Limited South Africa. Norman, good to have you back from the United States. We are a bit sore, though, that you weren't able to turn Miller into the success everyone was hoping when you went over there.
Posted by StaffWriter at 10:11 AM | Comments (0)
June 18, 2009
Group Five's BEE deal falls apart: Mike Upton - CEO, Group Five
ALEC HOGG: Mike Upton joins us now, chief executive of Group Five. Mike, the iLima Consortium - let's go back to 2005. It became one of the participants in a black empowerment transaction at Group Five, and there was an amount of R172m that was put into iLima through an enterprise development agreement. All of this is real complicated stuff, but that R172m presumably bought the BEE consortium about five million shares.
Posted by StaffWriter at 8:21 AM | Comments (0)
June 2, 2009
Higher education software receives acquisition boost
Adapt IT Holding Ltd., a technology solutions and services company based in KwaZulu-Natal, has announced its acquisition of a majority stake in ITS Holding Ltd, a Pretoria-based provider of integrated software for higher and further education.
Posted by StaffWriter at 9:55 AM | Comments (0)
May 24, 2009
Shareholders in a huddle over BEE deal
Vodacom listing puts spotlight on Elephant Consortium, writes Simpiwe Piliso.
Posted by StaffWriter at 8:46 AM | Comments (0)
The Vodacom Debacle
Relief at listing but speculation still swirls.
Some believe it was all about blocking Mbeki allies from benefiting
Posted by StaffWriter at 8:45 AM | Comments (0)
May 21, 2009
Price discounts Vodacom BEE deal
Vodacom's market capitalisation, recorded after its listing on Monday, shows that black economic empowerment (BEE) partners overpaid for their slice of the cellular operator.
Posted by StaffWriter at 8:41 AM | Comments (0)
May 12, 2009
Palabora sells 26% to BEE group
[miningmx.com] -- South Africa's largest copper miner Palabora Mining Company said on Monday it is to sell 26% of its operations to a broad-based BEE group comprising of employees, the community and key individuals. A significant feature of the transaction is its focus on community development.
Posted by StaffWriter at 12:12 PM | Comments (0)
Palabora Mining deal signed
PALABORA Mining Co Ltd has completed a broad-based black economic empowerment deal, which involves selling 26percent of its operations to a broad-based group led by George Negota, former chairman of the Palabora Mining Co board, employees and neighbouring communities.
Posted by StaffWriter at 12:10 PM | Comments (0)
May 8, 2009
CSC fails to secure BEE lifeline
[ Johannesburg, 8 May 2009 ] - Questions about the sustainability of ailing IT services outsourcing group Computer Sciences Corporation (CSC) in SA have again been raised.
Posted by StaffWriter at 11:57 AM | Comments (0)
April 9, 2009
Highveld unveils R540m empowerment deal for Mapochs mine
South Africa's second largest steel producer Highveld Steel & Vanadium unveiled a R540-million ($59,8-million) black economic-empowerment (BEE) transaction on Thursday that will result in Umnotho weSizwe taking a 26% interest in the Mapochs mine, in Mpumalanga.
Posted by StaffWriter at 7:07 AM | Comments (0)
April 4, 2009
Trying Times For Bee
With BEE deals under the water to the tune of tens of billions of rands and with companies scurrying to refinance deals, those involved in BEE are still reluctant to call it a failure.
Posted by StaffWriter at 6:47 AM | Comments (0)
April 2, 2009
Imuniti - BEE firm gives shares back
The Durban High Court has dismissed with costs an application for leave to appeal a decision that declared that the heads of agreement between Imuniti Holdings founding shareholders and the black economic empowerment (BEE) consortium that held 27 percent of the firm were invalid.
Posted by StaffWriter at 8:23 AM | Comments (0)
April 1, 2009
Credit crisis affects funds for BEE deals
MERGERS and acquisitions (M&A) practitioners have expressed concern about the future of empowerment deals, saying there may not be capital for funding these transactions in the future.
Posted by StaffWriter at 12:26 PM | Comments (0)
March 31, 2009
A gold-to-platinum play
Mvela Resources sells 11m of its 50m Gold Fields shares, realising about R1.2bn, and all directed to reducing debt.
Posted by StaffWriter at 12:23 PM | Comments (0)
March 30, 2009
BEE still booming
Empowerment deals are powering ahead with private companies
Posted by StaffWriter at 9:17 AM | Comments (0)
March 27, 2009
MTN Group to implement Newshelf acquisition
MTN Group said on Friday that subject to conditions, it is to implement the Newshelf acquisition.
Posted by StaffWriter at 12:29 PM | Comments (0)
MTN completes due diligence on BEE deal
MTN said on Friday a due diligence investigation had been finalised on its plan to sell 5% to 6% of its shares to black investors.
Posted by StaffWriter at 8:06 AM | Comments (0)
Special purpose vehicles crash too often, cautions Bravura consultant
A veteran black economic empowerment (BEE) expert recently lashed out at banks that were still using special purpose vehicles (SPVs) to finance BEE deals.
Posted by StaffWriter at 7:04 AM | Comments (0)
BEE debt defaults sting banks, say analysts
The dramatic increases in impairment charges at South Africa's big four banks could be attributed to bank-financed black economic empowerment (BEE) transactions on which debt payments were falling behind because of sliding share prices and the economic downturn, analysts said on Thursday.
Posted by StaffWriter at 7:02 AM | Comments (0)
March 26, 2009
Absa BEE deal
Summit TV speaks to Jacques Schindehutte from Absa about the second tranche of their BEE deal and how their empowerment partner may be laughing all the way to the bank
Posted by StaffWriter at 7:08 AM | Comments (0)
March 17, 2009
Gold Fields goes BEE
Gold Fields, the world's fourth-largest gold producer, on Tuesday confirmed that Mvelaphanda Resources (Mvela Resources) had taken receipt of its 15 percent shareholding in Gold Fields' South African operations GFI Mining South Africa (GFIMSA).
Posted by StaffWriter at 12:19 PM | Comments (0)
No easy ride for BEE mine deals -- report
THE second wave of black empowerment deals in the mining sector would be considerably more difficult to negotiate than the first, Ernst & Young partner Lance Tomlinson said yesterday.
Posted by StaffWriter at 7:27 AM | Comments (0)
March 13, 2009
MTN BEE on indefinite hold
[ Johannesburg, 13 March 2009 ] - MTN employees expecting to join in MTN's black economic empowerment (BEE) deal may have to wait for quite a while.
Posted by StaffWriter at 12:49 PM | Comments (0)
BEE deals may have to be renegotiated
MANY of the black economic empowerment (BEE) deals struck in recent years after painstaking negotiations may have to be renegotiated -- a blow to the Department of Trade and Industry's goal for an unprecedented 25% of the economy to be in black hands by 2017, according to analysts.
Posted by StaffWriter at 7:49 AM | Comments (0)
March 10, 2009
Adcock Ingram aims to complete BEE deal by June
Adcock Ingram, the second biggest pharmaceutical group in the country, was working on completing its broad-based black economic empowerment (BEE) deal within three months, company spokesman Mike Mabasa said yesterday.
Posted by StaffWriter at 8:04 AM | Comments (0)
March 4, 2009
Afrisam shaves R1bn off debt through 'opportunistic' transaction
While many black economic-empowerment (BEE) deals are currently under water, black-owned cement producer Afrisam appears to have made hay out of the prevailing financial crisis through a favourable refinancing deal that has shaved R1-billion off its debt profile and reduced its exposure to foreign currency risk.
Posted by StaffWriter at 2:37 PM | Comments (0)
March 3, 2009
Why BEE deals are not SA's subprime banking crisis
THOUGH SA has been relatively immune to the global financial meltdown , it has not escaped it. The JSE has fallen about a third in less than a year, and many black economic empowerment (BEE) investors have seen their investments fall below their entry price levels.
Posted by StaffWriter at 11:42 AM | Comments (0)
March 2, 2009
SPV-funded BEE deals are 'sure to fail'
Special purpose vehicles (SPVs) - financial arrangements often used in black economic empowerment (BEE) deals - are unsustainable and do not work but funders continue to use them because of the fees these structures generate.
Posted by StaffWriter at 7:30 AM | Comments (0)
February 25, 2009
Top contenders: 2008
Aquarius and Impala:
Aquarius bought back 20 percent of its shares held by Impala for $780 million (R7.9 billion) when the world economy was operating at near-full capacity. Since then, however, the financial crisis has struck many industries. As 30 percent of all platinum produced is used by the automotive industry in catalytic converters, this has hit the mining firms. The benefits of this deal are unlikely to be seen for some years.
Posted by StaffWriter at 8:09 AM | Comments (0)
February 23, 2009
Grindrod inks sizable BEE deal
Johannesburg - Grindrod has concluded a R274 million broad based black economic empowerment (BBBEE) transaction, the JSE listed shipping and logistics business said on Monday.
Posted by StaffWriter at 7:05 AM | Comments (0)
Grindrod announces R274-million BEE deal
Grindrod has concluded a R274-million broad-based black economic empowerment (BEE) transaction, the JSE-listed shipping and logistics business said on Monday.
Posted by StaffWriter at 7:03 AM | Comments (0)
February 20, 2009
BEE DEALS MARKET - Unworkable right now
The black economic empowerment (BEE) deal market has suffered major setbacks in the past two years and may crash if the financial crisis continues.
Posted by StaffWriter at 11:22 AM | Comments (0)
MTN shelves giant BEE deal
[Lesley Stones Business Day] MTN's huge black empowerment plan to spread its shares among ordinary citizens has been shelved as most people are too cash-strapped to buy into the business.
Posted by StaffWriter at 10:18 AM | Comments (0)
February 19, 2009
MTN empowerment deal put on hold
MTN is postpon ing its planned R23-billion black economic empowerment transaction due to "severe constraints in the current financial markets".
Posted by StaffWriter at 7:26 AM | Comments (0)
February 18, 2009
MTN delays mega-BEE deal
Company cites "severe constraints in current financial markets".
MTN (JSE:MTN) has delayed till further notice its new BEE deal which it had hoped to conclude in the first half of this year.
Posted by StaffWriter at 8:17 AM | Comments (0)
MTN backtracks on BEE deal
Johannesburg - Mobile network operator MTN may have shelved a black economic empowerment (BEE) deal because it struggled to find external funding on acceptable terms, an analyst said on Wednesday.
Posted by StaffWriter at 7:28 AM | Comments (0)
February 9, 2009
thirtyfour partners with empowerment giant, Mvelaphanda Holdings
Posted by StaffWriter at 10:01 AM | Comments (0)
February 5, 2009
Futures trouble means new Beige BEE investor
Thebe steps in to buy shares after its subsidiary lands itself in futures trouble.
Posted by StaffWriter at 9:56 AM | Comments (0)
January 29, 2009
WPP buys 49% stake in Jupiter group
Global media and communications giant WPP has acquired a 49% stake in The Jupiter Drawing Room (South Africa) & Partners, reportedly Africa's largest independent advertising agency group. The announcement was made late yesterday afternoon, Thursday, 29 January 2009, to coincide with WPP CEO Sir Martin Sorrell's announcement of the deal to the global media in Davos, Switzerland, earlier that day.
Posted by StaffWriter at 8:53 AM | Comments (0)
January 22, 2009
Tiso takes 25.1% of ACTowers
[ Johannesburg, 22 January 2009 ] - African Cellular Towers, manufacturer of mobile phone tower parts, has sold 25.1% of its business to investment company the Tiso Group, as part of a BEE deal.
Posted by StaffWriter at 7:15 AM | Comments (0)
January 19, 2009
ACTowers in BEE deal with Tiso
Newly formed Tiso Telecom, a subsidiary of black economic-empowerment (BEE) investment group Tiso, would become a 25,1% shareholder in African Cellular Towers (ACTowers), for between R115-million and R138-million.
Posted by StaffWriter at 7:42 AM | Comments (0)
January 8, 2009
Takeover talks good news for Northam and Mvela
Northam Platinum's share jumped 12percent to an intraday high of R28,76 and Mvela Resources' 11 percent to R28,75 after Impala Platinum said talks to buy the two companies had restarted.
Posted by StaffWriter at 7:53 AM | Comments (0)
January 6, 2009
R220bn in BEE deals at risk as metal prices fall
EMPOWERMENT deals valued at more than R220-billion are threatened by the collapse of metals prices and their effect on the South African mining industry, international researchers say.
Posted by StaffWriter at 7:46 AM | Comments (0)
December 17, 2008
Nhleko to gain from Newshelf's unwinding
Johannesburg - Phuthuma Nhleko, the chief executive of MTN Group, could walk away with R300 million after the unwinding of the Newshelf 664 structure at the end of the month to pave the way for a broad-based black economic empowerment (BEE) deal, an analyst said on Monday.
Posted by StaffWriter at 1:36 PM | Comments (0)
R23.2bn bonanza
MTN unveils plans for 'top-up' BEE deal
MTN has unveiled plans for a new black economic empowerment deal after announcing the unwinding of its current empowerment vehicle.
Posted by StaffWriter at 1:33 PM | Comments (0)
Richards Bay seals R4.5bn BEE deal
RIO Tinto and BHP Billiton have finalised their long-awaited R4.5-billion empowerment deal -- the largest BEE transaction in KwaZulu-Natal.
Posted by StaffWriter at 1:29 PM | Comments (0)
December 12, 2008
Gautrain BEE shareholder secures contracts
Black economic-empowerment shareholder in the Bombela Concession Company, the Strategic Partners Group (SPG), reports that it has successfully negotiated eight contracts for the Gautrain project since its inception 18-months ago.
Posted by StaffWriter at 8:16 AM | Comments (0)
Richards Bay Minerals inks R4.5bn BEE deal
Johannesburg - Empowerment deals signed at Richards Bay Minerals (RBM) yesterday valued the heavy minerals producer at about R17.3 billion.
Posted by StaffWriter at 7:24 AM | Comments (0)
December 11, 2008
Richards Bay Minerals announces R4.5bn BEE deal
Richards Bay Minerals (RBM) has announced a definitive binding agreement for a 26% broad-based black economic empowerment (BBBEE) transaction valued at about 4.5 billion rand.
Posted by StaffWriter at 2:58 PM | Comments (0)
Rio Tinto jv with Richards Bay signs BBBEE deal
Rio Tinto's South African joint venture with BHP Billiton Plc ("BHPB"), Richards Bay Minerals ("RBM"), announced that agreements with a Broad-Based Black Economic Empowerment ("BBBEE") Consortium were signed today, in which 24 per cent of RBM will be transferred to a group comprising local communities and investors with a further 2 per cent to be transferred to a trust for the benefit of RBM employees.
Posted by StaffWriter at 2:04 PM | Comments (0)
December 10, 2008
African Cellular Towers to finalise BEE deal early '09
Telecommunications network projects company Africa Cellular Towers on Wednesday stated that it would finalise a black economic-empowerment (BEE) transaction early next year.
Posted by StaffWriter at 10:09 AM | Comments (0)
December 9, 2008
Negative equity BEE deals can be saved through appropriate rescue mechanisms
Many corporate BEE deals struck over the past few years would now find themselves 'underwater'
When the debt secured to acquire the equity interest exceeds the current value of the equity, as share prices on the JSE have plummeted in line with international markets.
Posted by StaffWriter at 11:44 AM | Comments (0)
December 2, 2008
Absa, Vunani list BEE fund
Absa Capital and Vunani Capital had listed NewSA, South Africa's first black economic empowerment (BEE)exchange traded fund (ETF), the firms said yesterday.
Posted by StaffWriter at 9:30 AM | Comments (0)
November 28, 2008
Khanyisa Electrical Suppliers Pty Ltd concludes 30 % deal with Black Consulting Company
Khanyisa Electrical Suppliers Pty
Ltd and Siphakamile Holdings Pty Ltd have successfully concluded their BEE
negotiations as of 25 November, 2008, with the signing of their shareholders
agreement. Their new partner, Siphakamile, is a wholly owned black consulting company
and has acquired a thirty percent (30%) equity in Khanyisa.
Posted by StaffWriter at 10:49 AM | Comments (0)
BEE partner for Fleishman-Hillard SA
Fleishman-Hillard South Africa (FHSA) announced yesterday, Thursday, 28 November 2008, that it has brokered a black economic empowerment (BEE) agreement with the CIDA Investment Trust. FHSA is one of 80 offices in the global network of Fleishman-Hillard, one of the world's leading PR agencies.
Posted by StaffWriter at 10:42 AM | Comments (0)
November 19, 2008
Freeworld goes slow on planned BEE transaction
Pretoria - Freeworld Coatings, the listed paint and coatings manufacturer unbundled from Barloworld almost a year ago, has adopted a cautious approach to its planned black economic empowerment (BEE) deal because of the global financial crisis.
Posted by StaffWriter at 7:53 AM | Comments (0)
November 17, 2008
BRC DiamondCore on the hunt for funding partners
[miningmx.com] -- BRC DiamondCore (BRC) has dropped its plans to raise 3m Canadian dollars through a private share placing and is, instead, focusing on finding new partners to help fund its operations in South Africa and the Democratic Republic of Congo (DRC).
Posted by StaffWriter at 1:29 PM | Comments (0)
Rio Tinto's Palabora enters into BEE talks
JOHANNESBURG (miningweekly.com) - JSE-listed copper producer Palabora, part of the Rio Tinto group, on Monday advised shareholders that the company had entered into discussions for a potential broad-based black economic-empowerment (BEE) transaction.
Posted by StaffWriter at 8:13 AM | Comments (0)
November 16, 2008
Lolly rolls in for Luhabe
Companies benefit from IDC loans and BEE deal, writes Wisani wa ka Ngobeni. Industrial Development Corporation (IDC) chair Wendy Luhabe has scored big from multimillion-rand deals involving the state-owned development financier.
Posted by StaffWriter at 7:44 AM | Comments (0)
November 6, 2008
BEE code contradictions hold up deals
CONTRADICTIONS between the black economic empowerment (BEE) codes and the government's interpretive guide to the codes are a huge impediment to businesses and have hamstrung a number of business equity deals.
Posted by StaffWriter at 11:26 AM | Comments (0)
Sinking BEE deals 'will plunge banks too'
Cape Town - Black economic empowerment (BEE) deals that were under water because of underperforming stock markets were going to affect the balance sheets of all local banks, Johan De Kock, the head of equity research at Metropolitan Asset Management (Metam), said yesterday.
Posted by StaffWriter at 11:21 AM | Comments (0)
BT in landmark BEE deal
UK tech group has 'long-term commitment to SA', not worried by world financial crisis
Posted by StaffWriter at 11:19 AM | Comments (0)
November 5, 2008
British Telecoms in BEE deal with Sekunjalo
Black-controlled investment holding company Sekunjalo Investments would acquire a 30% stake in communications solutions provider British Telecommunications (BT) in a broad-based black economic-empowerment deal.
Posted by StaffWriter at 11:16 AM | Comments (0)
November 4, 2008
Brimstone Takes Control of Sea Harvest
A consortium led by Cape Town-based Brimstone has announced it is set to acquire Tiger Brands' 73.16% shareholding in Sea Harvest for R541,4 million. Tiger Brands has accepted the offer.
Posted by StaffWriter at 8:15 AM | Comments (0)
October 27, 2008
Rasool's sister-in-law part of V&A deal
Fatima Shabodien, sister-in law of Ebrahim Rasool, was a shareholder in one of the BEE companies that bought the V&A Waterfront, documents provided by the company to the Cape Argus show.
Posted by StaffWriter at 8:27 AM | Comments (0)
Swiftnet seeks out new black partner after Icasa's rejection
The Independent Communications Authority of SA (Icasa) has rejected the proposed black economic empowerment (BEE) partner of Telkom subsidiary Swiftnet, forcing the fixed-line operator to search for a new partner once again.
Posted by StaffWriter at 7:42 AM | Comments (0)
September 22, 2008
ATE plans BEE deal
Advanced Technologies & Engineering (ATE), the aerospace company, plans to sell a significant share in the company to a black empowerment (BEE) partner.
Posted by StaffWriter at 3:01 PM | Comments (0)
September 16, 2008
Elliott Afrovan enters into BEE deal with Phakathi
ELLIOTT Afrovan, the removal and relocation company with 700 employees, has entered into an empowerment deal with Phakathi Investment Holdings despite difficult business conditions in the removal industry.
Posted by StaffWriter at 7:18 AM | Comments (0)
September 7, 2008
Politicians partake of fruits of discounted BEE share schemes
Discounted BEE shares have become popular among parliamentarians and cabinet ministers.
Posted by StaffWriter at 7:29 AM | Comments (0)
September 4, 2008
Anchor Industries Confirms Significant Growth
Anchor Industries, supplier of lifting and rigging as well as marine and offshore mooring equipment in Southern Africa has paid out a second dividend to their shareholders as part of its BBBEE deal, totaling R 500 000.Posted by StaffWriter at 7:02 AM | Comments (0)
September 2, 2008
V&A deal in the spotlight again
The foreign investors in the V&A Waterfront deal funded the BEE portion of the sale via a loan, but none of their local partners have made any payments on the multimillion rand debt, shareholders say.Posted by StaffWriter at 2:03 PM | Comments (0)
August 26, 2008
Vodacom acquires StorTech shareholding
Vodacom announced the acquisition of a shareholding in Storage Technologies ServicesPosted by StaffWriter at 9:08 AM | Comments (0)
August 19, 2008
Prison catering contract riddled with non-compliance
Parliament - No feasibility study was carried out ahead of a multi-million-rand contract being awarded to a BEE company to supply food to prisons, members of Parliament's correctional services portfolio committee heard on Tuesday.Posted by StaffWriter at 3:09 PM | Comments (0)
August 11, 2008
Accounting changes loom for BEE costs
Proposed revision will bring SA standards into line with international board's recent move on share-based paymentsPosted by StaffWriter at 9:24 AM | Comments (0)
Mustek BEE deal
Mustek still negotiating new equity transaction
Technology group Mustek has renewed its cautionary for the third time by informing shareholders on Friday that it was still in talks with a potential black empowerment partner to buy a stake in the group.
Posted by StaffWriter at 9:22 AM | Comments (0)
August 8, 2008
Property group clinches BEE deal
PROPERTY group Multi Spectrum Property (MSP) has concluded an empowerment deal worth R160m with a consortium represented by MSP chairman Pinda Njokweni.Posted by StaffWriter at 9:09 AM | Comments (0)
Question marks over BEE public offers
South African's have taken up Sasol's offer to black public with gusto, and the same is likely of Vodacom's forthcoming general offer. But not everyone thinks they are such good idea.Posted by StaffWriter at 7:15 AM | Comments (0)
August 6, 2008
Itec signs massive community-based BEE deal
Office automation giant Itec Holdings has concluded a broad-based black economic empowerment deal with Ikamva Labantu Empowerment Trust, a broad-based investment vehicle for a non-governmental, non-profit organisation that works with community-based organisations serving children, youths, the elderly and the disabled.Posted by StaffWriter at 12:30 PM | Comments (0)
Actis buys 100-year-old AlstomSA
LEADING emerging markets private equity investor Actis yesterday announced that it had acquired one of the country's major electrical engineering firms.Posted by StaffWriter at 7:59 AM | Comments (0)
August 5, 2008
R5,16bn Actis deal sets Alstom SA on independent course
A R5,16-billion private-equity transaction to create a new pure play, South African electrical engineering business, incorporating the bulk of Alstom South Africa's assets, was unveiled on Wednesday by a consortium led by emerging market private-equity investor Actis, of the UK.Posted by StaffWriter at 8:12 AM | Comments (0)
Barloworld reprices black empowerment deal
JSE-listed diversified industrial firm Barloworld on Tuesday said that it had repriced its 10% broad-based black economic empowerment (BBBEE) initiative owing to the rerating of the South African equities market as well as the Barloworld share price.Posted by StaffWriter at 7:56 AM | Comments (0)
Barloworld re-prices BEE deal
The board of directors of listed industrial giant, Barloworld, has decided to re-price its 10% broad-based black ownership initiative, the company said today.Posted by StaffWriter at 7:54 AM | Comments (0)
July 31, 2008
Sasol's BEE deal almost four times oversubscribed
Sasol's Inzalo black public invitations are almost four times oversubscribed, the listed chemicals giant said on Thursday.Posted by StaffWriter at 1:37 PM | Comments (0)
July 30, 2008
Vodacom announces details of BEE transaction
Vodacom has announced details of its broad-based BEE transaction. This follows the company's announcement of its intention to implement a BEE transaction on March 10 and the announcement of preferred strategic partners on April 24.
Posted by StaffWriter at 9:54 AM | Comments (0)
July 29, 2008
Vodacom sells R7,5bn BEE stake
Cellphone giant Vodacom has implemented a R7,5-billion broad-based BEE ownership transaction, it said today.Posted by StaffWriter at 2:52 PM | Comments (0)
Vodacom to dish out R7.5bn in BEE shares
Vodacom will announce details of its much-anticipated empowerment transaction today that will see R7.5-billion worth of the company being sold to black investors.Posted by StaffWriter at 11:08 AM | Comments (0)
Vodacom BEE details
Vodacom announces details of its R7.5bn broad-based BEE transaction
Posted by StaffWriter at 11:06 AM | Comments (0)
July 25, 2008
Holcim deal finally cemented
The Public Investment Corp (PIC) has come to the rescue of one of SA's largest black economic empowerment (BEE) deals. The R13bn takeover of cement producer Holcim SA by the AfriSam consortium has certainly been one of SA's most financially difficult transactions, two years in the making.Posted by StaffWriter at 1:14 PM | Comments (0)
July 4, 2008
Mvela to buy Afrimat stake in latest empowerment deal
A consortium led by Tokyo Sexwale's Mvelaphanda Holdings has been given the option to purchase up to 27,8-million shares in JSE-listed construction materials supplier Afrimat, which would boost the company's black economic-empowerment (BEE) shareholding beyond the 26% required by the Mining Charter, it said this week.Posted by StaffWriter at 10:45 AM | Comments (0)
July 1, 2008
Saab concludes R95m defence BEE deal
Saab Grintek Defence has concluded a R95 million black empowerment deal with a consortium headed by Imbani Amandaba.Posted by StaffWriter at 12:06 PM | Comments (0)
June 26, 2008
Vodacom BEE deal signed
Agreements signed with strategic partners for broad-based BEE transaction
In April Vodacom announced that Royal Bafokeng Holdings and Thebe Investment Corporation had been selected as its preferred strategic partners to participate in Vodacom South Africa's broad-based BEE transaction.
Posted by StaffWriter at 1:02 PM | Comments (0)
June 24, 2008
New Partner in Saab Grintek Defence
A consortium led by Imbani Amandaba (Pty) Ltd acquires 25 per cent plus 1 share of South African Saab Grintek Defence (Pty) Ltd.Posted by StaffWriter at 7:13 AM | Comments (0)
June 18, 2008
SMEs take Fujitsu Siemens stake
European-based Fujitsu Siemens Computers has sold a 25% plus one share stake in its SA operation to a consortium for an undisclosed sum.Posted by StaffWriter at 11:14 AM | Comments (0)
June 13, 2008
Coal of Africa in BEE deal
Coal of Africa, the coal development company operating in South Africa, announced on Friday that an agreement has been reached on a 26 percent empowerment holding.Posted by StaffWriter at 11:40 AM | Comments (0)
June 12, 2008
Barloworld unveils R2,4bn empowerment deal
Diversified industrial and logistics company Barloworld on Thursday announced the details of its black economic-empowerment (BEE) deal to the value of R2,4-billion.Posted by StaffWriter at 11:31 AM | Comments (0)
June 5, 2008
Kabo buys into Foneworx
Black empowerment investor KaboCapital has completed its R43 million buy of 30% of AltX-listed Foneworx, which has a market capitalisation of R122 million.Posted by StaffWriter at 11:10 AM | Comments (0)
May 29, 2008
Sasol names BEE partners
Sasol today announced the names of 50 black groups selected to participate in Sasol's R28 billion broad-based Inzalo BEE transaction. The total share value of the selected groups is approximately R4,2 billion, based on Sasol's market capitalisation as of 27 May 2008.Posted by StaffWriter at 8:15 AM | Comments (0)
May 26, 2008
ABIL in second BEE deal
African Bank Investments Limited (ABIL), the country's biggest microlender, said on Monday that implementation of its second black economic empowerment transaction will commence in June/July with the planned finalisation by early September 2008.Posted by StaffWriter at 11:36 AM | Comments (0)
Cash-flush best-placed to cash in on Sasol's Inzalo
SASOL's R28-billion broad-based black economic empowerment share scheme, to be officially launched on Thursday, could be a blessing for those who have cash, and a curse to those who don't.Posted by StaffWriter at 7:09 AM | Comments (0)
May 21, 2008
Steinhoff International's BEE deal fails
Local furniture retailer Steinhoff International says its proposed Black Economic Empowerment (BEE) transaction has collapsed.Posted by StaffWriter at 2:35 PM | Comments (0)
May 20, 2008
Tiger Brands to sell 10% to BEE partners
South African consumer foods and healthcare products group Tiger Brands plans to sell an additional 10% to black economic-empowerment (BEE) investors after the completion of the unbundling of its healthcare products unit, it said on Tuesday.Posted by StaffWriter at 7:00 AM | Comments (0)
May 16, 2008
Sasol shareholders okay R25,9bn BEE deal
Petrochemicals giant Sasol on Friday said its shareholders had approved its planned R25,9-billion black economic empowerment (BEE) transaction.Posted by StaffWriter at 9:11 AM | Comments (0)
May 13, 2008
Barloworld's BEE deal near kick-off
Barloworld is nearly ready to announce the details of its broad-based black economic empowerment (BEE) deal.Posted by StaffWriter at 8:19 AM | Comments (0)
April 8, 2008
Itec inks BEE deal
Private office automation player Itec has officially announced a multimillion-rand broad-based black economic empowerment (BEE) deal with Cape Town-based non-profit organisation (NPO) Ikamva Labantu.Posted by StaffWriter at 8:49 AM | Comments (0)
March 31, 2008
Bidders in Vodacom BEE sale fly solo
MEMBERS of a consortium short-listed for Vodacom's lucrative R7,5bn empowerment stake have submitted a bid in isolation, defying instructions that no changes can be made to their final composition.Posted by StaffWriter at 11:48 AM | Comments (0)
March 20, 2008
City Lodge concludes BEE deal
City Lodge Hotels has concluded a broad based Black Economic Empowerment transaction including its employees, the University of Johannesburg's School of Tourism and Hospitality and the black controlled investment company Vuwa Investments, the company said.Posted by StaffWriter at 7:23 AM | Comments (0)
BCX restructures BEE shareholding
Information and communication technology group Business Connexion (BCX) has entered into an agreement with its black economic-empowerment (BEE) partners, Gadlex Holdings, which would replace the existing third party BEE debt funding of R77-million in Gadlex previously guaranteed by BCX to the third party funder, by subscribing for preference shares in Gadlex Holdings.Posted by StaffWriter at 7:20 AM | Comments (0)
March 13, 2008
Assore in R1.9bn BEE deal
Assore, half-owner of manganese producer Assmang, plans a R1.9bn deal with Shanduka Resources to raise its empowerment stake to 26 percent and bring it in line with the mining charter.Posted by StaffWriter at 8:45 AM | Comments (0)
March 5, 2008
BEE partner for ITWeb
A 25.1% stake in ITWeb has been acquired by Ummango Investment Holdings, a women's broad-based BEE consortium financed by Mvelaphanda Holdings (Mvela Holdings), it was announced this morning, Wednesday, 5 March 2008. The technology media company publishes a technology news website, four magazines and a series of annual publications, and owns related businesses within its chosen space.Posted by StaffWriter at 10:36 AM | Comments (0)
Wescoal wraps up Express acquisition, BEE deal
AltX-listed coal producer Wescoal said on Wednesday that it had successfully completed the acquisition of Atlantis Coal Estate and Express Technology after it received Competition Commission approval.Posted by StaffWriter at 10:15 AM | Comments (0)
February 28, 2008
Higher interest rates may limit BEE deals
A slowdown in the number of black economic empowerment (BEE) deals concluded occurred in the listed property sector during the second half of last year as higher interest rates made funding these transactions more difficultPosted by StaffWriter at 2:01 PM | Comments (0)
February 22, 2008
De Beers in R400m BEE deal
Mining giant De Beers has signed a R400 million deal with Setjhaba carriers, an empowerment consortium for the load and hauling of its Kimberley mines tailings resources. The deal, which is expected to last for nine years, is to produce 55 000 tonnes of material.Posted by StaffWriter at 9:20 AM | Comments (0)
February 12, 2008
Angloplat BEE deals done soon
Anglo Platinum (AMS) said that it expects its two key black economic empowerment (BEE) partner transactions worth 7.6 billion rand, to be completed in the first half of 2008.Posted by StaffWriter at 7:35 AM | Comments (0)
January 30, 2008
BEE group buys 5% of Protech Khuthele
Female empowerment investment group Lidonga Group Holdings said on Wednesday that it had bought a 5% stake in JSE-listed bulk earthworks company Protech Khuthele.Posted by StaffWriter at 7:38 AM | Comments (0)
Protech in BEE deal
Protech Khuthele (PKH) has sold 18.1 million shares, or a 5% stake, to a female empowerment group for 2.62 rand per share, it said.Posted by StaffWriter at 7:36 AM | Comments (0)
January 18, 2008
Rainbow Chicken in possible BEE deal
Poultry group Rainbow Chicken has started with talks with potential black economic empowerment partners, it said on Thursday.Posted by StaffWriter at 2:04 PM | Comments (0)
January 15, 2008
Coal company starts 2008 off on right foot with BEE deal
A COMPANY planning a R300-million coal mine in the north Eastern Cape has its eyes set on making 2008 a milestone year.Posted by StaffWriter at 7:59 AM | Comments (0)
December 7, 2007
Safika purchases 40% of Castle Cement in BEE deal
Safika Holdings had acquired a 40 percent stake of the independent cement blender, Castle Cement, for an undisclosed amount, the black-owned holding company said yesterday.Posted by StaffWriter at 1:20 PM | Comments (0)
December 6, 2007
Top Cape electronic manufacturer joins Gauteng party with BEE partner
Top Cape-based outsourced manufacturing firm, Tellumat Electronic Manufacturing, has again boosted its capacity, gained a Gauteng presence and added to its BBBEE credentials, by buying the non-core printed circuit board (PCB) assembly facility from Denel Optronics.Posted by StaffWriter at 9:51 AM | Comments (0)
December 5, 2007
Lightedge sells 40% to BEE consortium Red Magic
Lightedge has completed a black economic empowerment deal with the Red Magic consortium, which now owns 40% of the national IT solutions and services company.Posted by StaffWriter at 4:02 PM | Comments (0)
December 4, 2007
High interest rates a threat to BEE deals
Black economic empowerment (BEE) deals have been able to absorb the effect of higher interest rates due to the fundamental strength of assets underlying the deals and the revenue they generate. But if interest rates remain high for a while, some deals may be at risk.Posted by StaffWriter at 12:36 PM | Comments (0)
November 30, 2007
Vodacom to go ahead with BEE
THE R7,5bn move to bring black shareholders into Vodacom will not be derailed by the collapse of a huge deal that would have changed the cellular operator's ownership.Posted by StaffWriter at 11:55 AM | Comments (0)
November 23, 2007
Mazor unveils a R58.1m BEE deal
Western Cape-based steel and aluminium products supplier Mazor Group will sell a 14.7 percent stake to Cloudberry Investments for R58.1-million in a black economic empowerment deal, it said on Thursday.Posted by StaffWriter at 11:20 AM | Comments (0)
November 21, 2007
Nokia Siemens signs BEE deal
In an effort to boost its black economic empowerment (BEE) credentials, Nokia Siemens Networks has sold a 26% stake in its South African holding entity, Nokia Siemens Networks Holdings RSA, to the Sekunjalo Group and Africom.Posted by StaffWriter at 2:15 PM | Comments (0)
Changes ahead for InfoWave
JSE-listed InfoWave has entered into an R11.7 million deal with Sbu Shabalala, which will see the company change its name, top management and BEE status.Posted by StaffWriter at 7:23 AM | Comments (0)
Zaptronix nets BEE boost
JSE-listed laggard Zaptronix has concluded an empowerment transaction with Royal Bafokeng Capital.Posted by StaffWriter at 7:16 AM | Comments (0)
Wescoal sells stake to black investors
The sale of shares and issue of new shares in Wescoal to its new BEE investors will result in a BEE shareholding of 32.5 percent.Posted by StaffWriter at 7:06 AM | Comments (0)
November 20, 2007
TWP sells BEE stake to Vunani
TWP Holdings, a mining-minerals services and project management company that is to be floated on the heavy construction sector of the JSE on November 26, has sold its empowerment stake to Vunani Group.
Posted by StaffWriter at 7:05 AM | Comments (0)
Sekunjalo, Nokia in BEE deal
Sekunjalo Telecoms, a subsidiary of JSE-listed empowerment group Sekunjalo, has added Nokia Siemens Networks to its growing ICT investment portfolio.
Posted by StaffWriter at 7:03 AM | Comments (0)
Wescoal
WESCOAL has sold 38.2 million shares to Waterberg Portion Property Investments, a black economic empowerment vehicle, giving the empowerment grouping 34.5% of the coal company.Posted by StaffWriter at 7:01 AM | Comments (0)
Zaptronix rises on BEE tie up
The Royal Bafokeng (RBC) has paid a massive premium to take a strategic stake in small technology group Zaptronics.
Posted by StaffWriter at 6:59 AM | Comments (0)
Nokia Siemens Networks sells 26% in BEE transaction
Communications services provider Nokia Siemens Networks (NSN) on Tuesday unveiled an empowerment deal resulting in its local operating subsidiary NSN SA being 18,9% black-owned.Posted by StaffWriter at 6:57 AM | Comments (0)
November 19, 2007
TWP concludes empowerment deal with Vunani
Mining services and project management company TWP Holdings has concluded a black economic-empowerment (BEE) deal with Vunani Capital, it said on Monday.Posted by StaffWriter at 1:28 PM | Comments (0)
Vodacom won't delay R7,5bn BEE deal any longer - Knott-Craig
South Africa's biggest cellphone services provider, Vodacom, will struggle with rising costs over the next few months, and hopes to conclude its long-awaited R7,5-billion empowerment deal early next year, it said on Monday.Posted by StaffWriter at 1:26 PM | Comments (0)
November 16, 2007
Vodacom's empowerment call seems to be on hold
The news this week that UK cellphone giant Vodafone was planning to list Vodacom has brought uncertainty into the market - and the plans of hopeful participants - regarding Vodacom's planned R7.5 billion empowerment deal.Posted by StaffWriter at 11:49 AM | Comments (0)
Metmar
METALS trader Metmar finalised a black economic empowerment (BEE) transaction with its two long-standing BEE companies to acquire 10% of the JSE-listed company's shares effective 22 November.Posted by StaffWriter at 11:46 AM | Comments (0)
November 15, 2007
ArcelorMittal unit lines up BEE partners - SA steel maker will need parent's buy-in
ArcelorMittal South Africa was negotiating to sell a stake to black investors, the steel producer said yesterday.Posted by StaffWriter at 11:35 AM | Comments (0)
November 9, 2007
Tokyo goes on spending spree - Mvela buys into Vox Telecom
While Mvelaphanda Group (Mvela) chairman Tokyo Sexwale heats up his presidential campaign, the group is raising its profile with another acquisition.Posted by StaffWriter at 11:01 AM | Comments (0)
November 8, 2007
Vox BEE shareholding rises to 41%
Four different transactions have seen communications solutions provider Vox Telecoms' black economic empowerment (BEE) shareholding rise to 41.5%.Posted by StaffWriter at 3:41 PM | Comments (0)
Vox Telecom in R400m BEE deal
Vox Telecom announced a BEE deal which will see the ALT-X listed group increase its black ownership to around 41.5%.Posted by StaffWriter at 12:20 PM | Comments (0)
Vox Telecom in R400m BEE deal
Alternative telecommunications operator, Vox Telecom, has announced a BEE deal which will see the ALT-X listed group increase its black ownership to around 41,5%.Posted by StaffWriter at 10:59 AM | Comments (0)
November 7, 2007
Reunert warns of BEE sting
The once-off cost of a R1.1 billion black economic empowerment (BEE) deal is expected to impact negatively on Reunert's 2007 annual results.Posted by StaffWriter at 3:06 PM | Comments (0)
November 6, 2007
FoneWorx in BEE deal
AltX-listed FoneWorx is selling a 30% shareholding to Kabo Capital for more than R43 million.Posted by StaffWriter at 8:21 AM | Comments (0)
PC-Ware sells BEE stake
PC-Ware, an international large account reseller for Microsoft and other software vendors, has sold a 26% stake of its local operations to a black IT partner, Unishe, as a result of client pressure.Posted by StaffWriter at 8:19 AM | Comments (0)
November 5, 2007
Royal Bafokeng to buy M&F
Old Mutual bows to foreign shareholders who want it to ditch its SA interests, writes Richard Stovin-BradfordPosted by StaffWriter at 11:12 AM | Comments (0)
FoneWorx to get Kabo Capital as 30% BEE shareholder
Following its earlier cautionary announcements, FoneWorx Holdings - listed on the JSE's AltX - has reached agreement with BEE investor Kabo Capital (Pty) - whereby Kabo will acquire a 30% stake in FoneWorx as part of an expansionary strategic partnership. Kabo will pay R43 million for this stake.Posted by StaffWriter at 7:48 AM | Comments (0)
November 3, 2007
Deal will reduce black stake in Standard Bank
STANDARD Bank could be the first major company to implement the so-called "once-empowered, always-empowered" principle in its black economic empowerment (BEE) structure.Posted by StaffWriter at 11:14 AM | Comments (0)
November 1, 2007
Kagiso arm forms part of Bell's BEE deal
HEAVY-duty equipment manufacturer Bell Equipment yesterday unveiled a significant broad-based empowerment deal -- which will see the transfer of 27% of the company -- involving Kagiso Strategic Investments and Bell's employees.Posted by StaffWriter at 11:54 AM | Comments (0)
October 31, 2007
Bell Equipment sells 30% stake in BEE deal
Machinery and equipment group Bell Equipment has sold a 30% stake of its newly incorporated subsidiary, Bell Equipment Sales South Africa (Bessa), in a broad-based black economic-empowerment transaction, it said on Wednesday.Posted by StaffWriter at 10:27 AM | Comments (0)
October 30, 2007
Why Holcim really left
My rhetorical question about the reason for one of the world's biggest cement companies disinvesting from South Africa has been answered.
Posted by StaffWriter at 11:01 AM | Comments (0)
BEE company acquires rights in rugby union
Hot on the heels of the Springboks' heroics in France, local rugby received a shot in the arm -- in more ways than one. For the first time in the history of the game, a black economic empowerment (BEE) company has acquired the controlling rights of a Rugby Union.Posted by StaffWriter at 10:32 AM | Comments (0)
PPC 'in final phase' of BEE deal
South Africa's biggest cement producer, Pretoria Portland Cement
(PPC), has made "significant progress" towards concluding a
transaction to sell a stake to black investors, and expects to seek
shareholder approval for the deal early next year, the group said
on Tuesday.
Posted by StaffWriter at 9:39 AM | Comments (0)
October 29, 2007
Johncom puts brakes on talks with BEE groups
JOHNNIC Communications (Johncom) has ended talks with black investor groups, including presidential hopeful Tokyo Sexwale's Mvelaphanda (Mvela) and businessman Cyril Ramaphosa's Shanduka, over the sale of a stake in one of its units.Posted by StaffWriter at 11:27 AM | Comments (0)
Tata Africa invests R3bn in SA
Tata Consulting Services (TCS) intends to create a long-term footprint in SA and sell 25% of its shareholding to a local black economic empowerment (BEE) partner.Posted by StaffWriter at 11:22 AM | Comments (0)
October 26, 2007
Benefit now, pay later - Redefine has been praised for tagging a 15% discount on its recently announced R548m black economic empowerment (BEE) transaction
Listed property fund Redefine has been praised for tagging a 15% discount on its recently announced R548m black economic empowerment (BEE) transaction. The discount gives the impression of a cheap transaction - until one takes a closer look.Posted by StaffWriter at 11:51 AM | Comments (0)
October 24, 2007
Acc-Ross to make R30m on dam sale
Acc-Ross Holdings would realise headline earnings of R30.2 million from its R195 million disposal of The Bay at Hartbeespoort Dam, the AltX-listed property developer said yesterday.Posted by StaffWriter at 12:11 PM | Comments (0)
Wescoal turns the corner
Johannesburg - Coal merchant Wescoal is one of those unlucky companies that hit trouble soon after it listed, driving the share price down from a peak of 130c to only 60c. Shares were placed at 50c before the listing in July 2005.
Posted by StaffWriter at 12:07 PM | Comments (0)
October 20, 2007
Rate hikes up the ante for BEE players
LAST week's 50 basis-point repo rate increase was likely to hit SA's empowerment programme significantly, and empowerment transactions already financed would suffer most immediately, PKF BEE Solutions MD Roger Latchman said yesterday.Posted by StaffWriter at 1:06 PM | Comments (0)
October 18, 2007
Johncom talks to potential BEE shareholders
Johnnic Communications (Johncom, JCM) said that it has entered into talks with potential BEE shareholders in OpCo. This comes after an announcement made in April that Johnnic Communications wanted to restructure its assets to create two separate entities.Posted by StaffWriter at 1:29 PM | Comments (0)
Ramaphosa, Sexwale may be Johncom's BEE partners
MEDIA group Johnnic Communications (Johncom) has announced it is in talks with black investors over the sale of a stake in its operating media assets, while sources close to prominent businessmen Tokyo Sexwale and Cyril Ramaphosa say they are the interested parties.Posted by StaffWriter at 1:04 PM | Comments (0)
October 17, 2007
Telkom rejects HP's alternate equity plan
Telkom has refused to give any new supply contracts to Hewlett-Packard (HP) after rejecting the company's equity equivalent projects, an executive close to a multinational ICT company, said yesterday.Posted by StaffWriter at 12:20 PM | Comments (0)
October 16, 2007
Sun International in multi-million rand BEE deal
South Africa's biggest casino and hotel operator, Sun International, says that it has sold a 6.5% stake in its SunWest unit to a black economic empowerment firm for R231 million.Posted by StaffWriter at 12:26 PM | Comments (0)
October 15, 2007
GPI buys more of Sunwest
Empowerment vehicle Grand Parade Investments (GPI) has reached an agreement with South African hotels and resorts group Sun International (SUI) to purchase a further stake in SunWest, which owns the GrandWest Casino and the Table Bay Hotel.
Posted by StaffWriter at 12:33 PM | Comments (0)
Sun International sells SunWest stake
Sun International, South Africa's biggest casino and hotel operator, said on Monday it had sold 6.5 percent in its SunWest unit to a black economic empowerment (BEE) firm for 231 million rand.Posted by StaffWriter at 12:30 PM | Comments (0)
Abil gets all clear - Ellerine Holdings
As expected, the proposed takeover of furniture retailer Ellerine Holdings by retail microlender African Bank Limited (Abil) passed another hurdle on Monday.
Posted by StaffWriter at 12:28 PM | Comments (0)
October 14, 2007
Rates to knock BEE - experts
Black economic empowerment entrepreneurs face tougher times as the rising interest rates increase their debt servicing costs and make raising new loans more difficult.
Posted by StaffWriter at 12:34 PM | Comments (0)
October 13, 2007
Vodacom's BEE deal
South Africa's cellphone giant Vodacom has identified two preferred bidders for a 5% empowerment stake, worth R5.5-billion, in the company.Posted by StaffWriter at 12:46 PM | Comments (0)
October 12, 2007
Sasol boost for women in mining
South African petrochemicals giant Sasol announced this week that it has sold a 20% stake in its mining subsidiary, valued at almost R1.9-billion, to a newly established company owned and run by two local women empowerment groups.Posted by StaffWriter at 12:56 PM | Comments (0)
New Sasol Mining BEE deal
A new coal mining company that got its name from an indigenous plant and was formed as the outcome of a R1.9-billion black economic empowerment (BEE) deal was announced by Sasol Mining yesterday.Posted by StaffWriter at 12:41 PM | Comments (0)
October 11, 2007
Mario Levi forms leather firm with empowered ATC
Automotive leather multinational Mario Levi has established a joint venture with black economic empowerment (BEE) automotive component supplier Allied Trim Components (ATC).Posted by StaffWriter at 1:11 PM | Comments (0)
South Africa: BBBEE Partner for Moneyweb
AltX-listed business and financial media company Moneyweb Holdings announced yesterday, Wednesday, 10 October 2007, that Isingqi Investment Holdings has acquired 25.1% of its equity, making Isingqi a broad based black empowerment partner. Isingqi's Lindikhaya Sipoyo will join the Moneyweb board of directors.Posted by StaffWriter at 1:11 PM | Comments (0)
'Healthy pipeline' of BEE deals for Makalani to fund
Makalani had a healthy pipeline of black economic empowerment (BEE) transactions it planned to finance and it expected to conclude a significant number of the deals soon, it has revealed.Posted by StaffWriter at 1:09 PM | Comments (0)
Sasol sells 20% of mining unit
Sasol's (SOL) subsidiary Sasol Mining announced the formation of a black women-controlled coal mining company called Ixia Coal.Posted by StaffWriter at 1:06 PM | Comments (0)
Redefine announces R550 million landmark B-BBEE transaction
Redefine Income Fund, the fourth largest property loan stock company listed on the JSE Limited today announced that it will give effect to a Broad-based Black Economic Empowerment (B-BBEE) transaction in terms of which 80 million Redefine linked units, constituting just under 10% of the current issued linked units in Redefine, are to be issued to selected B-BBEE parties.Posted by StaffWriter at 12:58 PM | Comments (0)
October 10, 2007
BBBEE consortium acquires 25,1% of Moneyweb
AltX-listed business and financial media company Moneyweb Holdings (JSE:MNY) has introduced a broad based black empowerment partner.Posted by StaffWriter at 2:54 PM | Comments (0)
October 5, 2007
Building strength - Large property firms are setting up BEE-controlled property funds
The listed property sector is developing black-owned enterprises to meet its black economic empowerment (BEE) requirements.Posted by StaffWriter at 8:56 AM | Comments (0)
Dialogue takes BEE shareholding to over 30%
In line with its undertaking to achieve black direct shareholding of at least 26% in 2007, Cape Town call centre operator Dialogue Group ("Dialogue") has said it will issue 70,4 million new shares, or 25,1% of the group for R113,3 million, to a black-owned consortium comprising Dialogue's existing BEE partners MSG Afrika - who heads the consortium with an 80% stake - and Tlhalefang Investments holding the balance.Posted by StaffWriter at 8:54 AM | Comments (0)
Afgem: The end of the road
Friday's announcement that Afgem has had to throw in Bokang - its last remaining asset - with no adjustment to the purchase price it will receive in its transaction with New African Mining, leaves the company practically moribund.
Posted by StaffWriter at 8:50 AM | Comments (0)
Dialogue signs R113m BEE deal
Outsourced call centre provider Dialogue Group has entered into a R113 million deal with black economic empowerment (BEE) partner MSG Consortium. This will see the latter acquire a 25.1% shareholding in the company.Posted by StaffWriter at 8:47 AM | Comments (0)
Gautrain BEE partner 'determined' to participate operationally
Strategic Partners Group (SPG), the 25% black economic empowerment (BEE) stakeholder in the Bombela Concession Company is intent on not being merely a passive investor in the Gautrain rapid rail link, says SPG chairperson Mzolisi Diliza.Posted by StaffWriter at 8:45 AM | Comments (0)
October 2, 2007
BKS sells further 40% stake to black investors
Multidisciplinary engineering and management company BKS Group is now 51% black-owned, after it reached a black economic-empowerment (BEE) milestone with the sale of a 40% stake to Bacacarac Trading, a professional black empowerment group. Black staff has taken a further 11% of equity.Posted by StaffWriter at 9:20 AM | Comments (0)
September 10, 2007
Sasol unveils R17,9bn BEE deal
SASOL, the world's top maker of oil from coal, unveiled the biggest affirmative action deal yet in SA as it posted a 10% rise in annual headline earnings per share...
Posted by Bernie at 5:33 PM | Comments (0)
July 5, 2007
BHP Billiton concludes R430m Koornfontein sale
Diversified miner BHP Billiton has wrapped up the sale of its wholly-owned Koornfontein mine, an operation within its energy coal division, together with 1,5-million tons a year of Richards Bay Coal Terminal (RBCT) entitlement to a black economic-empowerment (BEE) consortium...
Posted by Bernie at 5:29 AM | Comments (0)
June 18, 2007
Pienaar's BEE deal
CAPE TOWN-based Pienaar Bros, owned and managed as a family business for over 45years, has recently confirmed a sale of 25.1% of its shares to a black business partner, Montsi Investments and its associates. “It took Pienaar Bros. over two years to find the right business partner...
Posted by Bernie at 12:03 AM | Comments (0)
Eastplats buys 42,3% in Barplats' BEE partner
TSX- Aim- and JSE-listed platinum producer Eastern Platinum (Eastplats) has completed the acquisition of 42,3% of the shares of Gubevu Consortium (Gubevu), which holds 26% of the shares of Barplats Investments, for R43-million, it said late on Friday....
Posted by Bernie at 12:01 AM | Comments (0)
June 17, 2007
Absa finances Wesizwe
Absa Capital has recently completed its first private equity mining deal and plans to further capitalise on the commodities super cycle through investing in a Mining Fund for equity financing in the sector...
Posted by Bernie at 11:48 PM | Comments (0)
June 14, 2007
Pump company signs BBBEE empowerment deal
Two hundred disadvantaged women from various communities, including Soweto, Swannyville and Diepsloot, are set to benefit from a genuinely broad-based black economic-empowerment deal with an established family-run pump manufacturer...
Posted by Bernie at 11:33 PM | Comments (0)
Petmin's BEE-ownership increases by 7%
JSE-listed mining firm Petmin said on Thursday its black economic-empowered ownership had been boosted by 7%, after black-owned Dark Capital (Dark) acquired 40-million of its shares from the New Africa Mining Fund (NAMF)...
Posted by Bernie at 11:28 PM | Comments (0)
May 31, 2007
Adcorp announces R512m BEE deal
Adcorp Holdings yesterday announced a broad-based black economic empowerment (BEE) transaction worth R512 million...
Posted by Bernie at 9:02 AM | Comments (0)
May 30, 2007
Tribunal's approval opens way for R14bn Holcim BEE deal
The black-controlled Afrisam Consortium (ASC) received unconditional approval from the Competition Tribunal on Thursday for its proposed acquisition of the majority interest in cement group Holcim South Africa – tribunal approval was effectively the last condition precedent for the conclusion of the R14-billion transaction...
Posted by Bernie at 7:25 AM | Comments (0)
May 23, 2007
R130m BEE deal for Innovation
Call centre operator Innovation Group SA, a unit of London-based Innovation Group plc, has sold 25 percent stake to staff and a group of black investors in a BEE deal, it said on Wednesday...
Posted by Bernie at 5:25 AM | Comments (0)
May 20, 2007
Woolworths in R292m BEE employee deal
South African retailer Woolworths on Monday unveiled a black economic empowerment (BEE) deal, whereby Woolworths employees will acquire approximately 10% of the group's ordinary issued share capital...
Posted by Bernie at 5:21 AM | Comments (0)
May 17, 2007
Denel nets R8 billion arms deal contract
Arms manufacturer Denel has been awarded an R8 billion contract to manufacture 264 new generation infantry vehicles for the South African army..
Posted by Bernie at 5:18 AM | Comments (0)
May 15, 2007
Santam's BEE deal moves ahead
Santam is set to begin implementing its R915-million broad-based black economic empowerment (BBBEE) scheme following the fulfillment of all remaining conditions precedent this week..
Posted by Bernie at 5:15 AM | Comments (0)
May 13, 2007
Italtile BEE deal to test Companies Act
JSE-listed ceramic tiles retailer Italtile’s sale of 10,7% of its equity is likely to be the first test case under an amendment to the Companies Act, a market commentator said..
Posted by Bernie at 3:10 AM | Comments (0)
May 9, 2007
BAW - Barloworld - Barloworld Coatings Announces BEE Transaction
Barloworld Coatings today announced that it has concluded a Black Economic
Empowerment (BEE) deal with empowerment consortium Izingwe...
Posted by Bernie at 4:58 AM | Comments (0)
May 3, 2007
Bidvest to buy Viamax from Transnet
Transnet is to sell its fleet management and leasing business Viamax Holdings to the Bidvest Group for about R1-billion...
Posted by Bernie at 4:46 AM | Comments (0)
April 26, 2007
Aquarius Platinum Limited
Aquarius Platinum Limited (ASX, LSE & JSE: AQP) is pleased to announce the completion of the acquisition of a 3.5% equity interest in Aquarius Platinum (South Africa) (Pty) Limited ("AQPSA") from the Savannah Consortium for a cash consideration of ZAR342.5 million ("Transaction") following the receipt of a Section 11 (1) Consent from the South African Department of Minerals and Energy...
Posted by Bernie at 6:54 AM | Comments (0)
April 23, 2007
Holcim BEE deal
World number two Swiss cement maker Holcim announces the possible 85% sale of its majority stake in Holcim South Africa to black investors in August 2006. Classic Business Day gets George Sebulela on the line from Absa Capital...
Posted by Bernie at 10:13 AM | Comments (0)
April 18, 2007
Implats BEE deal approved
Shareholders of Impala Platinum have approved a proposed empowerment transaction between the mining group and the Royal Bafokeng Nation group...
Posted by Bernie at 10:19 AM | Comments (0)
April 16, 2007
Clearwater buys 80% of ApexHi BEE
Clearwater Capital has acquired 80 percent of the C units held by the ApexHi BEE Trust in a transaction that sees four beneficiaries share R748-million profit only six months after the trust's inception, ApexHi said on Tuesday...
Posted by Bernie at 12:44 PM | Comments (0)
CEC acquires local World Class procurement training provider
Commerce Edge, a provider of World Class Procurement training solutions, has sold a majority stake in its South African business to CEC (Cutting Edge Commerce), a leading BEE supplier of Procurement information, analysis and consulting services...
Posted by Bernie at 11:37 AM | Comments (0)
April 12, 2007
Altech sells 25% stake in Netstar's fleet-management unit to BEE group
JSE-listed technology group Altech announced on Thursday that it had concluded a black economic-empowerment (BEE) agreement with a newly-established consortium, Nariku, related to the fleet-management division of Altech Netstar...
Posted by Bernie at 9:26 AM | Comments (0)
April 10, 2007
Dialogue in R24m BEE deal
AltX-listed call centre operator Dialogue Group (DLG) has sold its 7% stake to MSG Afrika Investment Holdings for 24 million rand in a black economic empowerment deal...
Posted by Bernie at 9:22 AM | Comments (0)
April 4, 2007
Hulamin launches logo, BEE partnership
HULETT Aluminium, which announced its unbundling from Tongaat Hulett in February, will from now on be known as Hulamin, the company said during the Eastern Cape launch of their new brand...
Posted by Bernie at 2:42 PM | Comments (0)
April 3, 2007
De Beers clinches R5,8bn ten-year BEE fuel supply transaction
Diamond mining giant De Beers Consolidated Mines on Tuesday concluded a major fuel supply deal and social investment in mining areas initiative with three black economically-empowered (BEE) companies as part of a R5,8-billion ten-year transaction...
Posted by Bernie at 1:54 PM | Comments (0)
March 30, 2007
Siemens boosts BEE ownership to 30%
Industrial giant Siemens has announced that Linacre Investments, a 100%-owned subsidiary of Sekunjalo Investment Holdings, and Business Venture Investments No 626, a 100%-owned subsidiary of New Africa Millennium Telecommunications (Africom), had each acquired an additional 2% ofshares in Siemens Ltd, bringing the percentage under black ownership to 30%...
Posted by Bernie at 1:52 PM | Comments (0)
March 29, 2007
SA's first black-owned wine logistics company announced
In a BEE transaction effective 1 March 2007, majority shareholding in Tri-Trade has been acquired by Wavuka PowerPack and a Tri-Trade employee trust. Tri-Trade is an established specialist wine logistics company based in Paarl, collecting wine from Western Cape producers and delivering to wholesale and retail outlets countrywide...
Posted by Bernie at 11:25 AM | Comments (0)
March 19, 2007
Invicta in R116m BEE deal
Industrial group Invicta Holdings announced on Monday it had sold new shares equivalent to 25% of its wholly owned subsidiary, Humulani Investments to aloeCap Limited and a staff trust for R116m...
Posted by Bernie at 6:27 AM | Comments (0)
March 9, 2007
Gold Reef agrees to BEE deal
South African casino and hotel operator Gold Reef has agreed a R640m deal to give black investors a 25.1% stake in the company, the firm said on Friday...
Posted by Bernie at 10:54 AM | Comments (0)
March 8, 2007
Seardel sells stake in BEE deal
JSE-listed Seardel Investment Corporation (Seardel) announced on Wednesday it had sold a 25,1% stake in one of its subsidiaries to Sello Moloko's Thesele Group...
Posted by Bernie at 10:56 AM | Comments (0)
March 6, 2007
Eastplats in R43m BEE deal
Eastplats, a two-thirds owner of Barplats, says it has agreed to purchase a 42.39 percent stake in the Gubevu Consortium, Barplats's empowerment partners, for R43-million in cash...
Posted by Bernie at 12:46 PM | Comments (0)
March 1, 2007
Adcorp unveils BEE deal
Adcorp Holdings on Thursday unveiled a broad based black economic empowerment deal in which Women Investment Portfolio Holdings (Wiphold), Simeka Investment Holdings (Simeka) and an Adcorp employee share incentive Trust will gain a 25 percent stake in the company...
Posted by Bernie at 8:57 AM | Comments (0)
February 28, 2007
PSV to sell 27,6% stake to BEE firm
AltX-listed fluid-control company PSV Holdings plans to sell a 27,6% stake to black-owned financial services firm Vunani Capital, the company said late on Wednesday...
Posted by Bernie at