South Africa’s Minister of Public Enterprises Pravin Gordhan has told struggling South African Airways (SAA) that it needs a ‘radical restructuring’ to ensure financial and operational sustainability going forward. The minister said his department was locked in discussions with the state-run airline’s board and executive committee...
Africa-focused Rainbow Rare Earths has acquired ten mining claims in Zimbabwe as the mining junior looks to expand on its sole existing operation – the Gakara Rare Earth Project in Burundi. The London-listed and headquartered company said the licences will be held 100% by local subsidiary...
South African telecoms giant Telkom SA has announced it is in talks with rival firm Cell C regarding a takeover of the country’s third largest mobile carrier. While part state-owned Telkom has previously considered acquiring its competitor, which is saddled with hefty debts, the company said...
Visa is set to plough US$200 million into African card payments group Interswitch, in a deal that will see the Nigeria-based company become the latest fintech ‘unicorn’ on the African continent. US-based card payments giant Visa will receive a 20% stake in Interswitch in return for...
Taste Holdings, owner of the Starbucks and Domino’s Pizza enterprises in South Africa, is abandoning the food business, and has already sold its 13 stores of the coffee chain for R7 million. The JSE-listed company announced the divestment, along with plans to sell Domino’s and two...
Australian integrated engineering, project management and delivery group Aurecon will delist its African business from the wider group, following a proposal from the African unit to be independent. Aurecon’s CEO William Cox said the decision to delist the African business was motivated by a feeling that...
Mauritius has been ranked as the highest performing African economy in the World Bank Group’s latest Doing Business report, but Nigeria came out as one of the most improved nations in the 2020 edition. The annual research looks at 190 nations and evaluates the business environment...
The board of Prosus NV – the recently spun-out Naspers company – has made a hostile US$6.3 billion bid for UK-listed Just Eat, a move which could instigate a bidding war with Dutch rival Takeaway.com. The latter agreed a merger with online food order and delivery...
Barrick Gold Corp has announced a breakthrough deal with the Tanzanian government over a long-running tax dispute with its subsidiary company Acacia Mining. The tax deal will see Barrick pay a US$300 million settlement fee to Tanzania, who will in turn lift a concentrate export ban...
Safaricom is one of 30 global corporate heavyweights that will work together to free up trillions of dollars of private sector funds for sustainable development, in conjunction with the United Nations. The Kenyan telecoms giant's leader will join the Global Investors for Sustainable Development (GISD) Alliance,...