Airtel Africa - one of the continent’s biggest telecoms businesses - has confirmed it will list on the London Stock Exchange by the end of the month, in a bid to reduce its net debt. The group set a price range for the float at between...
Gold output in Ghana jumped by 12% in 2018 to 4.8 million ounces (Moz), eclipsing South Africa’s output of 4.2Moz for the first time and becoming Africa’s largest gold producer in the process. South Africa’s gold sector has been in gradual decline for several years, with...
South African Airways (SAA) has appointed its head of operations as CEO in the interim and asked for 4 billion rand from the government in order to stay afloat for the rest of the financial year. The struggling airline, which has not turned a profit since...
South African billionaire Patrice Motsepe’s financial services group African Rainbow Capital (ARC) has launched an insurance subsidiary firm called African Rainbow Life. African Rainbow Life will focus on long-term insurance products including life cover, savings, investments, retirement annuities and funeral cover, primarily aimed at the lower...
Sibanye-Stillwater is set to become the world’s largest platinum producer after its US$286 million offer to buy Lonmin was approved by the majority of the struggling PGM miner’s shareholders. Investors owning nearly 99% of Lonmin’s stock voted in favour of Sibanye’s all-share offer, which had been...
Acacia Mining’s minority shareholders have expressed disapproval of Barrick Gold’s US$285 million offer to take full control of the company, as the Canadian giant aims to resolve a long-standing tax dispute in Tanzania. Barrick currently owns 63.9% of Acacia, and its all-share offer values the company...
Five Kenyan banks have launched a pilot lending service via mobile phone for the benefit of the country’s small and medium-sized business, the central bank announced on Monday. KCB Bank Kenya, Commercial Bank of Africa Limited (CBA), Cooperative Bank of Kenya, Diamond Trust Bank and NIC...
Total SA’s chief executive Patrick Pouyanne has said his company’s planned acquisition of US oil firm Anadarko’s African assets is ‘perfectly fitting’ with its overall strategy. The French energy giant agreed to buy all of Anadarko’s oil & gas assets outside the US for US$8.8 billion,...
The world’s biggest platinum mining companies will meet with South Africa’s labour unions this month to negotiate a three-year wage deal, in one of the first tests of Cyril Ramaphosa’s new presidency. Ramaphosa’s African National Congress (ANC) clinched South Africa’s general election last week by its...
South African construction giant Group Five has placed three of its biggest subsidiaries up for sale as the company looks to salvage what it can from bankruptcy proceedings. David Lake, one of the Johannesburg-based company’s business rescue practitioners, said in an interview that Intertoll Europe, a...