Company news
Caledonia plans Zimbabwe expansion
Caledonia Mining plans to buy gold assets in Zimbabwe and increase its stake in the Blanket mine after the removal of the country’s tough ownership rules.
Keen to attract investment to revitalise the country’s struggling mining industry and economy, Zimbabwe has revised its laws since the departure of former President Robert Mugabe to allow foreign firms to fully own operations, with the exception of diamond and platinum mines.
Previously mines had to be 51% owned by Zimbabweans.
-Nampa/Reuters
Nedbank, Old Mutual reach milestone in managed separation
Nedbank Group has signed a relationship agreement with Old Mutual Limited (OML), regarded by the group as a significant step forward in the managed separation of the Old Mutual Group.
Old Mutual Plc’s managed separation strategy involves the creation of a new South African holding company OML.
It is scheduled to have its primary listing on the JSE towards the end of June 2018 as well as a standard listing on the London Stock Exchange and secondary listings on the Malawian, Namibian and Zimbabwean exchanges.
-Fin24
More banks to work on Nigerian IPO
MTN has appointed more banks for the sale of shares in its Nigerian unit on the stock exchange in Lagos as it looks to start an initial public offering in June or July, according to people familiar with the matter.
The Johannesburg-based wireless operator has picked several banks and brokers including Renaissance Capital, FirstRand’s Rand Merchant Bank and Nigerian firm Chapel Hill Denham to work with global coordinators Citigroup and Standard Bank said the people, who asked not to be named as the matter is private.
-Fin24
Apple shares slip again
Apple fell for the third day after analysts at Morgan Stanley cut their forecasts for iPhone shipments, adding to concern about the tech giant’s primary source of revenue ahead of quarterly earnings in May.
Morgan Stanley analyst Katy Huberty lowered her projections for iPhone shipments by 1 million in the quarter ending in March and 6 million for the current quarter. Huberty now sees shipments for fiscal 2018 of 210 million, down from an earlier estimate of 217 million.
-Fin24
Steinhoff pleads to save ‘burning building’
Steinhoff International’s acting chairperson likened the retailer to a burning building when the accounting scandal broke four months ago, appealing for shareholder support for an ongoing investigation into the smoldering wreckage.
“There was a time in early December that it could be likened to finding oneself in a burning building,” Heather Sonn said at the retailer’s annual general meeting (AGM) in Amsterdam, where the company is registered.
“Typically when in a burning building you run out. Some stayed. We are happy some stayed in the burning building to help.
-Fin24
Caledonia Mining plans to buy gold assets in Zimbabwe and increase its stake in the Blanket mine after the removal of the country’s tough ownership rules.
Keen to attract investment to revitalise the country’s struggling mining industry and economy, Zimbabwe has revised its laws since the departure of former President Robert Mugabe to allow foreign firms to fully own operations, with the exception of diamond and platinum mines.
Previously mines had to be 51% owned by Zimbabweans.
-Nampa/Reuters
Nedbank, Old Mutual reach milestone in managed separation
Nedbank Group has signed a relationship agreement with Old Mutual Limited (OML), regarded by the group as a significant step forward in the managed separation of the Old Mutual Group.
Old Mutual Plc’s managed separation strategy involves the creation of a new South African holding company OML.
It is scheduled to have its primary listing on the JSE towards the end of June 2018 as well as a standard listing on the London Stock Exchange and secondary listings on the Malawian, Namibian and Zimbabwean exchanges.
-Fin24
More banks to work on Nigerian IPO
MTN has appointed more banks for the sale of shares in its Nigerian unit on the stock exchange in Lagos as it looks to start an initial public offering in June or July, according to people familiar with the matter.
The Johannesburg-based wireless operator has picked several banks and brokers including Renaissance Capital, FirstRand’s Rand Merchant Bank and Nigerian firm Chapel Hill Denham to work with global coordinators Citigroup and Standard Bank said the people, who asked not to be named as the matter is private.
-Fin24
Apple shares slip again
Apple fell for the third day after analysts at Morgan Stanley cut their forecasts for iPhone shipments, adding to concern about the tech giant’s primary source of revenue ahead of quarterly earnings in May.
Morgan Stanley analyst Katy Huberty lowered her projections for iPhone shipments by 1 million in the quarter ending in March and 6 million for the current quarter. Huberty now sees shipments for fiscal 2018 of 210 million, down from an earlier estimate of 217 million.
-Fin24
Steinhoff pleads to save ‘burning building’
Steinhoff International’s acting chairperson likened the retailer to a burning building when the accounting scandal broke four months ago, appealing for shareholder support for an ongoing investigation into the smoldering wreckage.
“There was a time in early December that it could be likened to finding oneself in a burning building,” Heather Sonn said at the retailer’s annual general meeting (AGM) in Amsterdam, where the company is registered.
“Typically when in a burning building you run out. Some stayed. We are happy some stayed in the burning building to help.
-Fin24
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