Company news in brief
Nigeria reviewing info to resolve MTN repatriation
Nigeria's central bank is reviewing information provided by MTN and four banks accused of helping the South African telecoms company to illegally repatriate US$8.1 billion, with a view to reaching an equitable resolution, it said on Wednesday.
Nigeria, which accounts for a third of MTN's annual core profit, is MTN's biggest market, but has proved to be problematic in recent years during which there have been multiple allegations of infractions.
The central bank on Aug. 29 said it had ordered MTN and the four banks to bring US$8.1 billion back into Nigeria that it alleged the telecoms firm sent abroad in breach of foreign exchange regulations.
It also fined the banks. Standard Chartered PLC was fined 2.4 billion naira (US$7.86 million), Stanbic IBTC Bank PLC 1.8 billion naira, Citibank 1.2 billion naira and Diamond Bank PLC 250 million naira.
MTN has denied any wrongdoing and the banks have said they are in talks with the regulator.
Nigeria's financial regulator, in Wednesday's statement, said it would continue to welcome foreign investments, and that the sanctions imposed on the banks were not designed to restrict access to investor returns. – Nampa/Reuters
Jack Ma backtracks on jobs promise
Alibaba Chairman Jack Ma said the company can no longer meet its promise to create 1 million jobs in the United States due to US-China trade tensions, Chinese news agency Xinhua reported.
Ma had met US President Donald Trump two years ago and laid out the Chinese e-commerce giant's plan to bring one million small US businesses onto its platform to sell to Chinese consumers over the next five years.
"This commitment is based on friendly China-US cooperation and the rational and objective premise of bilateral trade," Ma told Xinhua. "The current situation has already destroyed the original premise. There is no way to deliver the promise."
Ma said trade tensions between the United States and China could last for two decades and would be "a mess" for all parties involved.
He had also said trade tensions would likely impact Chinese and foreign companies immediately and negatively, while predicting that Chinese businesses may move production to other countries in the medium-term to get around tariffs. – Nampa/Reuters
Life Healthcare to sell stake in Indian JV
South African private hospital group Life Healthcare said on Wednesday it will sell its entire 49.7% stake in India's Max Healthcare to a global investment firm for R4.3 billion, in order to focus on its operations elsewhere.
"The Company will initially use the net disposal proceeds to settle debt as well as to invest in growth opportunities in its core markets," the group said in a statement.
Investment firm KKR, through its portfolio company Radiant Life Care Private Limited, will buy more than 266 million shares in Max Healthcare at 80 rupees per share.
The deal is expected to be finalised before the end of the year.
Max Healthcare is a leading hospital group in India, operating hospitals in New Delhi, Punjab and Uttarakhand. – Nampa/Reuters
Aston Martin aims for October IPO
Luxury British carmaker Aston Martin said yesterday it was seeking a valuation of up to 5.07 billion pounds (US$6.7 billion) as it set a price range of 17.50 pounds to 22.50 pounds per share for its stock market flotation.
The company, famed for making the sports car driven by fictional secret agent James Bond, said last month it was pursuing an initial public offering (IPO), the first British carmaker to do so for decades.
The firm is expecting 25% of its stock to be floated, nearly 57 million shares.
The carmaker, which has long said it could IPO, has undergone a turnaround plan since chief executive Andy Palmer took over as CEO in 2014 as it boosts its volumes and expands into new segments.
Palmer said investors would be able to take advantage of future growth if they take part in the flotation. – Nampa/Reuters
Emerging market turbulence to hit Diageo
The world's biggest spirits company Diageo Plc expects this year's sell-off of some emerging market currencies to knock 175 million pounds off net sales and 45 million off its full-year profits, the company said yesterday.
In recent weeks, we have experienced some increased emerging market foreign exchange volatility, which has been partially offset by a strengthening of the US dollar," chief executive Ivan Menezes said in an update ahead of its 2018 meeting of shareholders.
"Based on current rates we currently expect exchange to have a negative impact on net sales of 175 million pounds and a negative impact on operating profit of 45 million pounds for the fiscal year." – Nampa/Reuters
Nigeria's central bank is reviewing information provided by MTN and four banks accused of helping the South African telecoms company to illegally repatriate US$8.1 billion, with a view to reaching an equitable resolution, it said on Wednesday.
Nigeria, which accounts for a third of MTN's annual core profit, is MTN's biggest market, but has proved to be problematic in recent years during which there have been multiple allegations of infractions.
The central bank on Aug. 29 said it had ordered MTN and the four banks to bring US$8.1 billion back into Nigeria that it alleged the telecoms firm sent abroad in breach of foreign exchange regulations.
It also fined the banks. Standard Chartered PLC was fined 2.4 billion naira (US$7.86 million), Stanbic IBTC Bank PLC 1.8 billion naira, Citibank 1.2 billion naira and Diamond Bank PLC 250 million naira.
MTN has denied any wrongdoing and the banks have said they are in talks with the regulator.
Nigeria's financial regulator, in Wednesday's statement, said it would continue to welcome foreign investments, and that the sanctions imposed on the banks were not designed to restrict access to investor returns. – Nampa/Reuters
Jack Ma backtracks on jobs promise
Alibaba Chairman Jack Ma said the company can no longer meet its promise to create 1 million jobs in the United States due to US-China trade tensions, Chinese news agency Xinhua reported.
Ma had met US President Donald Trump two years ago and laid out the Chinese e-commerce giant's plan to bring one million small US businesses onto its platform to sell to Chinese consumers over the next five years.
"This commitment is based on friendly China-US cooperation and the rational and objective premise of bilateral trade," Ma told Xinhua. "The current situation has already destroyed the original premise. There is no way to deliver the promise."
Ma said trade tensions between the United States and China could last for two decades and would be "a mess" for all parties involved.
He had also said trade tensions would likely impact Chinese and foreign companies immediately and negatively, while predicting that Chinese businesses may move production to other countries in the medium-term to get around tariffs. – Nampa/Reuters
Life Healthcare to sell stake in Indian JV
South African private hospital group Life Healthcare said on Wednesday it will sell its entire 49.7% stake in India's Max Healthcare to a global investment firm for R4.3 billion, in order to focus on its operations elsewhere.
"The Company will initially use the net disposal proceeds to settle debt as well as to invest in growth opportunities in its core markets," the group said in a statement.
Investment firm KKR, through its portfolio company Radiant Life Care Private Limited, will buy more than 266 million shares in Max Healthcare at 80 rupees per share.
The deal is expected to be finalised before the end of the year.
Max Healthcare is a leading hospital group in India, operating hospitals in New Delhi, Punjab and Uttarakhand. – Nampa/Reuters
Aston Martin aims for October IPO
Luxury British carmaker Aston Martin said yesterday it was seeking a valuation of up to 5.07 billion pounds (US$6.7 billion) as it set a price range of 17.50 pounds to 22.50 pounds per share for its stock market flotation.
The company, famed for making the sports car driven by fictional secret agent James Bond, said last month it was pursuing an initial public offering (IPO), the first British carmaker to do so for decades.
The firm is expecting 25% of its stock to be floated, nearly 57 million shares.
The carmaker, which has long said it could IPO, has undergone a turnaround plan since chief executive Andy Palmer took over as CEO in 2014 as it boosts its volumes and expands into new segments.
Palmer said investors would be able to take advantage of future growth if they take part in the flotation. – Nampa/Reuters
Emerging market turbulence to hit Diageo
The world's biggest spirits company Diageo Plc expects this year's sell-off of some emerging market currencies to knock 175 million pounds off net sales and 45 million off its full-year profits, the company said yesterday.
In recent weeks, we have experienced some increased emerging market foreign exchange volatility, which has been partially offset by a strengthening of the US dollar," chief executive Ivan Menezes said in an update ahead of its 2018 meeting of shareholders.
"Based on current rates we currently expect exchange to have a negative impact on net sales of 175 million pounds and a negative impact on operating profit of 45 million pounds for the fiscal year." – Nampa/Reuters
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