Exchange Listed Companies

Murray & Roberts (M&R) is to sell its stake in the Bombela Concession Company (BCC) to Amsterdam-based Intertoll International. M&R will dispose of its 33% stake in BCC together with the Murray & Roberts BCC Financing Company which holds a further 17% stake in BCC for a total purchase consideration of R1,39 billion, payable in cash.

Following the conclusion of its strategic plan to unlock shareholder value, Etion will proceed with the repurchase of all ordinary shares in the company (excluding those shares held by Garlotrim) by way of a scheme of arrangement for a cash scheme consideration of 55.58 cents per share for an aggregate purchase consideration of R313,72 million. Following the delisting of the company from the AltX Board of the JSE, scheme participants will receive an agterskot payment, the total amount of which is equal to a maximum of R17 million.

A consortium (Newco) of commercial cane growers have submitted an expression of interest to acquire certain assets of Tongaat Hulett which is in business rescue. The proposal to acquire operating mills, refinery, animal feeds and brands aims to ensure the survival of farming operations linked to Tongaat’s operations in the North Coast of KwaZulu-Natal. Funding arrangements are still to be secured.

Unlisted Companies

Bushveld Energy, a subsidiary of Bushveld Minerals, a South African vanadium producer and energy storage provider, has disposed of its 51% stake in VRFB to London-based Mustang Energy. VRFB is a 50% shareholder in Enerox, an Austrian-based vanadium redox flow battery manufacturer. The transaction, valued at US$19,4 million, will be settled by the issue of 79,4 million new Mustang shares to Bushveld Energy.

South African end-to-end information and communications technology company Redwill ICT has acquired Opentel, a local fibre and wireless internet service provider (ISP).

Chariot, an African focused transitional energy company, has formed a joint venture through a 25% stake in a new SA electricity trading company Etana Energy. Other shareholders include Nerua Group (49%), H1 Holdings (21%) and Meadows Energy (5%). Etana Energy has been granted an electricity trading licence by the NERSA.

Local healthtech startup LIQID Medical has secured R30 million in investment from the SAB Foundation. A medical device development company, LIQID Medical will use the funds to further the development of three core devices (OptiShunt, iPortVR and iFlow) which offer clinically effective, cost-saving and quality-of-life-improving solutions for glaucoma.

Investment Fund for Developing Countries (IFU), a Development Financial Institution owned by the Government of Denmark, has exited its investment (in the form of loan capital) in local blubbery exporter United Exports.

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