Exchange-Listed Companies
Choppies Enterprises has acquired a 76% controlling stake in the Kamoso Africa, an industrial group whose businesses include milling, the import of value for money food, the distribution of medical equipment, the manufacturing of tissue and plastics, the retail of building material and the sale of liquor. It is, according to the company, the well-established and dominant liquor business that is behind the rational for the acquisition. Choppies Botswana is the only one of the four countries in which Choppies is present that does not have a liquor business. Choppies will pay R2.00 for the business and take cession of the existing shareholders loans of P28 million.
Mondi plc is to acquire the 250,000 tonne per annum Hinton Pulp mill in Alberta, Canada. Mondi will pay West Fraser Timber Co. US$5 million for the mill and enter into a long-term partnership with West Fraser to access local, high-quality fibre from a well-established wood basket.
Invicta announced two deals during the week. The company acquired through its wholly owned subsidiary KMP, a 50% stake in KMP Far East Pte, a company established in Singapore with the primary objective to promote and strengthen market coverage of the KMP Brand. In a second transaction, executed via its subsidiary Euro Driveshaft, which forms part of its Replacement Part Auto-Agri business segment, Invicta acquired Imexpart, a UK distributor of truck parts. Financial details were undisclosed.
Unlisted Companies
Magnora ASA and Globeleq have signed and executed an agreement that paves the way for developing large-scale battery storage and renewable energy projects in South Africa. Globeleq, which is 70% owned by British International Investments and 30% by Norfund, will acquire a permitted site from Magnora and will develop the project further. The agreement provides for an upfront payment with additional payments on condition Globeleq reaches certain commercial and technical milestones. Magnora entered the SA renewable energy market in 2021 with the acquisition of an 850 MW project portfolio and went on to acquire African Green Ventures, a renewable project development company.
Africa Oil, a Canadian oil and gas company listed on the TSX, is to acquire a 6.25% interest in Block 3B/4B – an area of 17,581 km² within the Orange Basin offshore South Africa. The stake is to be acquired from Azinam, a wholly-owned subsidiary of Eco (Atlantic Oil & Gas) for US$10,5 million.
DealMakers is SA’s M&A publication.
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