Exchange-Listed Companies
African Infrastructure Investment Managers (Old Mutual) has exited its investment in Bakwena Platinum Corridor Concession. The 12.67% stake, held through its African Infrastructure Investment Fund 2, has been acquired by Gaia Fund Managers, a specialist asset manager focused on Africa’s emerging infrastructure asset class. Financial details were undisclosed.
Nampak has entered into a binding agreement to dispose of its industrial inkjet printing, laser marketing and case coding solutions business known as Nampak I&CS for a disposal consideration of R142,5 million.
Hammerson plc has completed the acquisition of the remaining 50% stake in Westquay in Southampton, UK for £135 million. The consideration will be funded from the proceeds (€705 million) received from the company’s recent disposal of its 42% stake in Value Retail.
Pan African Resources (PAR) is to acquire the remaining 92% shareholding in Tennant Consolidated Mining Group. PAR acquired an initial 8% in March for US$3,4 million and will acquire the rest of the group for $50,8 million in a share-swap transaction which will see an issue of new shares. The new shares constitute less than 6% of its issued share capital. This acquisition aims to boost PAR’s production growth in Australia’s Northern Territory, with plans for a significant processing facility and exploration potential. The initial development capital for Tennant’s Nobles Gold Project is $35,7 million, which will be fully funded using Australian debt facilities. The plant is expected to be commissioned during June 2025 and first gold by July 2025. The initial capital investment is expected to be repaid in less than three years at an average gold price of c.$2,600 an ounce.
Sirius Real Estate is to acquire a £9,05 million multi-let light industrial park in Carnforth, Lancashire representing an 11.4% net initial yield including acquisition costs. The acquisition adds 172,152 square feet of light industrial space to the UK portfolio. In addition, Sirius has completed the €3 million acquisition of a nine-acre strategic land parcel adjacent to its Oberhausen multi-use business park in the Ruhr area of northwest Germany which will provide the opportunity to expand the park.
Anglo American has agreed to the sale of its 33.3% minority interest in the Jellinbah Group, a joint venture that owns a 70% stake in the Jellinbah East and the Lake Vermont steelmaking coal mine in Australia. The stake is being sold to Zashvin, an existing 33.3% shareholder, for cash proceeds of A$1,6 billion.
As part of its ongoing strategy to focus on its mining and chemical businesses and the optimisation of its portfolio, AECI has disposed of Much Asphalt to a consortium comprising Old Mutual Private Equity’s OMPE VI GP (Old Mutual) and Sphere Investments, a Black investment holding company. The estimated disposal consideration of R1,1 billion has been structured as a ‘locked-box’ structure with an effective date of 31 December 2024.
Diversified financial services group Clientèle, has acquired Emerald Life, a life micro-insurer with an established footprint nationwide, for c.R597,5 million. The acquisition will add to the group’s expertise in the mass market segment. The Embedded Value of Emerald Life is c. R600 million. The deal constitutes a category 2 transaction and does not require shareholder approval.
The implementation conditions associated with the disposal by Sasfin Bank of its capital equipment finance and commercial property finance businesses to African Bank have, as of 31 October 2024, been met. The deal was first announced in October 2023 for a disposal consideration of R3,26 billion.
Sabvest Capital’s disposal of its direct and indirect interests in Rolfes, announced in August 2024 for R179,5 million, has received all regulatory approvals and is now unconditional.
The disposal by Transaction Capital of Nutun Transact, Accsys and Nutun Credit Health to Q Link (SPE Mid-Market Fund I Partnership), announced in August 2024, is now unconditional. The deal, a category 2 transaction, was valued at R410 million.
Mpact’s disposal of its Versapak division to Greenpath Recycling (a subsidiary of Sinica Manufacturing) for R254,7 million, announced in August 2024, has become unconditional with effect 4 November 2024.
The Competition Commission has approved the acquisition by Novus from Media24 (Naspers) of three divisions, namely On the Dot – the media supply chain management division, Community Newspapers – the local news portfolio and Soccer Laduma and Kick Off – the football publication division. The purchase consideration was not disclosed but is reported to represent c.1.6% (c.R43 million) of Novus’ market capitalisation.
The proposed joint venture between AngloGold Ashanti and Gold Fields, announced in March 2023, is still to receive the requisite approvals from the Government of Ghana. The joint venture aims to combine Gold Fields’ Tarkwa Mine and AngloGold Ashanti’s Iduapriem Mine into a single managed entity. This would extend life of mine, increase production and lower costs. In the absence of approvals, the mining houses will separately continue to improve their respective assets while maintaining engagement in relation to a potential asset combination.
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