Marylou Greig
Exchange Listed Companies
Naspers, through its technology fund Naspers Foundry, has invested R40 million in agritech company Nile. The investment is part of an R83 million equity round. The B2B e-commerce platform, which services small and large-scale farmers, provides direct trade of fresh produce between producers and retailers, wholesalers and processors across the SADC region.
Nedbank, via its corporate and investment banking division, has made an equity investment into RapidDeploy, an integrated response platform transforming first responder communications centres into data-centric organisations.
Emira Property Fund has agreed to dispose of its entire 49.9% stake in Enyuka Property to joint venture partner One Property. The stake in the rural and lower LSM retail property joint venture will be sold for an aggregate R637 million, representing a small premium to book value. The proceeds will be temporarily used to reduce Emira’s gearing but will be available for other capital re-investment opportunities.
Shoprite Checkers, the local subsidiary of Shoprite has announced a plan to recognise its employees’ role in the success of the group by providing them with additional compensation over and above their salary and at the same time increasing its B-BBEE shareholding in the local subsidiary to 19.2% from 13,5%. In the announcement, the company states that 97% of local employees are black and 66% are female. The evergreen B-BBEE Employee Benefit Trust will hold 40 million shares in the local subsidiary and employees (in service for at least two years) will receive dividend entitlements but will not own the shares, so the transaction will not have an impact on the shares in issue in the listed holding company. Non-SA employees will also receive equivalent payment to that of its local employees.
Stefanutti Stocks has disposed of a property in Henville, Germiston to Badenoch Investments for R33 million. The disposal is in line with the company’s restructuring plan to put in place an optimal capital structure and access to liquidity.
Texton Property Fund has disposed of Woodmead Commercial Park to Benav Properties in a deal valued at R132,5 million. The proceeds of the sale will be utilised to repay debt and to further invest in its SME strategy.
Sirius Real Estate, the multi-tenanted business park, is to sell Bizspace Business Park in Camberwell, London for £16 million representing a net initial yield of c.2.0%.
Unlisted Companies
TooMuchWifi, a local internet service provider, has raised US$1 million in a pre-Series A round led by BLOC SA with participation from Connectivity Capital, Atreyu Investments and other existing investors. TooMuchWifi serves to bridge the connectivity gap by providing uncapped and affordable fibre-backed Internet to the underserved areas in South Africa. The funds will be used to scale operations in existing areas and expand into new communities.
Phatisa, a sub-Saharan African private equity fund manager, has sold a minority share in Continental Beverage Company, the Côte d’Ivoire bottler, to majority shareholder pan-African investment firm, Teyliom International, for an undisclosed sum.
DealMakers is SA’s M&A publication
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