Exchange-Listed Companies

Trematon Capital Investments will effectively dispose of a 60% portion of its shareholding in Genexperience (GenEx) to Dr Khamis Obaid Mubarak Al Ajmi, an investor with a portfolio of school operations in Qatar and Oman. The disposal will be effected by means of an issue of shares in GenEx for cash. Prior to the issue, Trematon holds an indirect 75.8% interest in the start-up edu-tech business. The issue will be made in six tranches over the next two years – each of a 10% stake for a consideration of US$500,000 per tranche. The share issue will provide GenEx with the resources required to grow the business within South Africa as well as expanding to the Middle East and UK.

The R3,25 billion disposal by Sasfin Bank and Sasfin Private Equity Investment (Sasfin) of the Capital Equipment Finance and Commercial Property Finance businesses, announced in October last year, has received final regulatory approval.

Following discussions with shareholders, Glencore has abandoned its plans to demerge its coal business citing encouragement from shareholders to keep the company’s cash-generating ability with the retention of the coal business seen as offering the lowest risk pathway to create value for shareholders.

Mantengu Mining’s planned acquisition of Birca Copper and Metals (BCM), announced earlier this year has faltered. In May, the company entered into an agreement with Birca Investments and SA Metals and Fossils to acquire BCM for c.R30 million. BCM mines and processes high grade chrome ore in the North West Province. The mining area is the subject of the mining right granted to New Venture Mining Investment Holdings (NVMHI). Prior to the deal, BCM and MVMHI had signed a transfer of mining right agreement. But this month NVMHI accused BCM of certain breaches and cancelled the transfer agreement with immediate effect thereby terminating the deal between Mantengu and BCM. Mantengu says given the materiality of the acquisition and subsequent investment made into BCM, the company will engage with NVMHI with the aim of finding an alternative solution to protect the investment. Subsequently, Mantengu has advised that it has been made aware of several other financial and contractional obligations which were not disclosed prior to the acquisition agreement, and which have placed the operation of BCM at further risk. Given material doubt on the ability of BCM to continue its operations, the BCM Board has placed the company into Business Rescue.

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