Weekly update | African listed companies, corporate deals (w/c 23 Sep)

Recent deals (M&A, IPOs, strategic shareholdings) include Elsewedy Electric Company, Asante Gold Corporation, Agricultural Development Bank and NEPI Rockcastle.

INDUSTRIAL

Elsewedy Electric Company SAE (EGX:SWDY) and Siemens Energy have jointly won a Saudi government contract valued at over USD1 billion. The two companies will construct a power generation station in the Saudi city of Rabigh. Elsewedy, which holds an 80% stake in the joint venture, is listed on the Egyptian Stock Exchange. Read the news report from Zawya.

JPMorgan Chase & Co. has reduced its stake in the Bidvest Group Limited (JSE:BVT; A2X:BVT). JPMorgan’s stake now amounts to 2.96% of the total issued shares of the company, down from 5.01%. Bidvest is listed on the Johannesburg and A2X stock exchanges. Read the full announcement.

Gadwa for Industrial Development (EGX:GDQA) has repurchased 360,000 of its own shares. Gadwa is listed on the Egyptian Stock Exchange. Read the full announcement.

MINING

Van Eck Associates Corporation has acquired a stake in Pan African Resources Plc (LSE:PAF; JSE:PAN; A2X:PAN). Van Eck’s holding now amounts to 5.901% of the total issued shares of the company. Pan African Resources is listed on the London, Johannesburg and A2X stock exchanges. Read the full announcement.  

As part of an equity financing agreement, Asante Gold Corporation Plc (CSE:ASE; GSE:ASG) has agreed to sell, on a non-brokered private placement basis, 90,666,667 common shares at a purchase price of CAD1.50 to a strategic investor. The deal will raise approximately CAD136 million (about USD100 million). Asante Gold is listed on the Canadian and Ghana stock exchanges. Read the full announcement.

BANKING

Agricultural Development Bank Plc (GSE:ADB) has issued 1,305,729 additional ordinary shares of no par value at GHS1.15 per share, in a ratio of 4.01 new ordinary shares for every 1 existing ordinary share held by a qualifying shareholder. The exercise raised GHS1.5 billion (about USD95 million). ADB Plc is listed on the Ghana Stock Exchange. Read the full announcement.

AGRIBUSINESS

Excelsior Shipping Company Limited, the majority shareholder in Flour Mills Nigeria (NGX:FLOURMILL), has offered to acquire all the shares held by minority shareholders in the company. Flour Mills is listed on the Nigerian Stock Exchange. Read the full announcement.

HOSPITALITY

Peregrine Capital Proprietary Limited has increased its stake in City Lodge Hotels Limited (JSE:CLH; A2X:CLH). Peregrine’s holding now amounts to 5.30% of the total issued number of securities. City Lodge Hotels is listed on the Johannesburg and A2X stock exchanges. Read the full announcement.

REAL ESTATE

Meago Proprietary Limited has acquired a stake in Fortress Real Estate Investments Limited (JSE:FFB; A2X:FFB). Meago’s holding now amounts to 6.76% of Fortress’ B ordinary shares in issue. Fortress is listed on the Johannesburg and A2X stock exchanges. Read the full announcement.

Hyprop Investments Limited (JSE:HYP; A2X:HYP) has successfully concluded the disposal of AttAfrica (Accra Mall, Kumasi City Mall and West Hills Mall in Ghana) and the Gruppo disposal (Ikeja City Mall in Nigeria) to Lango Real Estate Limited. Hyprop is listed on the Johannesburg Stock Exchange. Read the full announcement.

Attacq Limited (JSE:ATT; A2X:ATT) has successfully concluded the disposal of AttAfrica (Accra Mall, Kumasi City Mall and West Hills Mall in Ghana) and the Gruppo disposal (Ikeja City Mall in Nigeria) to Lango Real Estate Limited. Attacq is listed on the Johannesburg Stock Exchange. Read the full announcement.

36ONE Asset Management (Pty) Limited has acquired a stake in Spear REIT Limited (JSE:SEA). 36ONE Asset Management’s holding now amounts to 8.08% of the company’s total issued ordinary share capital. Spear is listed on the Johannesburg Stock Exchange. Read the full announcement.

Pioneers Properties for Urban Development (EGX:PRDC) has repurchased 200,000 of its own shares. Pioneers is listed on the Egyptian Stock Exchange. Read the full announcement.

NEPI Rockcastle N.V. (JSE:NRP; EURONEXT:NRP; A2X:NRP), through its wholly owned subsidiary NE Property B.V., has entered into a binding agreement to acquire all the issued shares in Kasama Investments sp. z.o.o., the owner of Magnolia Park, the largest shopping and entertainment centre in the Polish city of Wrocław. The transaction’s aggregate purchase price is EUR373 million, including the full settlement of Kasama’s full outstanding debt. NEPI Rockcastle is listed on the Johannesburg, Euronext Amsterdam and A2X stock exchanges. Read the full announcement.

Growthpoint Properties Limited (JSE:GRT; A2X:GRT) has disposed of its entire shareholding in Capital & Regional Plc (LSE:CAL), approximately 69% of Capital & Regional’s total issued ordinary share capital, to NewRiver REIT Plc (LSE:NRR). The disposal forms part of a broader transaction whereby NewRiver intends to make a GBP147 million offer for Capital & Regional. Growthpoint is listed on the Johannesburg and A2X stock exchanges. Read the full announcement.

Coronation Asset Management (Pty) Limited (JSE:CML; A2X:CML) has acquired a stake in Equities Property Fund Limited (JSE:EQU). Coronation’s holding now amounts to 15% of Equities’ total shares in issue. Equities is listed on the Johannesburg Stock Exchange. Read the full announcement.

Putprop Limited (JSE:PPR) has disposed of its industrial property Putcoton for a total cash consideration of ZAR42 million. Global Tank Worx Proprietary Limited, the buyer, is wholly owned by Sky-Way B.V., a Dutch incorporated company. Putprop is listed on the Johannesburg Stock Exchange. Read the full announcement.

Abrdn Investment Management has reduced its stake in Sirius Real Estate Limited (JSE:SRE; LSE:SRE). Abrdn’s holding now amounts to 7.67%, down from 7.80% of the total issued shares of the company. Sirius is listed on the London and Johannesburg stock exchanges. Read the full announcement.

Richmond Group Limited has reduced its stake in Hammerson Plc (LSE:HMSO; JSE:HMN; A2X:HMN). Richmond’s holding now amounts to 2.938%, down from 3.027% of the total issued share capital of the company. Hammerson is listed on the London, Johannesburg and A2X stock exchanges. Read the full announcement.

FOOD PROCESSING

The Arab Dairy Products Company SAE (EGX:ADPC) has repurchased 400,000 of its own shares. The Arab Dairy Products Company is listed on the Egyptian Stock Exchange. Read the full announcement.

CHEMICALS

Société Chimique Alkimia SA (BVMT:ALKM), a chemical manufacturer, has issued 2,000,000 new company shares. Société Chimique Alkimia is listed on the Tunis Stock Exchange. Read the full announcement.

INVESTMENT HOLDINGS

The boards of Naspers Limited (JSE:NPN; A2X:NPN) and Prosus N.V. (AMS:PRX; JSE:PRX; A2X:PRX) have announced the repurchase of 191,854 Naspers N ordinary shares and 2,583,532 Prosus N ordinary shares. Naspers is listed on the Johannesburg and A2X stock exchanges while Prosus is listed on the Euronext Amsterdam, Johannesburg and A2X stock exchanges. Read the full announcements here and here.

Transaction Capital Limited (JSE:TCP; A2X:TCP) has reduced its shareholding in the Mobalyz Group (comprising Mobalyz Group Holdings Proprietary Limited, its 75% held subsidiary, SA Taxi Holdings Proprietary Limited and SATH’s subsidiaries). Mobalyz will cease to be part of Transaction Capital though Transaction will retain a minority equity interest therein. Transaction Capital is listed on the Johannesburg and A2X stock exchanges. Read the full announcement.

MANUFACTURING

Coronation Asset Management (Pty) Limited (JSE:CML; A2X:CML) has acquired a stake in Nampak Limited (JSE:NPK). Coronation’s stake now amounts to 10.10% of the total issued ordinary shares of the company. Nampak is listed on the Johannesburg Stock Exchange. Read the full announcement.

TELECOMS

Airtel Africa Plc (LSE:AAF; NGX:AIRTELAFRI) has purchased 1,126,204 of its own shares. Airtel Africa is listed on the London and Nigerian stock exchanges. Read the full announcements here, here and here.

TRANSPORT & LOGISTICS

Aylett & Company (Pty) Limited has increased its stake in the Super Group Limited (JSE:SPG). Aylett’s holding now amounts to 5.0%, up from 3.81% of the total issued ordinary shares of the company. The Super Group is listed on the Johannesburg Stock Exchange. Read the full announcement.


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