South Africa's troubled state-run airline South African Airways asked the Treasury for a R10-billion ($770-million) bail-out in March, Finance Minister Malusi Gigaba said in a written reply to parliamentary questions. Gigaba did not say if the request for R10-billion would be granted. The minister said the request had been made in a one-year corporate plan submitted by the airline.
Researcher Professor Kelly Chibale has called for a deep commitment to investing in world-class infrastructure and skills for scientists to succeed on the continent. The founder and director of Africa’s only integrated drug discovery and development centre, H3D, at the University of Cape Town (UCT), says scientific progress in Africa is hampered by a lack of world-class scientific infrastructure.
Invicta Holdings said on Tuesday that its subsidiary company, Bearing Man Group (BGM), has entered into a long-term agreement with Fenner Conveyor Belting to distribute its products in sub-Saharan Africa on an exclusive basis and on a non-exclusive basis in the rest of Africa. Invicta is an investment holding and management company controlling and managing assets worth more than R14-billion. It has interests in engineering solutions, capital equipment and building supplies.
Inbound merger and acquisition (M&A) deals in Africa plunged 48% from 33 in the second quarter of 2016, and 45% from 31 in the first quarter of this year, to just 17 in the second quarter of this year. The total deal value for inbound deals decreased to $780-million – an 83% year-on-year and an 88% quarter-on-quarter decline, Baker McKenzie’s latest quarterly Cross-border M&A Index shows.
South African petrochemicals group Sasol said on Tuesday it expected its full-year headline earnings to fall as much as 21%, hit by lower oil prices and a stronger rand currency. Sasol said headline earnings per share for the year to end June are expected to decrease by between 11% and 21% from R41.40 ($3.20) in the prior year.
Kumba Iron Ore chairperson Fani Titi is to step down from the board of the Johannesburg Stock Exchange-listed mining company from September 30 and will be replaced by Dr Mandla Gantsho, who has been appointed as chairperson designate. Gantsho will join the board on August 1 and will succeed Titi on October 1, after a handover period of two months.