S.Africa’s Johnnic recommends rejecting HCI bid

Related MBA Information

S.Africa’s Johnnic recommends rejecting HCI bid

South African casino and hotel company Johnnic Holdings urged shareholders on Tuesday to reject a hostile takeover bid by rival HCI, which it said undervalued the firm. "The board believes that the offer by HCI does not fully value Johnnic and therefore recommends that you take no action in relation to the offer," Johnnic said in a circular to shareholders. Hoskens Consolidated Investments (HCI), which already owns 40 percent of Johnnic, has bid 10.70 rand in cash per Johnnic share or one of its own shares for 2.57 Johnnic shares, valuing the company at roughly 1.8 billion rand. But Johnnic, which was one

US Urges Unity Gov’t to Prevent Civil War in W. African State

Fears of civil war continue to run high in the West African nation of Togo, where the United States and others are urging the formation of a national reconciliation government after disputed presidential elections sparked violence. Faure Gnassingbe, son of former dictator Gnassingbe Eyadema who died last February, was declared the winner of this week's elections, having garnered 60 percent of the vote to opposition candidate Bob Akitani's 38 percent. Rejecting the outcome, Akitani declared himself president and called on his supporters to fight for him. "At the expense of our lives, we must be opposed to people who think they have divine

S.Africa’s Sappi boosts earnings, outlook cautious

South African paper producer Sappi boosted headline earnings per share in the second quarter but warned that high material costs meant full year earnings were unlikely to match the previous period. The news pushed shares in the world's largest maker of fine paper used in glossy magazines down 3.55 percent to 65 rand by 0716 GMT, lagging a slightly positive Johannesburg top-40 index of blue-chip stocks. Sappi said on Friday headline EPS rose to 12 U.S. cents per share, compared to 6 U.S. cents in the first quarter and 10 U.S. cents in the year-ago period. A Reuters survey of six analysts produced

S.Africa’s Coega aluminium smelter to go ahead - IDC

The long-delayed 660,000-tonne Coega aluminium smelter in South Africa is set to go ahead with a final decision due in October, the government's Industrial Development Corporation (IDC) said on Wednesday. Canada's Alcan, the world's second biggest primary aluminium producer, inherited the $2.5 billion smelter project when it took over French rival Pechiney in 2003, but has yet to commit to the project. "We are confident that the smelter will go ahead, that's why we would like to take a 15 percent stake," IDC Chief Executive Geoffrey Qhena told a news conference. "The timeframe (for a decision) is October." Last month, Public Enterprises Minister

S.Africa’s Kruger sacks gamekeepers turned poachers

South Africa's Kruger National Park dismissed four workers on Friday for beating at least six antelope to death. The four men, who worked in the technical services and laundry departments of the world-famous park, lured the impala into a laundry before beating them to death with blunt instruments and skinning them, a park spokesman told Reuters. "The intense cruelty of the incident horrified us," the park's executive director Bandile Mkhize said in the statement after the men were sacked following a three-week disciplinary hearing. The men smuggled the meat through a hole in a fence for storage in their living quarters, though it

South African gold miners to go ahead with strike Sunday

Around 100,000 South African gold miners will launch the first industry-wide strike in 18 years later on Sunday to press demands for better wages, the country's biggest mining union said. "The main issue is that at 6 p.m. (5 p.m. British time) tonight, the strike is beginning," Gwede Mantashe, general secretary of the National Union of Mineworkers (NUM), told a news conference. "Tonight there will be a strike, our forces are ready." Mantashe said talks with individual companies were planned for later in the day, but that even if any improved wage offers were forthcoming, it would be too late to call off

S.Africa’s MTN launches 3G service with high hopes

MTN, Africa's biggest mobile phone operator by sales, launched its third-generation network on Tuesday and said it hoped the service would snare half a million users within a year. South Africa-based MTN said it had spent 400 million to 500 million rand ($60.2-$75.3 million) on the initial launch but might invest up to 1.5 billion rand within 12 months if it persuades 500,000 customers to sign up for the new high-speed service. "I think that is feasible within the next nine to 12 months," Chief Technology and Information Officer Karel Pienaar told Reuters at a launch event. "The investment is subject to

S.Africa’s Mbeki to name new deputy Wednesday - media

South African President Thabo Mbeki is set to name a new deputy and may reshuffle his cabinet on Wednesday after axing Deputy President Jacob Zuma last week over a graft case, local media said on Tuesday. "President Thabo Mbeki has indicated that he will be making a 'relevant announcement' with regard to changes in the executive on Wednesday afternoon," Sapa news agency reported, quoting government spokesman Joel Netshitenzhe. Mbeki fired Zuma last week after the man widely tipped to succeed him when his second and final term ends in 2009, was implicated in a corruption trial. Announcing Zuma's dismissal to parliament, Mbeki said

S.Africa’s Harmony shares fall on rating revision

Shares in South African miner Harmony Gold tumbled as much as 5.93 percent on Tuesday after rating agency Fitch revised its credit rating due to the deterioration of the company's financial profile. By 1144 GMT Harmony shares were 5.31 percent lower at 36.74 rand while the JSE top 40 index of blue chips was 1.18 percent higher. The gold index was 0.92 percent lower. Fitch revised its Rating Watch on Harmony to Evolving from Positive. "The revision reflects a continuous deterioration of the financial profile of the company as demonstrated by the latest release by Harmony of its results for the third quarter

Independent News targets S.Africa’s black majority

Ireland's Independent News & Media wants to woo South Africa's black majority with new tabloid and African-language newspapers and may venture north to other markets on the world's poorest continent, top executives said this week. Chief Operating Officer Gavin O'Reilly and South Africa chief Tony Howard said the country was Independent News's fastest-growing market thanks to a consumer spending boom and perky advertising revenues. Independent News is best known in Britain and Ireland for its loss-making daily The Independent, but it makes 13 percent of its revenues in Africa's richest country, where it is the leading newspaper publisher, and operates in