JOHANNESBURG (Reuters) – South Africa’s Allied Technologies Ltd is in talks to pay up to $60 million (37 million pound) for unlisted Kenyan IT firm Symphony, according to a person familiar with the matter, to help revive its struggling business in fast-growing east Africa.
Johannesburg-based Altech, a $742 million telecoms and IT firm, has been in talks to buy Symphony for several months and is nearing the end of its due diligence, said the source, who declined to be identified because the information is not yet public.
JOHANNESBURG, Nov 1 (Reuters) – South Africa’s Allied
Technologies Ltd is in talks to pay up to $60 million
for unlisted Kenyan IT firm Symphony, according to a person
familiar with the matter, to help revive its struggling business
in fast-growing east Africa.
Johannesburg-based Altech, a $742 million telecoms and IT
firm, has been in talks to buy Symphony for several months and
is nearing the end of its due diligence, said the source, who
declined to be identified because the information is not yet
LONDON/JOHANNESBURG, Oct 31 (Reuters) – When Zambian farming
firm Zambeef Products began considering a dual listing
of its stock, it looked at both the Johannesburg exchange and
London’s AIM market.
Although Johannesburg was closer to home for Lusaka-based
Zambeef, the London Stock Exchange’s higher profile won
in the end, and in June the company became the first Zambian
firm to list on the AIM, a market for smaller
JOHANNESBURG, Oct 6 (Reuters) – Absa Group , the
South African bank majority owned by British lender Barclays
, said it would merge its business and retail banking
units and has also created a small team of Barclays and Absa
executives to lead its expansion across the continent.
The merger of the retail and business units follows a
similar move by Barclays this year, when it reshuffled its own
JOHANNESBURG, Oct 4 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect South African
markets on Wednesday.
For South Africa corporate diary, click on
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The company said it expects first-half diluted headline EPS
to fall by 35 to 45 percent.
JOHANNESBURG, Sept 29 (Reuters) – Shares of South Africa’s
Telkom tumbled to their lowest in 2-1/2 years on
Thursday after the struggling fixed-line operator warned of a
steep drop in profit, hit by a $57 million write-down of its
Africa IT business.
Telkom has been plagued by problems at its units beyond
South Africa. In June it agreed to sell its troubled Nigerian
unit for $10 million, a fraction of what it originally paid.
JOHANNESBURG, Aug 16 (Reuters) – MTN Group ,
Africa’s largest mobile operator, is set to deliver muted growth
when it reports first-half earnings on Wednesday, knocked by
currency swings and a slowdown in its once-rapid expansion.
Investors will eye the dividend from the Johannesburg-based
company, which last year said it would focus on paying more to
shareholders as it saw fewer opportunities for expansion in
HONG KONG/JOHANNESBURG, Aug 5 (Reuters) – Industrial and
Commercial Bank of China is to pay $600 million to
take control of the Argentina operations of South Africa’s
Standard Bank , it said on Friday, becoming the first
Chinese lender to enter Latin America’s third-largest economy.
ICBC, the world’s biggest bank by market value, will take 80
percent of commercial lender Standard Bank Argentina and its two
affiliates, asset manager Standard Investments and Inversora
Diagnol, a commercial service provider.
JOHANNESBURG, Aug 4 (Reuters) – BNP Paribas will
pay $22 million for 60 percent of the stock broking arm of South
African financial services firm Cadiz Holdings , as
France’s biggest bank looks to expand its reach on the
The 150 million rand deal ($22 million) gives BNP Paribas a
foothold in Africa’s biggest economy at a time when more
institutional investors are targeting African equities.
JOHANNESBURG/HONG KONG (Reuters) – HSBC is in talks to buy up to 70 percent of South Africa’s Nedbank, in a potential $6.8 billion deal that would give Europe’s biggest lender a broader gateway to the fast-growing African continent.
HSBC and Anglo-South African insurer Old Mutual, which owns a controlling stake in Nedbank, said in separate statements on Monday they were in exclusive talks about the deal.