CAPE TOWN (Reuters) – Coca-Cola Co plans to double its annual investment in Africa to $1 billion starting this year, to ramp up capacity on the fast-growing continent, the head of its South Africa unit told Reuters on Saturday.
“Over the past decade we’ve invested half a billion (U.S. dollars) every year across the continent … We’re doubling our investment,” William Egbe, the president of Coca-Cola’s South African unit, said on the sidelines of the Fortune Global Forum.
CAPE TOWN (Reuters) – China Mobile (0941.HK: Quote, Profile, Research), the world’s largest mobile-phone carrier, is looking for acquisitions in Africa but does not have any targets at the moment, its chief executive told Reuters on Saturday.
The company would be willing to take either a minority or majority stake in a local African operator, Wang Jianzhou said on the sidelines of the Fortune Global Forum in Cape Town.
JOHANNESBURG, June 21 (Reuters) – South African telephone
operator Telkom (TKGJ.J: Quote, Profile, Research) posted little full-year profit on
Monday, in line with expectations, and its chief financial
officer said it would consider selling its struggling Nigerian
Africa’s largest fixed-line operator has been battered by
high operating costs at home and hefty losses from its Nigerian
business, Multi-Links, which has a tiny presence in a
JOHANNESBURG (Reuters) – Shares in MTN Group (MTNJ.J: Quote, Profile, Research), Africa’s biggest mobile phone operator, rose over four percent on Thursday after the collapse of talks with Egypt’s Orascom Telecom (ORTE.CA: Quote, Profile, Research) about a potential acquisition.
MTN and Orascom Telecom said in separate statements on Wednesday that talks had been called off, sinking a deal that could have created the world’s third-largest mobile operator.
JOHANNESBURG, June 4 (Reuters) – South African private
hospital group Life Healthcare priced its initial public
offering (IPO) at the bottom of its lowered range to raise $687
million as one of South Africa’s biggest IPOs on record got off
to a shaky start.
Demand for private healthcare in South Africa has increased
due to a fast-growing middle class and it is expected to grow
even more as the government is drafting a national insurance
scheme that largely depends on the sector.
JOHANNESBURG, May 20 (Reuters) – South African investment
bank Investec <INLJ.J> reported a 9 percent rise in full-year
operating profit as gains in its asset management business gave
proof its shift away from lending is starting to pay off.
South Africa’s fifth-largest bank, also listed in London
<INVP.L>, has been looking to cut its reliance on lending by
bolstering wealth and asset management. In March it said it
would buy the remaining shares of British fund manager Rensburg
Sheppards <RBG.L>, in which it already had a stake.
JOHANNESBURG, May 18 (Reuters) – South African private
healthcare company Life Healthcare said it will raise up to 8
billion rand ($1.06 billion) through an initial public offering,
in South Africa’s second-largest IPO on record.
The company, which operates private hospitals across South
Africa, will tap an uncertain equity market to raise funds for
expansion into fast-growing India and Turkey.
LONDON/JOHANNESBURG (Reuters) – Emerging markets focused bank Standard Chartered <STAN.L> has made an approach about buying a majority stake in South African bank Nedbank <NEDJ.J>, a person familiar with the matter said.
Standard Chartered has made an approach to buy Old Mutual’s <OML.L> 51 percent stake in Nedbank, said the person, who declined to be named. Nedbank is worth about $10 billion.
LONDON/JOHANNESBURG, May 12 (Reuters) – Emerging markets
focused bank Standard Chartered <STAN.L> has made an approach
about buying a majority stake in South African bank Nedbank
<NEDJ.J>, a person familiar with the matter said.
Standard Chartered has made an approach to buy Old Mutual’s
<OML.L> 51 percent stake in Nedbank, said the person, who
declined to be named. Nedbank is worth about $10 billion.
JOHANNESBURG, April 21 (Reuters) – South African grocery
chain Pick ‘n Pay <PIKJ.J> reported flat full-year profit and
said it expected more difficulty ahead, underscoring the grim
outlook for demand in Africa’s biggest economy.
Shares of the company fell nearly 2 percent after the
results on Wednesday, becoming the biggest percentage loser on
Johannesburg’s Top-40 index <.JTOPI>.