SWIMLINE GOES UNDER AECI placed its loss-making pool chemical subsidiary Swimline into voluntary liquidation on Tuesday. Various attempts to sell the company at a reasonable price, after AECI decided that it did not fit in with its core strategy, have failed.
AECI says all creditors with valid liquidated claims against Swimline will be paid in full. Staff will be found alternative employment or be given retrenchment packages.
CEMENTATION The shaft-sinking expertise of Cementation Mining is to be called on by Nirex, a UK company responsible for the safe disposal of nuclear waste.
Cementation Mining - part of the listed Cementation Africa group - and its London sister company Kvaerner Construction have been awarded a R350-million contract to build an underground rock laboratory at Sellafield in Cumbria.
The project requires the design and sinking of two 5m-diameter shafts to depths of 750m and 1 000m. This underground repository will be used in the disposal of radioactive waste.
MURRAY & ROBERTS Murray & Roberts has finalised the sale of the Fedstone group of companies, which include Firestone South Africa, to Japanese group Bridgestone Corporation for R290-million. The deal will not have a material impact on headline earnings for the 1997 financial year, but will boost non-operating earnings by R70-million and reduce the group's consolidated borrowings by R450-million.
DATATEC Electronics firm DataTec has bought a 78,5% stake in UK-based DataGuardian from Tech Holdings International in a deal worth £5,39-million. DataGuardian distributes communications and networking products.
SERVGRO Servgro plans to list its Avis car rental unit on the JSE but has not finalised the mechanism and timing. The firm is the largest Avis licensee outside the US and to the year ended March, 1996, posted a net profit of R35-million on turnover of R308-million. Avis Rent-A-Car has 39% of the SA market. Avis also owns Avis Fleet Services, a full maintenance leasing operation, and other interests.
TABLE MOUNTAIN Also considering a JSE listing is the firm which has taken tourists to the summit of Table Mountain for 70 years, Table Mountain Aerial Cableway. The move is not linked to financing the current R74-million upgrade, but to future projects which could include one or more of the 11 cableway proposals TMAC has received over the past year.
SWEETS FROM HEAVEN A deal between Sweets From Heaven and CNA Gallo will see Heaven franchise its outlets within CNA branches and Nu Metro cinema complexes throughout South Africa. CNA will also take at least a 25% stake in the sweet firm. The price tag for the franchise is R9,15-million which will be settled by the issue of Heaven shares to CNA.
BEARING MAN Durban-based Bearing Man, a distributor of bearings, seals and power transmission products, increased operating profit to R23,7-million for the six months to December. The 20% improvement, despite poor market conditions and intensified competition, was matched in turnover while earnings rose 13% to R12,3-million. Earnings a share, after exceptional items, were up 12% to 117c (104c). A dividend of 37c (34c) a share was declared.
SUPER GROUP Automotive services company the Super Group has bought Performance Tyres and will distribute Pirelli tyres in southern Africa from February.
KONKOLA Zambian Mines Minister Christon Tembo said on Thursday a deal with a consortium led by Anglo American on the development of the Konkola Deep copper mine is expected to be concluded next month.
GRATISTELEFON Swedish company Gratistelefon, or Free Telephone, is offering free telephone calls to customers willing to have conversations interrupted by adverts.