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COMPANY DIGESTPERSKOR, KAGISO Publisher Perskor has reached agreement on a deal to merge with Kagiso Publishers after its minority shareholders approved a new arrangement. Under the revised scheme, Dagbreek Trust is to accept a lower premium of 1.629-million Perskor Beleggings shares, against 2.62-million under the original deal. The deal between Perskor, run by white Afrikaners, and Kagiso, run by blacks, is seen as a major advance for black empowerment in the publishing sector. Control of Perskor, which owns the daily Citizen newspaper and 23 regional titles, will rest in future with a voting pool consisting of three equal shareholders - Kagiso Trust, Rembrandt and Dagbreek Trust. SAFLIFE, AMG Financial services group Saflife plans to raise R2.25-billion via a rights offer and R154.6-million by an offer of warrants to finance the African Mining Group's purchase of a controlling stake in mining house JCI. At the same time, the parties involved in the JCI deal -- which will see the mining house transferred into black hands -- say that the acquisition terms have been restructured. Saflife will pay R2.47-billion or R54.50 a share for a 30% stake in JCI. Payment will be made on May 26. Certain members of the AMG consortium have been granted an option over a further 4.9% of JCI for one year at R54.50 a share. HOLLARD, CRUSADER Short-term insurer Hollard Insurance Group will buy Crusader Life for about R18-million. Crusader was placed under provisional curatorship in September 1993 and in March 1994 came under judicial management. All Crusader's businesses will be transferred to Hollard Life, except the Equity Linked Life Annuity business which will be placed with Southern Life. ENGEN Oil company Engen has warned that net income in the second half of its 1996/97 year may be lower than in the first half, bar a possible increase in regulated marketing margins. This follows Engen's better-than-expected 36.4% rise in net income to R191-million in the six months to February. Earnings a share, before exceptional items were 21.6% higher at 107c and the dividend, at 36c a share, was unchanged. PRIMEDIA In its first offshore acquisition media group Primedia has bought a 69% stake in British marketing firm Mailcom for R40-million, to be settled by a mix of SA cash resources and an issue of combined units. The new interests will fall under subsidiary Primedia Direct which currently has 50% of the direct-to-home distribution industry in South Africa, distributing about 450-million pamphlets and catalogues a year to 5.5-million homes. KOHLER Demand for Kohler's packaging products remained weak during the six months to February, but a strong turnaround in its consumer business, Kimberly-Clark, helped the group post a 14.5% rise in earnings before abnormal items to R73.4-million. The 13.2% growth in earnings a share to 24c was lower than expected. An interim dividend of 7c a share, up 9.4%, was declared. Packaging, the mainstay of Kohler's business, was hit by competitive pricing pressures and saw its earnings fall 3%. Kimberly-Clark, a joint venture with the US group of the same name, continued to show a strong recovery.
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