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Expanding Steers gobbles up Debonairs Pi... Mobil's drive to be back in the top fou... Aquila banking on listing to put money i... Dynamo poised to buy out Foodcor... Wrangle over SBC's MTN stak... JSE listing to bring out Wetherlys' shin... Station for the Nation puts its money wh... Spoke in Aeroflot's SA growth plan... Strong showing forecast on eve of Bonatl... ZCCM announces sale of copper mine... Merger gives gold producers the chance t... Awethu thirsts for expansion capita... Focus on consumers puts New Clicks ahea... The three new apples of RMB's eye Beige brings new blush to the board... Shake up pays off for Pick 'n Pay Adved joins the class of 1997 listings b... |
COMPANY DIGEST
GFSA Continuing poor performances from its marginal mines weighed heavily on Gold Fields' quarterly results, with after-tax profit for the three months to September falling 11%. GFSA said its gold mines earned profit of R171.4-million in the September period compared to R192.3-million in the three months to June. Gold output was up 3% at 25.24 tons, while the average rand price received dropped 2.4%. The group said its largest mines - East Driefontein, West Driefontein and Kloof - enjoyed improved operational performances, but losses at Leeudoorn (R23.3-million), Libanon (R17.9-million) and Deelkraal (R13.3-million) affected the overall results. AMPLATS Anglo American Platinum Corporation (Amplats) has reached agreement with the Bafokeng on the leasing of tribal land for a planned R1.2-billion platinum mine. The mine will be known as the Bafokeng-Rasimone Platinum. It will produce 200 000 tons of ore a month and employ approximately 4 000 people. Mining is due to commence in 2000 with a life expectancy in excess of 25 years, Amplats said. HL&H Rembrandt subsidiary Hunt Leuchars and Hepburn (HL&H), which is to unbundle its holding in loss-making Rainbow Chicken, will distribute all shares in the poultry producer to its stockholders. It said before the distribution, which would occur relative to the number of equity instruments held in HL&H and parent Huntcor, it would convert all 7% of compulsorily convertible preference shares in Rainbow. T&N HOLDINGS The purchase of T&N plc by the giant American Federal Mogul group for $2.4-billion and the eventual delisting of the British car parts company is unlikely to affect locally based T&N Holdings, says CE Ted Waldburger. T&N Holdings, with turnover of R900-million, is a minor contributor to T&N plc and would be even smaller in the enlarged group, says Waldburger, so it is unlikely that Federal Mogul would go to the trouble to buy out local minorities. CNNI Black empowerment group Co-ordinated Network Investments (CNNI), headed by Eskom chairman Reuel Khoza, said it had teamed up with businessman Yusuf Surtee and American trading group Global Minerals and Metals Corporation, to form African Commodity Metal Corporation (Afcomet), a company which will trade metals and minerals products from Africa. SAPPI Pulp and paper company Sappi has detailed the funding for its R3.5-billion purchase of Luxembourg-based paper firm KNP Leykam, Europe's leading producer of woodfree coated paper. Almost R1.9-billion will be satisfied by the issue of shares which will be on a par with existing Sappi shares. KNP BT will hold the shares for at least two years. The remaining R1.7-billion will be settled by the issue of loan notes, denominated in Dutch guilders. The notes will not carry interest and are repayable on the deal's second anniversary. KUNENE BROS Anglovaal Industries said it had sold its 51% stake in Grinaker Holdings and 5.2% holding in Grintek to black empowerment group Kunene Bros. Holdings and a consortium of management. Kunene whose other interests include a Coca-Cola franchise in Mpumalanga, will own 34.9% of Grinaker and 1.8% of Grintek.
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