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Competition body says OK to Shoprit... Mine sale settled in two part... Radiospoor makes tracks towards a JSE li... Women's group eyes stake in MTN... Buoyant Ashanti hikes profi... Randgold transforming caterpillars into... New, improved Durban Deep in survival mo... Didata's growth keeps bears at ba... |
COMPANY DIGESTIBM SA/MULWELI The government on Friday issued the first IT contract under its crime prevention strategy, which has earmarked about R260-million over two years for new and upgraded computer systems. The Mulweli consortium, led by IBM SA and US multinational TRW Systems Overseas and including four black technology companies, was awarded a R10-million order to develop the systems architecture for the strategy. The contract is the latest in a number of orders received by IBM since it resumed bidding for government contracts two years ago. IBM's general manager for public sector work, Roger Madison, estimates that IBM now has a 7% share of the government market and will do about R200-million of business with the state this year. Madison says that by designing the architecture the consortium will define the remaining phases of the IT system and will stand a good chance of winning some of the contracts to come. IBM SA also announced on Friday that it had acquired the entire business of International Outsourcing Services (IOS) for R135-million.
O'HAGAN'S Irish theme pub group O'Hagan's - which is due to list on the JSE this week - has announced the development of a national franchise chain of sports taverns in collaboration with the SABC. Up to 40 Mabaleng sports taverns - named after SABC Topsport's sports programme - are planned for development around the country by mid-1998. Currently 100% owned by O'Hagan's, negotiations are under way to bring black venture partners into the Mabaleng franchise. In return for its marketing support and use of the Mabaleng trade name, the SABC will receive 10% of the franchise's profits for its sports fund.
LANGEBERG Food group Langeberg, which reported a 27% drop in earnings a share from 49.7c to 36.3c for the year to end-September, said the outlook for financial 1998 remained clouded by depressed export prices for its deciduous fruit products and the loss of the general export incentive scheme. Langeberg, a subsidiary of Tiger Oats, said the refusal by the European Union to grant trade concessions to locally produced canned fruit and the GEIS phase-out would continue to exert pressure on margins. The group would withdraw from unprofitable export markets necessitating the rationalisation of its deciduous fruit canning plants. IDC The Industrial Development Corporation on Friday signed a $125-million five-year loan agreement with a syndication of international banks, led by Credit Suisse and Société Générale. IDC CE Khaya Nqgula said in London the funds would aid the IDC's efforts to support small to medium-sized companies. He said the IDC had granted R540-million in loans to these companies in its past financial year, creating an estimated 11 150 jobs.
SENTRACHEM Sentrachem has delayed the release of its year-end until the finalisation of its acquisition by Dow Chemical of the United States. Dow announced last month that it had acceptances from 87.2% of Sentrachem shareholders for its offer to buy the company for R11.75 a share. Sentrachem also said that its subsidiary NCS Resins and US-based polyester resin manufacturer Alpha/Owens Corning (AOC) are to form a 50/50 joint venture. AOC will buy 50% of NCS.
DEL MONTE Food group Del Monte has agreed to sell its Italian operations Montania and Te Ati to Anglo-Dutch food group Unilever for R191-million. The sale is conditional on regulatory approval and is the first in what is expected to be a number of deals seeking to return Del Monte to profitability.
OCEANA FISHING Fishing and cold storage group Oceana Fishing has reported a 22% rise in headline earnings a share from 48.6c to 62.5c for the financial year ended September. The directors said the black economic empowerment initiatives implemented three years ago had positioned Oceana well in terms of the proposed new fisheries policy.
MIH Pay satellite television group MIH has sold its 4% stake in France-based Canal+ TV group for R1-billion. MIH will use the proceeds to reduce its debt and fund its offshore expansion drive.
BAYGEN POWER BAYGEN Power group is to open a new manufacturing plant which will employ, rehabilitate and share its profits with former offenders. The project, at a new BayGen factory in Cape Town, will be undertaken with the Liberty Life Foundation. The foundation has donated a 74% share to the National Institute for Crime Prevention and the Reintegration of Offenders and a workers' trust, which has been established for the 100-strong workforce to take part in profit sharing and equity ownership. The factory, scheduled to open in mid-November, will produce wind-up radios and flashlights for the international market.
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