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Zimbabwe David fells Mugabe Goliat... Woolworths geared to go shopping Down Un... Drumbeat of change pulses across African... Citibank fund has muscle to make deal... |
COMPANY DIGESTEDUCOR Private education and personnel placements group Educor is negotiating to enter North America's education and training market, which is estimated at more than $400-billion a year, the group said this week. No further details were given. Educor also announced management changes. Nielen Brummer has resigned as chief executive officer, pending his relocation to Australia, from where he will assist with Educor's international expansion plans. He will be replaced by Charles Rowlinson, the current chairman of Educor's recruitment division. Other changes include the retirement of Johann Brummer as executive chairman. Professor Andy Andrews has been appointed deputy chairman with immediate effect. Despite these changes, the Brummer family will retain its shareholding in Educor. VAAL REEFS Gold mining group Vaal Reefs has sold six of its gold mining shafts to African Rainbow Mining and Explorations (ARM) for R38.2-million. Vaal Reefs will also sell its contract mining unit, Naledi Mining Services, to ARM for an additional R1.8-million. ARM was established by lawyer and entrepreneur Patrice Motsepe, who founded Future Mining, a contract mining company. ARM is currently negotiating to sell a portion of its shares to other black companies and individual businessmen. UNIHOLD Engineering group Unihold sold its mining consumables division, Wilco Howard, for R18.52million to Ozz Industrial, effective at end-December last year. Unihold said the disposal formed part of its investment strategy to dispose of non-core assets in order to enable management to focus on the information industry and other technology-related industries. The proceeds were used to reduce bank overdrafts, resulting in an interest saving of about R1-million. Unihold will apply to the JSE this year to have its listing moved from the engineering to a more appropriate sector.
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