Africa Equity
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After years of inactivity, recent months suggest a resurgence in Africa equity capital markets
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South African investment company Remgro has reduced its stake in FirstRand, one of the country’s largest financial services groups, via an accelerated bookbuild.
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Impala Platinum Holdings, the South African platinum mining company, has launched a tender offer for half its outstanding rand-denominated convertible bonds.
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South African pulp and paper company Sappi has tapped the equity-linked market for financing with a new five-year R1.8bn ($120m) convertible bond.
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South African commercial landlord Growthpoint Properties has sold R4.3bn ($275m) of new shares to fund deleveraging, including repaying debt used to finance its acquisition of Capital & Regional at the end of 2019.
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Redefine Properties, the South African landlord, has completed a tender offer for all of its outstanding €117.2m bonds that are exchangeable into shares in RDI Reit, the London-listed real estate investment trust.
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Redefine Properties, the South African real estate company focused on commercial properties, has completed a buy-back of its outstanding €117.2m 1.5% exchangeable bonds due 2021, as part of a wider restructuring of the firm.
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Wednesday evening proved a busy night for equity bock trades, despite wider sell-offs in secondary markets over fears of a second wave of Covid-19.
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Pepkor, the South African retailer, raised R1.9bn ($110m) in a sale of new shares on Tuesday night to reduce leverage and to prepare it for the future impact of the Covid-19 pandemic.
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Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.
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Two block trades in Europe this week have shown that there is still a reasonable bid for some stocks, even during a global equity market meltdown, when many transactions have simply been called off.
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The three founders of Transaction Capital, the South African financial services firm, have sold down R1.62bn ($108m) of stock via an accelerated bookbuild.