R/€ = 13.65
R/$ = 10.86
Au 1173.27 $/oz
Pt 1231.00 $/oz
Sep 13, 2007
Super Group shares drop on BEE dilutionBack
Deutsche Bank|Peu Group|Super Group|Logistics|South African Government|Peter Malungani
© Reuse this Shares in JSE-listed logistics firm Super Group plummeted by over 8% after it announced that its empowerment partner Peu Group would have to cut its stake in the company to pay back a loan.
Super Group said that Peu had to pay back financier Deutsche Bank for a 2004 loan it took out to buy a 25,6% stake in the JSE-listed company, but that it would not reduce its holding below 16,1%.
South African government strongly encourages companies operating in the country to sell a stake in their equity to blacks, who were excluded from the economy during apartheid.
Super Group said that Peu’s Peter Malungani would continue to serve as its chairperson.
“Super Group is committed to broad based black economic empowerment and will look to maintain its black economic-empowerment shareholding above 25%,” the firm said.
Super Group added that the stake sale would not affect its growth prospects for the year ahead.
Its stock was trading 5,54% down as at 13:13, at R12,80 a share.
© Reuse this Comment Guidelines (150 word limit)
Updated 41 minutes ago Cities in South Africa were designed to exclude and segregate, posing a challenge to town planning and bringing citizens closer to urban amenities, Johannesburg mayor Parks Tau said on Friday. "We've had to deal with this reality over the past 20 years," Tau said in...
Updated 1 hour 13 minutes ago Countries across Asia are quietly reaching deals to import liquefied natural gas (LNG) from Mozambique, which could transform its economy and give it a front-row seat in tapping rising global gas demand. The unannounced agreements, five in total, show how war-scarred...
Updated 2 hours 5 minutes ago One tiny Australian wasp is killing another tiny Australian wasp in South Africa’s commercial forests – and it is a good thing. Leptocybe invasa, the bad guy in this story, was first spotted in Eucalyptus trees outside its native Australia in 2000, in Israel, says...
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
This Week's Magazine
In the next 20 years, it was expected that, in Africa, more people would live in cities and towns than in rural areas, United Nations Habitat executive director Dr Aisa Kirabo Kacyira said at the Human Settlements Indaba that took place earlier this month in...
Tough-talking Human Settlements Minister Lindiwe Sisulu has committed government to building 1.5-million low-cost houses over the next five years, telling the Human Settlements Indaba in Johannesburg on Wednesday that the State would achieve this target through the...
Over the past 20 years there has been persistent concern about deindustrialisation in South Africa, as well as the fact that locally produced manufactured products have been increasingly displaced by imports.
Financial agreement for Ghanian independent power producer (IPP) Cenpower Generation Company’s $900-million, 350 MW combined-cycle gas-turbine power plant was finalised earlier this month, paving the way for the project’s construction to begin before 2015 in Tema,...
The revenue implications for South Africa of ‘base erosion and profit shifting’ by corporate taxpayers are firmly in the crosshairs of the Davis Tax Committee (DTC) and Judge Dennis Davis hinted last week that recommendations were being considered to “detect and...