Pieter Engelbrecht-led Shoprite plans to integrate Walmart subsidiary into operations
Africa’s largest retailer has unveiled plans to integrate the subsidiaries of Walmart-owned Massmart into its operations.
African Billionaires
Patrice Motsepe’s phosphate maker to launch operations after activist appeal dismissed
The appeal was raised by the West Coast Environmental Protection Association.
Egyptian billionaire Nassef Sawiris’ net worth increases by $260 million in 24 days
Sawiris’ net worth between Aug. 20 and Sept. 13 increased from $6.67 billion to $6.93 billion.
Malawian tycoon Thomson Mpinganjira convicted in 2019 presidential election bribery case
The multimillionaire had pleaded not guilty to six bribery-related charges.
Patrice Motsepe’s Sanlam plans strategic acquisitions to strengthen its Africa operations
Sanlam seeks to acquire Alexander Forbes and an additional 22.8-percent stake worth R2 billion in Saham Assurance Maroc.
German state-owned bank fined for Angolan loan linked to Isabel dos Santos’ beer company
KfW-Ipex-Bank is an import-export bank and a subsidiary of Kreditanstalt fur Wiederaufbau.
Moroccan billionaire Aziz Akhannouch’s party secures majority of seats in legislative elections
Meanwhile, the ruling Development Party secured only 12 seats.
King Mohammed VI of Morocco appoints billionaire Aziz Akhannouch as head of government
In 2011, Morocco introduced reforms allowing the king to choose the prime minister from the largest party in parliament.
South African billionaire Quinton van der Burgh launches coffee table book to give back to charity
The book features John Russo’s photographs of celebrities, including Dwayne “The Rock” Johnson.
Egypt awards infrastructure projects worth $220 million to construction tycoon Hassan Allam
Hassan Allam Holdings will construct two stations and four bridges as part of a high-speed train project.
Tony Elumelu’s UBA posts $147.3-million mid-year profit, 36-percent higher than last year
The double-digit growth in profits can be attributed to UBA’s higher interest and non-interest income.
Segun Agbaje-led Guaranty Trust Holding reports 15.8-percent decline in mid-year profit
Guaranty Trust’s profit for the period fell to $194.0 million in the half-year period ending June 30.
Ernest Ndukwe-led MTN Nigeria renews Nigerian license for next 10 years
The company is Nigeria’s largest telecom operator.
Andries van Rensburg’s Libstar Holdings records 27.8-percent decline in half-year earnings
Libstar’s earnings during the period were impacted by unfavourable foreign currency movements.
Real estate magnate Samih Sawiris proposes fund to ignite Egypt-Oman relations
Sawiris also proposed to establish an umbrella organization to support businessmen from the two countries.
Namibian tycoon Quinton van Rooyen loses $187.2 million in 2021 as Trustco shares decline
Trustco shares on the Namibia Stock Exchange have now lost more than two-thirds of their value.