South African billionaire Christo Wiese loses $30 million from Shoprite stake
Wiese holds a 10.67-percent stake in Shoprite, equivalent to 63,110,920 shares valued at over $850 million.
Southern Africa
South African tycoon Neal Froneman-led Sibanye cuts 2,600 jobs at platinum mines
Froneman emphasized the necessity of these measures, affirming that the restructuring initiative aims to salvage the sustainability of the company’s operations.
South African tech tycoon Zak Calisto loses $26 million from Karooooo stake
Calisto, who founded Karooooo in 2001 to provide stolen car recovery services in South Africa, holds a 74.73-percent stake in the company.
Africa’s first Black billionaire Patrice Motsepe suffers $100-million loss
Despite the recent setback, Motsepe retains his position as the wealthiest Black individual in Southern Africa.
South African exec Kennedy Bungane-led African Bank acquires Sasfin Bank’s unit in $166-million deal
Under the leadership of Kennedy Bungane, African Bank Limited has experienced massive growth, becoming one of the fastest-growing financial services providers in South Africa.
South African tycoon Giovanni Ravazzotti’s Italtile posts $250 million in half-year revenue
Italtile, controlled by Ravazzotti, recorded revenue amounting to $250.01 million in the first half of its 2024 fiscal year, highlighting operational resilience.
Fortunes to Felony: The Merciless Bludgeoning of a Forbes Folk Hero
The media’s narrative craftsmanship shines through in the saga of dos Santos, where the portrayal of Africa’s former richest woman ascends into fame and descends into infamy.
Fani Titi-led Investec secures Takealot as tenant for $313-million logistics park
The move highlights the diversified nature of its business, extending beyond financial services.
Led by South African Ackerman family, Pick ‘n Pay plans $210-million rights issue, listing of Boxer
Pick ‘n Pay announces plans for a rights issue to raise up to R4 billion ($210 million) and the listing of its discount grocery chain, Boxer.
Shoprite backed by South African tycoon Christo Wiese secures $64 million from Standard Bank
The funding, part of Shoprite’s ongoing expansion initiative, is set to address the anticipated volume and logistics demands for the next decade.
Hassanein Hiridjee’s AXIAN Group acquires solar assets in Madagascar and Burkina Faso
This acquisition follows AXIAN’s collaboration with GreenYellow a year ago, which brought a groundbreaking 1.8MW solar photovoltaic power plant to Madagascar’s Sava region.
South African tycoon Neal Froneman-led Sibanye suffers $2.52-billion impairment
Froneman, instrumental in driving Sibanye’s transformation into a leading producer of platinum, palladium, and gold, presently holds a 0.3-percent stake in the group.
Africa’s first female billionaire Isabel dos Santos challenges corruption charges
Dos Santos has launched a counteroffensive with a detailed cover story featured in the Portuguese magazine Expresso.
Bernard Berson drives Bidcorp to record-breaking $6.04-billion half-year revenue
Berson, who has been the CEO of Bidcorp since 2016, commended the exceptional revenue figures and financial performance.
Backed by South Africa’s richest man, Seacom eyes deals in East and West Africa
Seacom CEO Alpheus Mangale revealed the company’s growth strategy, highlighting the crucial role of acquisitions in its expansion plans.
Laurence Rapp-led Vukile raises $18.9 million for deals in Spain and South Africa
The move is aimed at fortifying the fund’s balance sheet, providing it with increased financial flexibility for potential acquisitions in both South Africa and Spain.