Redefine disposes of interest in UK’s RDI

JSE-listed property developer and manager Redefine Properties has concluded a deal with global private investment firm Starwood Capital Group to acquire Redefine’s 111.9-million shares in UK-based real estate investment trust RDI, for 95p apiece.

The deal forms part of Redefine’s strategy to advance its strategic priority of strengthening its balance sheet to offset the ongoing uncertainty and negative effects of the Covid-19 pandemic.

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Economic opportunity of South Africa’s energy transition akin to new ‘gold rush’

South Africa’s energy transition from coal to cleaner energy carries an economic opportunity equivalent to the discovery of gold in the country more than a century ago, a new South African National Energy Association (Sanea) report argues. Published on June 30, the ‘South African Energy Risk Report 2020’ also argues that clean energy could be an active driver of the country’s economic recovery from the Covid-19 pandemic, especially if policy and regulation is changed to be more supportive of new business models for the delivery of infrastructure in a context of weak public finances.

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Attacq says liquidity position remains stable

JSE-listed Attacq, as at May 31, had available resources of R1.1-billion, comprising R741-million of cash and R310-million of committed liquidity facilities with banks. No group or portfolio covenant breaches are anticipated for the covenant reporting period ending June 30, to be measured in September, it said on June 30.

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Vukile bullish about financial position amid Covid-19

Vukile Property Fund has reported 3.2% growth in its distributable earnings a share for the financial year ended March 31,. CEO Laurence Rapp says Vukile had a “very strong year and has delivered a stand-out set of results” where operationally, the company’s portfolios in South Africa and Spain are both faring well and achieved all key targets and metrics.

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Barloworld to exit logistics, shed 2 500 jobs in auto, logistics business

Barloworld will be exiting the logistics sector, says CEO Dominic Sewela. Announcing the company financial results for the six months ended March 31, he said that the business had been given a three-year period to turn around, with a decision on its future scheduled for September this year.

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ArcelorMittal SA seeks IPP bids for roll-out of solar PV plants across operations

JSE-listed steel producer ArcelorMittal South Africa (AMSA) has become the latest South African company to release a request for information (RFI) to independent power producers (IPPs) to build, own and operate solar photovoltaic (PV) power plants across its six operational sites. The group has operations in Vanderbijlpark, Vereeniging and Pretoria, in Gauteng, Newcastle, in KwaZulu-Natal, Thabazimbi, in Limpopo and Saldanha Bay, in the Western Cape. The Saldana Steel plant is currently in care and maintenance, however.

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Interest rate on $4.2bn IMF loan to South Africa will be ‘very, very low’

The International Monetary Fund (IMF) reported on Monday that its funding talks with South Africa had proceeded at a “measured pace” owing to the country’s favourable access to deep and liquid financial markets, which meant that the negotiations had focused primarily on the terms of the funding rather than the urgent disbursement of funds. In a move that is controversial domestically, South Africa has approached the IMF for a $4.2-billion loan to assist it in closing a funding gap that has developed as a result of additional government spending commitments that have been announced as part of the country’s response to the Covid-19 pandemic.

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EPP concluding remaining tenant agreements

Dual-listed property firm EPP says it is successfully concluding remaining tenant agreements. The company, which is the largest owner of retail real estate in Poland, further notes in a pre-close statement that it is laying the foundations to better position the company in a post Covid-19 environment.

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Rebosis half-year impacted by pandemic

Tough trading conditions in the property sector had a significant negative impact on JSE-listed Rebosis Property Fund’s results for the six months ended February 29. The group recorded a decline in net property income, relating to reversions and the loss of income from disposed properties. Property expenses also increased, owing to additional estimated credit loss allowances that were raised.

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Caterpillar’s philanthropic arm commits over R1m to Solidarity Fund

As the events surrounding the Covid-19 pandemic continue to evolve, the philanthropic arm of NYSE-listed Caterpillar, the Caterpillar Foundation, is committing over R1-million to the South African Solidarity Fund to assist the country in its response to the unprecedented health crisis. The fund aims to detect and prevent, and to support measures to flatten the curve by lowering infection rates, provide essential support and supplies to medical staff and patients, such as protective equipment and ventilators; and support those whose lives are disrupted by Covid-19 through access to food, financial resources and educational materials. 

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