Aveng may ‘upsize’ R300m recapitalisation should shareholders show appetite

Infrastructure and contract mining group Aveng has expressed confidence that its recently unveiled debt restructure and recapitalisation plan will provide the “reset” required for its two  remaining core businesses, McConnell Dowell and Moolmans, to begin growing again, with the Australasian region poised to be the main driver of that growth. The JSE-listed company, which reported a headline loss of R950-million for its pandemic-affected 2020 financial year compared with a R1.5-billion loss in 2019, is at the tail-end of a far-reaching restructuring exercise, initiated in 2017 when its debt burden became unsustainable.

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Barloworld to focus on industrial goods, food sector going forward

Barloworld will, in the medium to long term, focus on two verticals, namely industrial goods and related services, as well as food and food ingredients, says CEO Dominic Sewela. “As we manage the pivoting out of the automotive and logistics business . . . we are very clear that we don’t want to be a conglomerate akin to the old Barlowold. Whatever acquisitions we make will be around these two businesses.

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Vukile reports R206m interim loss

JSE-listed Vukile Property Fund has managed to contain its retail vacancies at 3% in the six months ended September 30, while sustaining a rent collection rate of 95%.

The company, in its latest results statement, says the footfall at its properties was at 86% for the six months under review, compared with the footfall reported for the six months ended September 30, 2019.

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Opinion: How African countries can mobilise private capital for their infrastructure drives

In this opinion piece, Standard Bank corporate and investment banking CE Kenny Fihla writes about governments turning to public-private partnerships to deliver large-scale projects. Given the pressure on investment yields in developed markets, African nations have an opportunity to attract private-sector funding as they embark on infrastructure development programmes to boost their economies.

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L2D sees steady increase in rental collection, footcount in October

Real estate investment trust Liberty Two Degrees (L2D) has highlighted the importance of agility in how swiftly the company is able to adapt to new ways of thinking and working going into 2021.

In a pre-close investor update, the company states that the impact of the Covid-19 pandemic on its customers, tenants, people and performance has necessitated an agile response and resulted in new ways of working and thinking.

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Zimborders Consortium secures financing for Beitbridge expansion

The Zimborders Consortium says it has reached financial close for the $296-million upgrade and modernisation of Zimbabwe’s Beitbridge border post, the country’s busiest inland port of entry and one of the region’s key transit points. The public-private partnership with the Zimbabwean government will be privately funded.

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Renergen hopeful to clear well drilling delays in Virginia with well integrity tests

Emerging domestic natural gas and helium producer Renergen is progressing with the drilling of the P2V2 well at its Virginia gas project, in the Free State. The well has been beset with delays since being spudded in June; however, the company on November 27 said it now had two drill rigs active on the project, with Renergen having recently successfully set casing at the base of the Karoo sequence.

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Panel on EIPs to feature at Indaba

The National Cleaner Production Centre South Africa (NCPC-SA) will host a panel at this year’s Manufacturing Indaba on industrial parks, the potential to transform them into eco-industrial parks (EIPs) and leveraging them for accelerated development. This year, the NCPC-SA, United Nations Industrial Development Organisation (Unido) and the Department of Trade, Industry and Competition (DTIC) started working on a new project – the Global EIP Programme (GEIPP).

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Steadily growing order books helps M&R weather remaining pandemic impacts

While still recovering from a R622-million Covid-19 impact on its business in the 2020 financial year, JSE-listed construction group Murry & Roberts (M&R) says its R60.5-billion order book will help in its upward trajectory following the pandemic.

The company had reported an order book of R54.2-billion at the end of September, but this has since growth as a result of the TransGrid project award to M&R’s subsidiary Clough, valued at A$1.5-billion.

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Stefanutti Stocks stays in the red as it reports R101m loss

The impact of Covid-19, as well as an adverse market, saw Stefanutti Stocks report an operating loss of R101-million for the six months ended August 31, compared with a R865-million loss in the same period last year. Contract revenue from continuing operations declined from R2.9-billion to R1.7-billion.

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