On-the-rise Santova snaps up Tradeway
SANTOVA, the expanding JSElisted logistics company, said yesterday it had acquired Tradeway Limited, a British logistics and freight company, for a mixture of cash and shares worth £5.6 million. In August Santova acquired Jet Freight Services of Mauritius and announced plans for the opening of an office in Ghana.
Tradeway, a Leeds- based company, has operations in freight forwarding, logistics, cargo and imports and exports.
The deal is expected to take effect on December 1.
The sellers, Darren Sexton and John Heald, the founders of Tradeway, would continue to serve as executive directors for minimum agreed periods.
Tumbling rand ‘poses no threat’
THE recent depreciation of the rand does not pose an immediate threat to financial stability in Africa’s most industrialised economy, Francois Groepe, a central bank deputy governor said in a speech yesterday.
“The most pressing concern for South Africa, however, would be a sustained, currencyinduced overshoot of the 3 to 6 per cent inflation target, which could in turn ‘ unanchor’ broader-based inflation expectations from their current levels,” Groepe said in a speech published on the bank’s website.