On-the-rise San­tova snaps up Trade­way

Weekend Argus (Saturday Edition) - - OPINION -

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.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.