Hits&Misses
Afrimat gets go-ahead to acquire Lafarge SA; Sibanye to slash jobs
RETAILER Jet said this week its fashion and homeware items are now available on Bash, an ecommerce platform owned by parent company TFG. Jet’s range had previously been almost entirely limited to in-store purchases. Bash sells all of TFG’s retail products
— clothes, homeware and beauty. Claude Hanan and Luke Jedeikin, the co-founders of Bash, said 72% of Jet’s apparel is sourced locally, which not only created jobs but also supported South African
businesses.
THE Competition Tribunal has given mining and materials company Afrimat the green light to acquire 100% of Lafarge SA and its subsidiaries for $6m (R112m) in a transaction that has been described as the “deal of the century”. Afrimat has now gained access to some of the best assets in the construction industry. The JSE-listed firm will acquire what is collectively known as the LSA Group, which is owned by a subsidiary of Swiss-French multinational building
materials manufacturer Holcim Group.
UK-BASED M&C Saatchi Group said this week it is selling all shares in its South African unit to the local leadership team for R132m. M&C Saatchi Group SA is a marketing and communications firm comprising six creative companies and more than 350 people, with a presence across Africa. The company said the deal will position the local unit as the biggest independent agency in the country, while remaining “a valued affiliate of a famed global network”.
PRECIOUS metals miner Sibanye-Stillwater is slashing its workforce for the third time in a year, announcing that about 3,000 permanent workers and 915 contractors are at risk. The company is consulting organised labour and representatives of affected non-unionised employees, as required by law. The latest restructuring plan comes just a month after Sibanye swung from a R19bn profit in 2022 to a R37.4bn loss in the year
to end-December. Earlier this year, it cut about 2,600 jobs at its local platinum group metal operations.
ELLIES Holdings has been placed in liquidation after business rescue practitioners concluded there was no reasonable prospect of the company being rescued. The 45-yearold firm entered into voluntary business rescue earlier this year after failing to secure funding from lenders to acquire renewable energy company Bundu Power for R203m. Ellies imports, manufactures and sells equipment such as aerials and power trolleys, and also undertakes solar
installations.
NU-WORLD Holdings, which imports, assembles, markets and distributes branded consumer goods, reported a 5% decline in earnings for the six months ended February. The company reported headline earnings per share of 147.1c, compared with 154.9c a year ago. Revenue declined 2.8% to R969.5m. The company said margins declined as a result of increasing cost pressures, high interest rates and shipping costs, the weakness of the rand, load-shedding and fuel costs.