On a quiet day in South African corporate news, Western Cape property group Spear announced plans to raise new equity and Vodacom confirmed it would continue its 'Please Call Me' legal battle. . Outside South Africa, Botswana appears to be moving ahead with plans to increase its stake in a Belgian diamond trading company, while Total Energies has posted record profits.
Spear, a real estate group focused on the Western Cape has completed a private placement and announced that it has received commitments to subscribe for R313.5 million in new shares. The total number of shares scheduled to be issued is approximately 37.5 million shares, equivalent to approximately 15% of the outstanding shares. The group's net debt was approximately R1.8 billion at the end of August, with a loan-to-value ratio of 39.58%. The company said Wednesday it intends to reduce that and move forward with acquisitions. The company currently holds his portfolio of 28 assets worth a total of R4.4 billion. Spear's stock price was unchanged as of Wednesday, having risen about 16% over the past 12 months.
Buka Investments (formerly known as Imbalie Beauty) specializing in shoes I said that on Wednesday. Phumla Tladi was appointed chairperson from February 6th. Mr. Tladi is already a member of the Board of Directors, having been appointed in late 2022, and he has over 25 years of experience in various areas of the financial services industry, particularly insurance. Buka, who announced a R140-million deal to acquire Sokrati Footwear in 2022, is a related party transaction with shares issued to shareholder B&B Media, but says the deal is progressing. Stated. He added that he is also currently investigating other opportunities within the retail industry.
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