Safari to list, raise up to R400m
Safari Investments plans to list on the JSE's real estate sector on 7 April‚ and will embark on a capital raising exercise to raise up to R400m‚ through the private placement of new shares. The proceeds will be used to settle debt and free existing facilities worth about R60m. Safari's portfolio comprises four retail properties in Mamelodi‚ Atteridgeville‚ Sebokeng and Heidelberg.
Redefine International said it had entered into a contract to buy the remaining 40% of BNRI Earls Court LLP shares for £6.3m.BNRI‚ which is currently 60% held by Redefine Hotel Holdings‚ owns the 150-bedroom Holiday Inn Express Hotel in Earls Court, London.The deal is conditional on a proposed refinancing of the entire hotel property portfolio.
Canadian and Johannesburg-listed Rockwell Diamonds (RDI) increased its carat production and sold a 109 carat polished vivid yellow diamond‚ the company said. Revenue from diamond sales‚ excluding beneficiation‚ increased by 69% to US$12.1m. Total carat sales rose 81% to 9‚596 carats‚ sold at an average price of US$1‚264 per carat‚ which is down 7% from a year ago.
Lonmin announced that Roger Phillimore will retire as chairman and as a director at the end of April. Brian Beamish‚ an independent non-executive director‚ who joined the board in November would take over as interim chairman from May.
The passing of the National Credit Amendment Bill will provide uniformity in the way consumers are assessed through a proper affordability test, and identify illegal providers who keep consumers' identification documents and bank cards, and charge high interest rates. All lenders, irrespective of size, will have to register with the National Credit Regulator and curb the selling of expired (prescribed) debt as part of the loan book by creditors. Adverse credit information will have to removed from credit bureaus.
