Africa Equity

Redefine Properties, the South African real estate company focused on commercial properties, has completed a buy-back of its outstanding €117.2m 1.5% exchangeable bonds due 2021, as part of a wider restructuring of the firm.

Wednesday evening proved a busy night for equity bock trades, despite wider sell-offs in secondary markets over fears of a second wave of Covid-19.

Pepkor, the South African retailer, raised R1.9bn ($110m) in a sale of new shares on Tuesday night to reduce leverage and to prepare it for the future impact of the Covid-19 pandemic.

Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.

Two block trades in Europe this week have shown that there is still a reasonable bid for some stocks, even during a global equity market meltdown, when many transactions have simply been called off.

The three founders of Transaction Capital, the South African financial services firm, have sold down R1.62bn ($108m) of stock via an accelerated bookbuild.

Ninety One, the asset management division of Investec, has announced its intention to float on the London Stock Exchange, formally launching what is likely to be one of the largest UK IPOs this quarter.

South African gold mining company Gold Fields Ltd has raised R3.7bn ($252m) of fresh capital to fund the construction of a new mine in Chile.

Brait, the troubled South African investment company, managed to issue a £150m five year convertible bond on Wednesday, an essential piece of its restructuring plan, which includes a new strategy, a recapitalisation, including a rights issue, to repay debt and the sale of two UK assets.

BCME Bank, one of the largest banks in Morocco, has raised Dh1bn ($103m) by selling new shares on the Casablanca Stock Exchange.

A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.

Omnia Holdings, the South African chemicals company, has fixed the terms for its R2bn ($136m) rights issue to reduce debt, after securing underwriting from its top shareholders.