Africa Equity

Consol, the glass bottle maker, moved ahead with its IPO on Monday by setting a price range. It is hoping to return to the Johannesburg Stock Exchange (JSE) at a positive moment for South Africa.

The South African equity market got the trade it had been waiting for this week when Steinhoff International, the embattled retail conglomerate, sold a portion of its stake in Steinhoff Africa Retail, the African subsidiary it span off last year, to raise funds to reduce its debt.

Consol Holdings, the South African glass packaging company, plans to return to the Johannesburg Stock Exchange after filing an intention to float on Thursday.

Sanlam, the South African insurer and wealth manager, has raised R5.7bn ($489m) to finance its takeover of Saham Finances, the Middle East and Africa-focused insurance company.

Steinhoff International, the embattled South African retail conglomerate, sold a €251m block of shares in KAP Industrial Holdings on Tuesday, as it continues to raise money to plug holes in its balance sheet, but doubt remains about whether much is left to salvage from the business.

Shares in Steinhoff have fallen by over 12% in trading on Tuesday as the firm informed the Dutch regulator that it would not be publishing its 2017 financial results by January 31.

Steinhoff International has sold a second chunk of its stake in PSG Group, the South African financial services company, in as many months, as Steinhoff struggles to stabilise itself after its disastrous revelation that three years' accounts will need restating.

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Steinhoff International, the retail conglomerate listed in Johannesburg and Frankfurt, said on Tuesday that its numbers for 2015 were unreliable and that prior years may also need to be restated.

Steinhoff International’s shares jolted downwards again today as it met its banks in London, seeking their support to get through the difficulties caused by apparent false accounting.

Savannah Petroleum, the UK oil and gas company focusing on African exploration, has secured a partnership with ASMA Capital Partners, a Bahraini fund manager which invests on behalf of the Islamic Development Bank, as part of its equity capital raising, which is set to be priced today.

The travails of Steinhoff International, the embattled South African retail holding company, deepened today as Christo Wiese, the entrepreneur who has built up the business, resigned as chairman.