South Africa : SARB to list African Bank shares publicly
- 24 March 2022 / News / 201 / Fares RAHAHLIA
The South African Reserve Bank (SARB) says it is considering taking its African Bank shares public after failing to find a suitable buyer.
On 1 June 2021, the SARB announced it had begun the process to dispose of its 50% shareholding in African Bank Holdings Limited (ABHL), given the potential conflict as the regulator, the significant shareholder, and the lender of last resort.
The SARB appointed a set of transaction advisers and proceeded on a dual-track approach which focused on two potential exit options – namely a sale to investors and an initial public offering (IPO).
The SARB invited interested investors, both local and international, to submit expressions of interest for the acquisition of the SARB’s shareholding. All the expressions of interest were considered, and consultation took place with relevant stakeholders and regulators involved in this process.
“After due consideration of the expressions of interest that were received, the SARB has concluded that none of the interested investors would be suitable to acquire the SARB’s shareholding at this stage,” the central bank said on Tuesday (22 March).
“The SARB will work closely with ABHL and the rest of the shareholders and thus proceed with the IPO process. The timing of the launch of the IPO will be dependent on prevailing market conditions.”
The period leading up to the IPO will provide ABHL with the opportunity to continue with its successful turnaround and execute its accelerated growth strategy, it said.
South Africa : Covid grant should be increased to at least R413, say civil society groups
- 21 March 2023
A new means test and bank verification process has resulted in far fewer people getting the grant :The R350 Covid-19 Social Relief of Distress grant should be increased to R413 in line with inflation,...
South Africa : Eskom suspends load shedding earlier than planned – but it will be back
- 21 March 2023
Power utility Eskom says it will suspend load shedding earlier than planned – but rolling blackouts will return tomorrow night.Load shedding will be suspended from Monday at 11h00 until 16h00 on Tuesd...
South Africa : CEO slams ‘backwards’ protests – as Ramaphosa deploys the army
- 21 March 2023
The Economic Freedom Fighters (EFF), in partnership with the South African Federation of Trade Unions (SAFTU), are embarking on a nationwide protest on Monday (20 March), calling for President Cyril R...
MAROC - "Officine Expo", une vitrine de l’industrie pharmaceutique nationale
- 27 February 2023
La 20è édition d’Officine Expo a constitué une belle vitrine pour l’industrie pharmaceutique nationale, a souligné, samedi à Marrakech, Layla Sentissi, directrice exécutive de la Fédération Marocaine...
MOROCCO - IMF Mission Highlights Moroccan Central Bank's Transparency Practices
- 28 December 2022
This mission, whose expertise and relevance of recommendations praised Bank Al-Maghrib, focused on examining the bank's transparency practices in five areas, relating to "Governance", "Policies", "Ope...