In a slower day for SA corporate news, Western Cape property group Spear announced a plan to raise new equity and Vodacom confirmed it will continue its “Please Call Me” court battle. Outside of SA, Botswana appears to be pushing ahead with plans to build up a stake in a Belgian diamond trader, while TotalEnergies has booked record profits.
Western Cape-focused property group Spear announced it has completed a private placement and has received commitments to subscribe for R313.5 million of new equity, with a total of about 37.5 million shares to be issued – about 15% of what it has in issue. The group had a net debt of almost R1.8 billion as of the end of August and a loan-to-value of 39.58%. It said on Wednesday it intends to reduce this and pursue acquisitions. The company currently has a portfolio of 28 assets worth a combined R4.4 billion. Spear’s shares were unchanged on Wednesday and have risen about 16% in the past 12 months.
Footwear-focused Buka Investments, formerly Imbalie Beauty, said on Wednesday that Pumla Tladi has been appointed as chair with effect from 6 February. Tladi was already on the board, having been appointed in late 2022, and has more than 25 years of experience in various areas of the financial services industry, specifically insurance. Buka, which announced a R140 million deal to acquire Socrati footwear in 2022 – a related-party transaction which would involve shares being issued to shareholder B&B Media – said this transaction is progressing. It added that is also currently investigating another opportunity within the retail industry.
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