Nigeria’s Seven-Up gets $60m takeover offer from majority shareholder
Businessam Staff
November 30, 2017
Nigeria’s Seven-Up bottling company has received an offer from its majority shareholder Affelka to buy out minorities for 19.33 billion naira ($60 million), vice chairman Sunil Sawhney told Reuters. Affelka has offered to acquire 171.5 million shares from minorities at 112.70 naira per share, an 18 percent premium to Thursday’s share price of 95.50 naira. […]
UBA Group wins The Banker’s African Bank of the Year as subsidiaries emerge best banks in Congo, Tchad, Gabon, Senegal
Businessam StaffNovember 30, 2017
United Bank for Africa (UBA) Plc. has emerged The Banker Magazine African Bank of the Year 2017, marking the first time a Nigerian-headquartered bank is winning the prestigious and highly coveted regional award. This is just as its four operations on the continent also led contenders in their respective countries to emerge best banks of […]
GM test drive first autonomous vehicle, to concentrate on the ride-hailing market
Businessam StaffNovember 29, 2017
In the race to build autonomous vehicles, General Motors is determined not to be left behind. Last year, it bought Cruise Automation, a startup based here, to jumpstart its self-driving car efforts. On Tuesday, GM demonstrated what it and Cruise have been working on, giving a select group of reporters a test drive in one of […]
Uber’s third-quarter loss grows $1.46bn
Businessam StaffNovember 29, 2017
Uber’s quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe. The Silicon Valley-based company’s net loss increased to $1.46bn (£1.09bn) in the third quarter from $1.06bn in the previous quarter, the source said. Quarterly net revenue […]
Board changes imminent at Nigerian Breweries
Businessam StaffNovember 27, 2017
Changes in the composition of the board of directors of Nigerian Breweries are imminent according to a notice of board meeting of the company transmitted to the Nigerian Stock Exchange Monday. The board meeting scheduled for December 8, 2017 is expected to deliberate on a proposal for changes in the board of directors. “One of […]
Union Dicon Salt incorporates agribusiness subsidiary, UDS Farms
Businessam StaffNovember 27, 2017
Union Dicon Salt Plc. says it is incorporating a fully owned subsidiary, UDS Farms, to run its agribusiness operations. In a statement to the Nigerian Stock Exchange (NSE), Monday, the company announced to the market that “following an internal restructuring process, and a board meeting on the 14th of November 2017, a fully owned subsidiary: […]
Meredith to buy U.S. publisher Time in Koch-backed deal
Businessam StaffNovember 27, 2017
U.S. media company Meredith Corp said Sunday it will buy Time Inc, the publisher of People, Sports Illustrated and Fortune magazines, in a $1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch. The deal is a coup for Meredith, which held unsuccessful talks to buy Time earlier this year and in […]
South Africa’s Tiger Brands posts 1.6 rise in FY profit
Businessam StaffNovember 27, 2017
South Africa’s biggest consumer foods maker, Tiger Brands, on Monday reported a 1.6 percent rise in full-year profit as it refocuses on its home market after a costly foray into the rest of Africa. Tiger Brands reported headline earnings per share (EPS) of 2,161 cents for the year to end-September, compared with 2,127.1 cents a […]
Europe’s largest lab operator acquires majority stake in Nigeria’s PathCare
Businessam StaffNovember 24, 2017
Synlab, Europe’s largest lab operator has bought a majority stake in Nigerian diagnostic company, PathCare Nigeria to try to tap into an underserved market for medical tests in Africa’s most populous country, it said Friday. Nigerian lab operators, providing standard blood and urine tests as well as other medical and veterinary diagnostic services, have been […]
Econet said to seek U.K. listing with about $8bn value
Businessam StaffNovember 24, 2017
Econet, African telecommunications group is considering selling shares on the London Stock Exchange at a valuation of about $8 billion next year after combining new and existing assets, according to people familiar with the matter. According to Bloomberg’s report, that valuation would be based on an enlarged company, partly forged through the acquisition of additional […]