Moody's Investors Service has today downgraded the City of Tshwane's long and short-term issuer rating (South African national scale) to A2.za and P-2.za, respectively, from A1.za and P-1.za, following a significant increase in the city's debt levels. The outlook on the ratings remains negative.
Nampak today announced that an agreement has been reached whereby it will acquire Alucan Packaging Limited which is a beverage can manufacturer based in Nigeria. Nampak has also been granted an option to acquire a leading rigid plastics company in Nigeria. The total investment is US$301 million and will be funded through available cash resources and existing debt facilities.
Neotel, South Africa’s first converged communications network operator, has announced that the business grew 21% year-on-year and turned profitable before tax (PBT) positive for the first time since its inception seven years ago.
Total announces that it has received approval from the South African authorities and has completed the acquisition of a 50% interest in Block 11B/12B, from CNR International (South Africa) Ltd., a wholly owned subsidiary of Canadian Natural Resources Limited.
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