The Mpumalanga department of public works has recommended remedial action of the public protector's report relating to the unlawful awarding of tenders for shop leases in Pilgrim's Rest.

Improved key performance indicators have contributed significantly to the full-year performance of SA Corporate Real Estate Fund, which recently announced 8.6% distribution growth for the year to 31 December 2013, surpassing market expectations.

South Africa's construction industry is not out of the woods yet, despite data pointing to an upward trend.

The Competition Commission has reached a settlement with 15 construction firms, who have agreed to pay fines to the tune of R1.46 billion for collusive tendering.

Much-talked-about multimillion-rand Cape Town International Convention Centre expansion looks set to be delayed as the City of Cape Town investigates the centre’s procurement processes relating to the contract for the project design.

Back in 2010 there were pessimists and optimists arguing it out over the potential embarrassment or pride at the outcome of eThekwini's plans to pretty up the beach front and revamp its facilities for international guests coming to town for the world cup. 

The construction sector still faces a tough year with delivery of projects related to the World Cup bringing about a drop in other construction activity.

Lonrho had increased its stake in prefabricated buildings manufacturer Kwikbuild to just more than 70% and planned to increase its stake in agricultural processor Rollex SA, CEO Geoffrey White said last week.

GeoffreyKwikbuild has a major share of the South African market, and has businesses in Mozambique and Zambia, while Rollex is one of SA’s largest agriprocessing companies supplying fresh produce to local and overseas customers.

The investments, being funded by proceeds from a recent private placement that raised £25m, were part of a strategy to own majority stakes in the companies in which it is investing across Africa.

White said the private placement had given Lonrho, listed on London’s AIM market, enough cash to expand in the five areas of infrastructure, transport, hotels, agribusiness and support services in 17 countries, including SA.

Once a sprawling conglomerate which, at its peak in 1995, had about 90 companies, Lonrho has restructured, selling assets to pay debt and return cash to shareholders. It is now an investment holding group targeting selected markets in Africa, where White said there were sustainable returns for the patient investor.

“We have so far raised £25m, the bulk of which we intend to deploy to increase our stake in some of our businesses,” he said.

“Our intention is to have a majority stake of at least more than 51% in key businesses and that is the reason we have increased our shareholding in Kwikbuild from 62% to about 71%. We are also looking at increasing our shareholding in Rollex from 51% to a significant amount.”

Kwikbuild has benefited largely from government tenders in SA, where it has supplied prefabricated clinics and classrooms in rural areas. It plans to expand to countries such as Angola and Democratic Republic of Congo, as well as in east Africa.

Rollex is packing and delivering fresh produce and fish to local customers Pick n Pay and Woolworths and, in Europe, to Marks & Spencer, Tesco and Sainsbury’s.

The company, operated as a subsidiary of Lonrho Agriculture, has a large, chilled bonded warehouse at OR Tambo airport.

White said Rollex was growing its export markets. It had begun shipping fish from Namibia to the US and Europe, and had opened new markets in the Middle East and Scandinavia. “There is general demand for African fresh produce and we are sourcing our products not only from SA but elsewhere in Africa.”

There were plans to expand agriprocessing facilities in Angola, Malawi, Mali and Zimbabwe.

White said Lonrho was consolidating and expanding in Zimbabwe through LonZim. He said the country was recovering, and still had “a relatively highly educated labour force with an industrious working culture” as well as good infrastructure.

LonZim’s portfolio covers sectors such as aviation, hotels, IT and pharmaceuticals.

 

Tuesday, 07 July 2009 02:00

More space in PE Airport upgrade

The Port Elizabeth Airport‘s departures terminal is to be upgraded to create more space, a Muslim prayer room and a chapel.

Friday, 13 August 2004 02:00

Construction 'fronting' exposed

The National Federation for the Building Industry, is to publish the names of its members caught "fronting" for white-owned companies.

Most Popular

Pam Golding Properties Annual Residential Property Report 2019

Nov 08, 2019
SA Reserve Bank
Signs that the residential property market is beginning to stabilise.

Rebosis Property Fund retail portfolio delivers excellent operational performance despite a tough market

Nov 11, 2019
Sisa Ngebulana REBOSIS
Rebosis Property Fund, the JSE’s first listed black-managed REIT, today reported its…

Massive property auction on behalf of Telkom

Nov 11, 2019
Agricultural Land Beaufort West
GoIndustry DoveBid SA (GoIndustry) is hosting a massive property auction on behalf of…

SA REITs featured among the JSE’s most empowered companies

Nov 08, 2019
Estienne de Klerk SA REIT Chairman
In order of most empowered, the REITs are: Arrowhead Properties, Redefine Properties,…

South Africa’s first ever blockchain-based property register pilot

Nov 07, 2019
DANIEL BLOCH
The pilot study area consists of almost 1 000 properties located in four sites in…

Please publish modules in offcanvas position.