Business In The News

Sacoil buys majority stake in Afric Oil

CAPE TOWN – Sacoil, the South African based independent African oil and gas company, said on Monday that it had acquired a 71 percent interest in Afric Oil Group, one of the largest independent fuel distributors in South Africa. Following completion, Sacoil’s portfolio will consist of operated production activities in Egypt, exploration in Democratic Republic […]

Business In The News

Barclays agrees to pay R15bn to separate from African arm

CAPE TOWN – Barclays Africa on Thursday said the terms for its operational separation from UK-based Barclays PLC had been agreed, including separation contributions from Barclays PLC of around R14.9 billion, which includes provision for a broad-based black economic empowerment scheme. The separation contribution is expected to “neutralise the capital and cash flow impact of […]