DOCSLIB.ORG

Integrated Annual Report 2020 1 TFG’S Performance

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Integrated Annual Report 2020 1 TFG’S Performance INTEGRATED ANNUAL REPORT @home @homelivingspace AmericanSwiss Archive Colette Connor Donna Duesouth Escapes Exact Fabiani The Fix Foschini G-Star Raw hi Hobbs Johnny Bigg Markham Phase Eight 20132008 Hardcore Denim II - TACTICAL INSERT S 114x149.indd 2 14/01/2020 17:13 Relay Jeans RFO Rockwear Sneaker Factory Soda Bloc Sportscene Sterns Tarocash Totalsports Whistles yd. CONTENTS IFC About our report 2 Who we are 13 A message from our Chairman 20 How we create value 37 Our people 48 Our strategy 69 Our performance 86 How we govern TFG 149 Appendices IBC Company information and shareholders’ calendar ABOUT OUR REPORT ABOUT OUR REPORT THE SCOPE AND BOUNDARY OF THIS REPORT The 2020 integrated annual report of The Foschini Group Limited and its subsidiaries (collectively referred to as “TFG” or “the Group”) covers the financial year from 1 April 2019 to 31 March 2020. REPORTING FRAMEWORKS REPORTING BOUNDARY FOR COMBINED ASSURANCE THE INTEGRATED REPORT This report is presented in accordance with the requirements of the King IV Report on Corporate GovernanceTM for South Africa (risks, opportunities and financial and non-financial 2016 (King IV)1; the Companies Act of South Africa, No. 71 of The combined assurance process continues to optimise outcomes relevant to our key stakeholders) 2008, as amended; the JSE Limited Listings Requirements and assurance activities and enhance the governance and the the International Integrated Reporting Council’s <IR> Framework enterprise risk and control environment. The five lines of (referred to as “the Framework”). defence approach identifies those responsible for internal FINANCIAL REPORTING controls, risk management and independent assurance. (control and significant influence) MATERIALITY Read more about our approach to combined assurance and This report focuses on matters that have a material impact on risk management in our Audit and Risk Committees’ reports TFG’s ability to create sustainable value and outlines how these from pages 98 and 111. matters impact our business strategy, risks and opportunities, while considering stakeholder perspectives. Matters were identified using the Enterprise Risk Framework and apply to the Group, albeit FEEDBACK with different levels of likelihood and impact. Read more about our process and relevant matters on page 32. Feedback on and requests for printed copies of this report can be addressed to the Company Secretary, TFG TFG TFG whose contact details are on the inside back cover. AFRICA LONDON AUSTRALIA COMPARABILITY Should you elect to receive regular investor-related Data presented in this report applies to the Group, unless electronic communication from TFG, kindly provide specifically indicated otherwise. Data relating to financial, your email address by emailing our Investor Relations economic, social and environmental indicators remains broadly This refers to all our This refers to This refers to comparable to and consistent with our 2019 report. However, department at [email protected]. operations on the the consolidated the consolidated the following should be considered when assessing TFG’s African continent, performance of performance of performance and future prospects as they may affect the through 21 the Phase Eight, the Connor, FORWARD-LOOKING STATEMENTS comparability of financial and non-financial information: established brands. Whistles and Johnny Bigg, The TFG Africa Hobbs brands. Rockwear, Tarocash • The Group’s adoption of IFRS 16. This report contains certain forward-looking statements business segment is The TFG London and yd. brands, • In March 2020, the World Health Organization formally recognised regarding the results and business activities of TFG, managed from the business segment collectively Retail COVID-19 as a pandemic. Governments around the world have which by their nature involve risk and uncertainty Group’s head office is managed by the Apparel Group taken various actions to try and curb the pandemic, including because they relate to events and depend on in Cape Town, local management (RAG). The TFG the temporary closure of businesses, restriction on movement South Africa. team based in Australia business between geographical locations, social distancing and limits on circumstances that may or may not occur in the future. London, United segment is managed These forward-looking statements have not been While information is any public gatherings. The global economy has experienced major Kingdom. by the local contraction and significant uncertainty regarding the extent and reviewed or reported on by the Group’s external auditors. provided on all three management team business segments duration of the pandemic remains. All three of the Group’s main based in Sydney, territories were impacted by restrictions that were implemented throughout this Australia. report, prominence is as well as the extent of regulations imposed. APPROVAL given to TFG Africa as Read more about the impact and scope of these events in the it accounts for 74% of Chief Financial Officer’s report on page 70. The Audit Committee recommended the approval of the the Group’s EBITDA. integrated annual report and the consolidated annual financial statements to the Supervisory Board. The Non-profit Supervisory Board acknowledges its responsibility for Suppliers and Employees Customers Shareholders organisations and Others business partners ensuring the integrity of the integrated annual report and communities collectively reviewed and assessed the content thereof. 1 Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved. The Supervisory Board believes that the integrated annual report presents the material matters that impact the OUR REPORTING SUITE Group in a balanced way and that it is a fair representation This report is a concise communication, complemented by further reporting elements and information available in the investor of TFG’s integrated performance and future prospects. centre on our website at www.tfglimited.co.za. Non-financial information provided in this report was not assured externally, Furthermore, the Supervisory Board believes that the other than indicated below: integrated annual report adequately presents TFG’s strategy, and how it enables the Group to create value, in a EXTERNAL ASSURANCE STATUS sustainable manner, in the short, medium and long term. REPORTING ELEMENT TARGET AUDIENCE AND PROVIDER The Supervisory Board approved the 2020 integrated Annual financial statements Shareholders, investment Audited by Deloitte & Touche (see annual report on 11 August 2020. community and analysts external audit report) King IV register All stakeholders No external assurance M Lewis A E Thunström TFG sustainability overview report All stakeholders No external assurance Chairman Chief Executive Officer B-BBEE credentials and scorecard All stakeholders Assured by 1st Verification Networx The review of this report in conjunction with our consolidated annual financial statements will provide a comprehensive view of TFG integrated annual report 2020 1 TFG’s performance. The audited consolidated annual financial statements are available on our website at www.tfglimited.co.za. www.tfglimited.co.za WHO WE ARE WHO WE ARE 4 This is TFG 6 Our brands 8 Our footprint 10 Our timeline The company was established in 1924 and listed on the Johannesburg Stock Exchange (JSE) in the general retailers sector in 1941. TFG integrated annual report 2020 2 www.tfglimited.co.za 3 WHO WE ARE THIS IS TFG THIS IS TFG OUR VISION AND MISSION SALIENT FEATURES OF THE YEAR OUR CORPORATE PROFILE To be the leading fashion lifestyle retailer in Africa TFG is one of the foremost independent whilst growing our international footprint by providing chain-store groups in South Africa and innovative products and creative customer experiences +3,6% R1,1 bn has a diverse portfolio of 29 leading and by leveraging our portfolio of diverse brands to GROUP REVENUE CAPITAL INVESTMENT fashion retail brands offering clothing, differentiate our offering. Our talented and engaged GROWTH Investing for the future – jewellery, cellphones, accessories, people will always be guided by our values, social R38,5 billion 69% of this investment is conscience and customer-centric mindset. cosmetics, sporting apparel and expansionary equipment, and homeware and furniture from value to upper market segments. TFG was established in 1924 and listed on the THE TFG DIFFERENCE 8,4% 16,1 m JSE in 1941. GROUP ONLINE NUMBER OF TFG AFRICA The majority of our turnover is in the form of cash TURNOVER CASH AND CREDIT • 29 leading fashion lifestyle retail brands sales to customers, with the balance being from CONTRIBUTION REWARD CUSTOMERS of which 23 are omnichannel our own in-house credit offering. Credit is offered (March 2019: 14,5 million) • 4 083 trading outlets in 32 countries on to customers in South Africa, Namibia, Botswana, five continents Lesotho and Eswatini. Revenue is also generated OUR VALUES from interest received on customers’ store cards • Income diversification through 74:26 cash vs and through value-added services available to our credit sales contribution 52,7% 29 776 TFG believes that teamwork coupled with TFG Africa customers. GROSS MARGIN NUMBER OF professionalism in all aspects of retailing will • Integrated online platform for all TFG Africa (March 2019: 53,6%) EMPLOYEES South Africa and Namibia are TFG Africa’s most continue to be the foundation for the future. online brands with single check out and multiple (March
Load more

Recommended publications
  • Circular to Brait Ordinary Shareholders and Notice of Extraordinary General Meeting
    THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action to take, please consult your CSDP, broker, banker, attorney or other professional adviser immediately. If you have disposed of all your ordinary shares in Brait on or before Friday, 5 December 2014 , please forward this Circular, together with the enclosed Form of Proxy, where applicable, to the purchaser to whom you disposed of such Shares, or the CSDP, broker, banker, attorney or agent through whom you disposed of such Shares. Brait SE (Registered in Malta as a European Company) (Registration number SE1) Share code: BAT ISIN: LU0011857645 Share code: BATP ISIN: MT0000680208 (“Brait” or “the Company”) CIRCULAR TO BRAIT ORDINARY SHAREHOLDERS regarding • The proposed disposal, by Brait’s subsidiary, Brait Mauritius Limited, of its effective 37.06% direct and indirect economic interest in Pepkor Holdings Proprietary Limited to Steinhoff International Holdings Limited and including • A notice of Extraordinary General Meeting; and • A Form of Proxy (blue) (for use by Certificated Shareholders and Dematerialised Shareholders with “own name” registration only). 12 December 2014 Financial Adviser and Sponsor South African Attorneys International Counsel Independent Expert CORPORATE INFORMATION AND ADVISERS Company Secretary and registered office South African Attorneys Maria Angela Stivala Webber Wentzel 4th Floor, Avantech Building 10 Fricker Road St. Julian’s Road Illovo Boulevard San Gwann, SGN 2805 Johannesburg, 2196 Malta South Africa
    [Show full text]
  • "Pepco" in Ljutomer 850.000€ Shopping Center | Ljutomer, Pomurska, Slovenia Property Price
    +386 40 289 800 [email protected] www.futu-re.com Shop with "Pepco" in Ljutomer 850.000€ Shopping center | Ljutomer, Pomurska, Slovenia property price Profitability Rental flow / year Rental flow / month Prospective yield Tenant area 5,80% 49.410€ 4.117,50€ 9,13% 457,50m2 Net size Build Tenants 457,50m2 2017 1 Property details In the city of Ljutomer, a store with a tenant is offered for sale - Pepco is a network of inexpensive supermarkets in Europe that offer their visitors: women's and men's clothing, underwear, children's clothing, accessories and toys for children, household goods and interior design. The area of the commercial premises is 457,5 m2. The shopping center is a new one and was commissioned in August 2017. The shopping center is located next to SPAR and LIDL shopping centers, which provides it with a large influx of customers. 1 / 4 One-story building with a supporting structure in the form of a metal frame, insulated sandwich panels, concrete foundation. Outdoor parking near the building. Tenants Pepco Pepco is a chain of textiles and home goods stores. Since 2004, the company has become part of Pepkor Holding, which is included in Steinhoff International Holdings Limited, a group that owns 42 retail brands in 44 countries in Europe, Africa and Australia. As of 2017 - 1243 stores. Tenant area Credit estimate Rental contract Possibility of refusal 457,50m2 High 5 years только после 28.09.2024 Investment prediction Large tenants in the neighborhood. Fresh lease agreement. Good location of the shopping area.
    [Show full text]
  • EQUITES to DEVELOP a R1.3 Bn WAREHOUSE for PEPKOR
    21 January 2020 EQUITES TO DEVELOP A R1.3 bn WAREHOUSE FOR PEPKOR Cape Town, 21 January 2020 – Equites Property Fund Limited (Equites) today announced an agreement with leading JSE-listed retailer Pepkor, to develop a 122 734 square metre logistics warehouse facility in Hammarsdale, KwaZulu-Natal. The indicative total cost of development is R1.3 billion, which includes the cost of the land of R281 million. Equites will enter into a 15-year "triple net" fully repairing and insuring lease with Pepkor on completion of the development. Pepkor will have a right to renew for three additional five-year periods. The development is expected to be completed by November 2021. Equites CEO, Andrea Taverna-Turisan, said the company is pleased with the transaction as it meets all its investment criteria. As a specialist logistics investor and developer, Equites has successfully delivered modern and efficient logistics facilities to users both in South Africa and the United Kingdom. A transaction of this size with a client of Pepkor’s stature and exacting requirements will assist to further cement the company’s aim of being recognised as a developer of choice to the largest logistics, retail and e-commerce participants in the South African market. The modern, state-of-the-art logistics facility will be situated in Hammersdale, a prime logistics node due to its location along the N3 national road and its proximity to the rail network linking Gauteng to the Durban port. It is also close to the inland container terminal at Cato Ridge which is expected to change the logistics landscape in KZN.
    [Show full text]
  • DMTN Information Statement
    PEPKOR HOLDINGS LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 2017/221869/06) unconditionally and irrevocably guaranteed by PEPKOR TRADING PROPRIETARY LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1958/003362/07) INFORMATION STATEMENT in respect of the ZAR10,000,000,000 DOMESTIC MEDIUM TERM NOTE PROGRAMME Pepkor Holdings Limited (Pepkor, the Pepkor Group, the Company or the Issuer) intends from time to time to issue notes (the Notes) under the ZAR10,000,000,000 Domestic Medium Term Note Programme (the Programme) on the basis set out in the Programme Memorandum dated 2 March 2020, as amended and restated from time to time (the Programme Memorandum). The Notes may be issued on a continuing basis and be placed by one or more of the Dealers specified in the section headed “Summary of Programme” under the Programme Memorandum and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue or on an ongoing basis. The specific aggregate nominal amount, the status, maturity, interest rate, or interest rate formula and dates of payment of interest, purchase price to be paid to the Issuer, any terms for redemption or other special terms, currency or currencies, form and denomination of Notes, information as to financial exchange listings and the names of the dealers, underwriters or agents in connection with the sale of Notes being offered at a particular time will be set forth or referred to in the terms and conditions contained in the Programme Memorandum (the Terms and Conditions), read together with the pricing supplement applicable to any Notes (the Applicable Pricing Supplement) and this information statement dated 28 April 2021 (the Information Statement).
    [Show full text]
  • Pepkor: Retailing - Company Profile & SWOT Analysis
    Report Information More information from: https://www.wiseguyreports.com/reports/370343-pepkor-retailing-company-profile-swot-analysis-one Pepkor: Retailing - Company Profile & SWOT Analysis Report / Search Code: WGR370343 Publish Date: 18 March, 2016 Price 1-user PDF : $ 125.0 Site PDF : $ 250.0 Enterprise PDF : $ 375.0 Description: Summary Canadean's "Pepkor: Retailing - Company Profile & SWOT Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and services, SWOT analysis, business description, company history, recent developments, key employees as well as company locations and subsidiaries. Key Findings This report is a crucial resource for industry executives and anyone looking to access key information about "Pepkor" The report utilizes a wide range of primary and secondary sources, which are analyzed and presented in a consistent and easily accessible format. Canadean strictly follows a standardized research methodology to ensure high levels of data quality and these characteristics guarantee a unique report. Synopsis PEPKOR RETAIL LIMITED (PEPKOR) is a cloth stores operator. The company's products include school wear, women's clothing, men's clothing, foot wear, kids wear, home decor, luggage bags, personal care and health and beauty products. It provides various services such as, insurance, mobile services, information technology, legal service and data and analytics. All these products and services are offers under several brands such as DUNNS, JOHN CRAIG, Best & Less, PEP, PEP HOME, PEP cell, JayJays, Power Sales, Ackermans, Shoe City, PEPCO, harris scarfe and postie. The company operates in South Africa, Botswana, Lesotho, Namibia, Swaziland, Zambia, Mozambique, Malawi, Angola, Nigeria, Poland, Zimbabwe, Slovakia, the Czech Republic, Australia and New Zealand.
    [Show full text]
  • PEPKOR HOLDINGS LIMITED (Incorporated in the Republic of South Africa with Limited Liability Under Registration Number 2017/221869/06)
    PEPKOR HOLDINGS LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 2017/221869/06) unconditionally and irrevocably guaranteed by PEPKOR TRADING PROPRIETARY LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1958/003362/07) INFORMATION STATEMENT in respect of the ZAR10,000,000,000 DOMESTIC MEDIUM TERM NOTE PROGRAMME Pepkor Holdings Limited (Pepkor, or the Issuer) intends from time to time to issue notes (the Notes) under the ZAR10,000,000,000 Domestic Medium Term Note Programme (the Programme) on the basis set out in the Programme Memorandum dated 2 March 2020, as amended and restated from time to time (the Programme Memorandum). The Notes may be issued on a continuing basis and be placed by one or more of the Dealers specified in the section headed “Summary of Programme” under the Programme Memorandum and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue or on an ongoing basis. The specific aggregate nominal amount, the status, maturity, interest rate, or interest rate formula and dates of payment of interest, purchase price to be paid to the Issuer, any terms for redemption or other special terms, currency or currencies, form and denomination of Notes, information as to financial exchange listings and the names of the dealers, underwriters or agents in connection with the sale of Notes being offered at a particular time will be set forth or referred to in the terms and conditions contained in the Programme Memorandum (the Terms and Conditions), read together with the pricing supplement applicable to any Notes (the Applicable Pricing Supplement) and this Information Statement.
    [Show full text]
  • Integrated Report 2018 // Pepkor 1 V Ie W Salient V Er O Features
    Contents ABOUT THIS REPORT 1 OUR GOVERNANCE 52 Corporate governance report 52 OVERVIEW Board of directors 66 Salient features 2 Remuneration report 72 Who we are 4 Creating value 6 ANNEXURES 1 Retail footprint 79 OUR PERFORMANCE 8 2 Shareholder analysis 80 Chairman’s letter 10 3 Share performance 81 Chief executive officer’s report 12 4 Summarised group structure 82 Chief financial officer’s report 14 5 Shareholders’ diary 83 Audited summarised consolidated financial statements 18 6 Board meeting attendance 84 OPERATIONAL REVIEW 28 CORPORATE INFORMATION IBC Clothing and general merchandise 28 Furniture, appliances and electronics 40 Building materials 44 FinTech 48 THIS REPORT forms part of the integrated report suite and should be read together with the full audited annual financial statements and About this corporate social responsibility report, which are available on the company’s website at report www.pepkor.co.za. The Pepkor Holdings Limited (Pepkor or the group) 2018 integrated report focuses on the group’s strategy and its ability to create long-term sustainable value. To review the group comprehensively, this report should be read All references to Pepkor, the group, the company or the business refer together with the audited annual financial statements and the to Pepkor Holdings Limited and its underlying subsidiaries. These corporate social responsibility report. subsidiaries include all operating businesses. The group listed on the Johannesburg Stock Exchange Limited (JSE) With the group’s long history and scale of operations in Africa, it has on 20 September 2017. The 2018 financial year therefore represents taken due regard of all legislation and regulations in the countries its first full year as a listed company and much progress has been of operation.
    [Show full text]
  • World Investment Report 2002 Transnational Corporations and Export Competitiveness
    UNCTAD/WIR/2002 & Corrigendum UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT World Investment Report 2002 Transnational Corporations and Export Competitiveness UNITED NATIONS New York and Geneva, 2002 CORRIGENDUM Ref.: Sales N° E.02.II.D.4 UNCTAD/WIR/2002 12 June 2003 Geneva United Nations Conference on Trade and Development WORLD INVESTMENT REPORT 2002 TRANSNATIONAL CORPORATIONS AND EXPORT COMPETITIVENESS Page 86: Table IV.1. The world's top 100 non-financial TNCs, ranked by foreign assets, 2000 Total assets of Repsol-YPF (ranked 20th) should read $48,776, not $487,763. Page 127: Table V.3. Intel's manufacturing sites, January 2002 should read as follows: Table V.3. Intel’s manufacturing sites, January 2002 Country Facility Function Year built Current process technology Employees 1978, 1992, 1996, a United States Facility 1 Wafer fabrication 1999, 2003 0.13-, 0.25-, 0.35-micron 16 000 a Facility 2 Wafer fabrication 1980, 1993, 2002 0.13-, 0.18-, 0.25-, 0.35-micron 5 500 Facility 3 Wafer fabrication 1988 0.13-, 0.18-micron 8 500 Facility 4 Wafer fabrication 1994 0.28-, 0.35-, 0.50-micron 2 700 Wafer fabrication, Facility 5 assembly and testing 1996, 1999, 2001 0.13-, 0.18- micron 10 000 Facility 6 Systems Manufacturing 1996 .. 1 400 Facility 7 Wafer fabrication 2001 0.18-micron 1 845 a Ireland Facility Wafer fabrication 1993, 1998, 2004 0.18-, 0.25-micron 3 400 Israel Facility 1 Wafer fabrication 1985 0.35-, 0.50-, 0.75-, 1.0-micron 800 Facility 2 Wafer fabrication 1999 0.18-micron 1 500 Board manufacturing, Malaysia Facility 1 assembly and testing 1996, 1997 .
    [Show full text]
  • Corporate Sustainable Bonds in Emerging Markets
    Corporate Sustainable Bonds in Emerging Markets AN ANALYSIS OF STATUS AND POTENTIAL IFC – a sister organization of the World Bank and member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, please visit www.ifc.org HSBC Global Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Global Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 26 countries and territories, delivering global capabilities with local market insight. As of 30 September 2020, HSBC Global Asset Management managed assets totally US$571 billion on behalf of its clients. For more information, please see www.global.assetmanagement.hsbc.com Acknowledgements This report was supported by the Technical Assistance Facility managed by International Finance Corporation in an effort to expand emerging market real sector green bond supply. This research publication is prepared under the leadership of Peter Cashion (Chief Investment Officer) and Quyen Thuc Nguyen (Senior Operations Officer). The authors are Yang Li and Andreas Wohlhueter, with support from IFC specialists Francisco Avendano, Denise Odaro, Riccardo Ambrosini, and Martin Dasek.
    [Show full text]
  • Our Leadership and Reviews Our Leaders
    OUR LEADERSHIP AND REVIEWS OUR LEADERS JJ (Jannie) Durand (52)# NP (Peter) Mageza (64)*# Non-executive Chairman Independent non-executive director BAcc (Hons), MPhil (Oxon), CA(SA) ACCA (UK) Appointed: June 2012 Appointed: September 2009 Directorships: Chief Executive Officer of Remgro Limited and Directorships: Anglo American Platinum Limited, MTN Group currently a director of a number of companies including, Distell Limited, Remgro Limited, RCL Foods Limited, SAPPI Limited. Group Limited, Mediclinic International Limited, Rand Merchant Peter was formerly the Chief Operations Officer of the Absa Investment Holdings Limited and RMB Holdings Limited. Group. He is a Chartered Certified Accountant and a Fellow of The Jannie is a Chartered Accountant and was previously the Chief Association of Chartered Certified Accountants (ACCA) UK. He Investment Officer of Remgro Limited. He was also previously the has gained extensive experience through holding various executive Financial Director and Chief Executive Officer of VenFin Limited. positions in the audit, financial services and the transport and Prior to his appointment as Chairman, Jannie had served as a non- logistics sectors. executive director of RCL FOODS since March 2010. PM (Penny) Moumakwa (55)#^• RV (Roy) Smither (74)*^# Independent non-executive director Lead independent non-executive director M.B.CH.B CA(SA) Appointed: January 2019 Appointed: December 2008 Directorships: Mohau Equity Partners, Growthpoint Properties (Health). Roy has a wealth of corporate experience, having served as a director and Chief Executive Officer of the ICS Group from 1987 Penny is the CEO and Founder of Mohau Equity Partners, a long- term investment vehicle, in partnership with Discovery. Previously to 1998 and as an executive director of Tiger Brands from 1998 to she worked in multiple senior executive roles within Discovery and 2006.
    [Show full text]
  • Central and Eastern Europe and Sub-Saharan Africa the Potential of Investment Partnerships for Mutual Benefit Contents
    Research Paper Damir Kurtagic Africa Programme | October 2019 Central and Eastern Europe and Sub-Saharan Africa The Potential of Investment Partnerships for Mutual Benefit Contents Summary 2 1 Introduction 3 2 Overview of Emerging Economic Relations and Strategies 6 3 Why Investments Between Central and Eastern Europe and Sub-Saharan Africa Matter 11 4 Barriers to Increased Investment 14 5 Sub-Saharan Africa: A More Proactive Approach to Central and Eastern Europe 16 6 Mutual Learning and Sharing of Experiences 22 7 Promoting Development-oriented Central and Eastern European Investment in Sub-Saharan Africa 24 8 Conclusion 30 Acronyms and Abbreviations 33 About the Author 35 Acknowledgments 36 1 | Chatham House Central and Eastern Europe and Sub-Saharan Africa: The Potential of Investment Partnerships for Mutual Benefit Summary • There are growing economic links between the economies of Central and Eastern Europe and sub-Saharan Africa in terms of both trade and investment. However, while trade has picked up significantly from pre-EU accession levels, investment has not increased to the same extent. • Contrary to common assumption, investment flows are not solely from Central and Eastern Europe to sub-Saharan Africa. In reality, the largest investment flow between the two blocs occurs in the opposite direction – from South Africa into Central and Eastern Europe. • Sub-Saharan Africa can benefit from a greater commercial relationship focused on attracting sustainable investment from Central and Eastern Europe. For this to happen, commercial strategies towards Central and Eastern European countries need to be put in place before strategy can be reinforced by greater diplomatic and informational support.
    [Show full text]
  • Steinhoff Africa Retail Limited
    STEINHOFF AFRICA RETAIL LIMITED (Previously K2017221869 (SOUTH AFRICA) PROPRIETARY LIMITED) (Incorporated in the Republic of South Africa) (Registration number 2017/221869/06) Share code: SRR, ISIN: ZAE000247995 (“Steinhoff Africa Retail” or “STAR” or “the Company”) PRE-LISTING STATEMENT The definitions and interpretations commencing on page 27 of this Pre-listing Statement apply in this section and throughout this Pre-listing Statement. This Pre-listing Statement relates to the Private Placement by way of an offer for subscription by the Company, subject to certain conditions, to Invited Investors, being selected persons in South Africa who fall within one of the specified categories listed in section 96(1)(a) of the Companies Act and/or selected investors who subscribe for Placement Shares, the total contemplated acquisition cost of which is not less than R1 000 000 per single addressee acting as principal (as contemplated in section 96(1)(b) of the Companies Act), and selected persons in other jurisdictions, to whom the Private Placement will specifically be addressed, and by whom the Private Placement will be capable of acceptance, of Shares in the Company. The Placement Shares shall comprise up to 750 000 000 Shares and will, upon their issue, represent an aggregate of up to 21.74% of the total issued Shares immediately after the Listing. Up to a further 50 000 000 existing Shares may be sold to Invited Investors by the Steinhoff Group pursuant to a 30-day option which Steinhoff Group intends to grant to the Stabilisation Manager for the purpose of covering short positions resulting from the overallotment of Placement Shares or from sales of Shares at or before the end of the Stabilisation Period.
    [Show full text]