Absa launches new office in China
Absa Group has announced the official launch of a non-banking subsidiary in the People’s Republic of China.
“The African continent is endowed with talent, mineral wealth and a young population – and is poised to play an increasingly influential role in global trade as investors recognise its status as the last true frontier in global growth. Through this expansion, Absa Group isn't merely acquiring a new location; we're affirming our dedication to expanding our global presence and playing our part in facilitating growth on the continent,” says Arrie Rautenbach, Group Chief Executive Officer of Absa Group.
According to Absa, the China-Africa investment relationship has flourished over the past few decades, with China emerging as the continent’s largest bilateral trade partner.
"This has been fuelled by Chinese investment in Africa’s vast natural resources and infrastructure projects, creating huge commercial opportunities for both regions," it said.
Rautenbach said: “Our decision to establish a presence in China was driven by our ambition to better connect trade, investment flows and clients into Africa, where we will serve them across our extensive continental footprint."
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Competition Tribunal unconditionally approves proposed merger of TIC and Batho Batho Trust
The Competition Tribunal has announced that it has unconditionally approved the proposed merger by Thebe Investment Corporation (TIC) from the Batho Batho Trust (BBT), which entails the repurchasing of shares, in a series of indivisible transactions, as well as various employee shareholding schemes.
TIC is an investment holding and management company. The TIC Group’s interests, which are primarily South African based, consist mainly of investments in the energy and resources division (comprising power and water, oil and gas and mining and chemicals business units) and services division (comprising investments in property and financial services, food and logistics services, and media as well as telecommunication business units).
BBT is a community-based trust engaged in asset holding for the benefit of community-based beneficiaries, education and charitable objectives and any other body, company, trust, or organisation that operates principally in South Africa. BBT does not conduct any business activities of its own in South Africa or elsewhere.
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