Thursday, December 11, 2025

The Finance Ghost

Who’s doing what this week in the South African M&A space?

Weekly summary of Merger & Acquisition activity by South African companies

Weekly corporate finance activity by SA exchange-listed companies

Weekly summary of corporate finance activity by South African exchange listed companies.

Who’s doing what in the African M&A and debt financing space?

Weekly summary of all M&A, financial and debt market activity from across Africa (excluding South Africa)

Blank shares and board powers

Practical and legal uncertainties often arise in respect of the associated preferences, rights, limitations or other terms of blank shares

Critical minerals in Southern Africa

Political will, institutional capacity and regional trust are vital.

Ghost Stories #88: Cell C – more than just an MVNO engine

Cell C has been on quite the adventure in its efforts to carve out a sustainable competitive position. Cell C has created a profitable business model that goes well beyond the MVNO operations that the market tends to focus on. In this podcast, CEO Jorge Mendes joined me to explain Cell C's business and how they plan to win across key verticals.

Ghost Bites (Anglo American | Grindrod | KAP | Libstar | Mr Price)

Mr Price blows up its investment thesis - and spectacularly. KAP is looking much better. Anglo American and Teck Resources shareholders approve the merger. Grindrod's performance is a mixed bag. Libstar continues to clean house.

Ghost Bites (BHP | British American Tobacco | Mahube Infrastructure | Merafe | Thungela)

Thungela updated the market on a tough year. British American Tobacco has reaffirmed 2026 guidance. BHP unlocked capital through a BlackRock infrastructure deal. Merafe is hoping for progress with Eskom. Mahube Infrastructure may be leaving our market.

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