On The Money - In Brief
- Technology group Grintek will cement its lucrative relationship with Swedish group Saab through Saab’s 21% acquisition of the South African company. The deal would give Grintek (of which the Kunene Brothers group owns 32%) a helpful cash injection of R36,5m. More importantly, it would enable the South African company to use its new shareholder’s extensive global reach to increase exports.
- The Lusaka Stock Exchange (LuSE) is lloking to establish an electronic link with the Johannesburg Stock Exchange (JSE) to integrate itself with global market trends. LuSE marketing officer Brian Tembo confirmed in an interview that preparations had reached an advanced stage. "We hope to be fully connected towards the end of 2004 or early 2005," he said. Tembo said the interlink was pursuant to the aims of the Committee of Southern African Development Community (SADC) Stock Exchanges (COSSE), to have stock exchanges in the SADC countries all linked-up and accessed on a single desktop by 2006.
- IB Maroc’s Managing Director Abdellatif Hadef said that the group had a turnover of 19.1m dirhams in 2002 and that it expected to see a 17% growth in turnover in this financial year.