It is reported that the “greatest CA(SA)”, Markus Jooste, SAICA has ever produced, shot and killed himself when police came to arrest him today.

Let’s look at how Steinhoff (Markus Jooste) got its hands on Pepkor (92.34%), Tekkie Town (100%) and (almost) Shoprite.

[Thread] Before going too far, it is important to note that there is an allegation that most of the deals Steinhoff (Markus Jooste) entered into were based on false and misleading representations made by Steinhoff N.V. and Markus Jooste.

A recap of Vodacom’s formation.

Vodacom was incorporated in 1993 as a joint venture between Telkom (50%), Vodafone (35%) and VenFin (15%).

1993, Vodacom was awarded a mobile cellular telecoms licence in SA and launched commercial services in 1994.

[Thread] 1996, Vodafone and VenFin sold a 5% stake in Vodacom Group to a BEE company, Hosken Consolidated Investments for R118 million.

2002, Hosken made a killing when it sold the 5% stake back to Vodafone and VenFin for R1.5 billion.

Ever wondered who’s Astron Energy?

All Caltex-branded service stations in SA and Botswana are being rebranded into Astron Energy.

The name change follows a 2018 majority acquisition of former Chevron SA by Glencore SA Oil Investments.

Short [Thread] Astron Energy, a Glencore group company, is a leading supplier of petroleum products in Southern Africa, with a vast network of service stations and is the second-largest petroleum network in the region.

The history of Kagiso Tiso Holdings is a long and complex one, so bare with me.

Standard Bank, Investec, Rand Merchant Bank, and the Liberty Group provided the seed capital to form Tiso Group which later became Kagiso Tiso Group.

[Thread]

https://twitter.com/leadersjournal_/status/1707332271399637262

In 1985, the Kagiso Trust began its development work to help promote the struggle against apartheid.

Archbishop Desmond Tutu co-founded the Kagiso Trust with Dr Beyers Naudè, Reverend Frank Chikane, Dr Max Coleman, Dr Alan Boesak, Dr Abe Nkomo, Father Smangaliso Mkhatshwa, and Eric Molobi, and took on the arduous task of trying to persuade the European Union to impose sanctions on the South African apartheid government.

Ever wondered how the 99-year lease agreement at Waterfall works like especially where Balwin is concerned?

[Thread] A bit of history.

It is reported that the first title-deed-holders of the Waterval farm were the Gibson brothers, who arrived from England in South Africa in 1871.

They bred cattle and operated their Red Star Line stagecoach business between Johannesburg and Pretoria.

I did a thread on Starbucks and someone asked about the ownership of Seattle Coffee.

You can’t talk Seattle without talking about the Food Lovers Market.

Fruit & Veg City has rebranded into Food Lovers Market Group with an estimated annual turnover of +-12bn.

[Thread] The founders of Food Lovers Market Group are Brian and Mike Coppin

The business was founded in 1993 as Fruit & Veg City and has rebranded into Food Lovers Market Group.

Transnet is seeking to raise R7bn in the debt capital market when it refinances maturing bonds later in 2023.

13 July 2022, Transnet secured its single largest funding transaction in the last 7 years.

[Thread] Transnet SOC previously stated that it intends to leverage private sector capital and resource capabilities to revitalise its port and rail logistics solutions in the key commodity sectors within which it operates.

Mastercard has agreed to take a minority stake in MTN’s fintech unit which MTN values at R98.71bn.

2022, MTN Group hired JPMorgan Chase to assist it on the planned separation of its fintech unit.

Nedbank had estimated that the fintech arm could be valued at R88bn.

[Thread] Mobile Money (MoMo) service lets one store, send, and receive money using a phone and doesn’t need a bank account or smartphone.

In 2022, MTN Nigeria, as promoter of MoMo Payment Service Bank Ltd received approvals from the Central Bank of Nigeria to commence operations.

The Spur Corporation has acquired a 60% Interest in the Doppio Group.

The Doppio Group generated total sales of over R600m in the financial year ended 28 February 2023.

A look at how Spurs acquired:
1) Doppio Zero
2) RocoMamas
3) Hussar Grill
4) Nikos.

[Thread] 60% in the restaurant brands Doppio Zero, Piza e Vino and Modern Tailors,with a portfolio of 37 franchised and company-owned
restaurants, as well as Doppio’s bakery and central supply business is been acquired from the founders and shareholders,Paul
Christie and Miki Milovanovic

An overview of Transaction Capital focusing on;

1) ownership of SA Taxi
2) all things WeBuyCars.

Warning ⚠️: this is a very long thread, but it is worth the read.

[Thread] SA Taxi provides asset-backed developmental credit lending for an
income generating vehicle.

Taxi owners are able to buy the vehicle, finance, insurance, car tracking, vehicle servicing and panel beating services all from SA Taxi.

Fully vertically integrated business model.

Does it come free? Like someone drops it at your door fully paid?

See attached on how much it would cost you monthly to finance the taxi.

That’s an extract from a SA Taxi financing agreement.

The interest rates charged by SA Taxi ranges between 12% to 26.75%.

[Thread]

https://twitter.com/lebohangbokako/status/1634141552934092801

SA Taxi provides asset-backed developmental credit lending for an
income generating vehicle.

Taxi owners are able to buy the vehicle, finance, insurance, car tracking, vehicle servicing and panel beating services all from SA Taxi.

Fully vertically integrated business model.

South Africa has been placed under increased monitoring/greylisted.

When Financial Action Task Force places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes.

[Thread] South Africa was given until October 2022 to come up with a credible plan to tackle deficiencies in its ability to prevent financial crimes or it will be added to the greylisting by the Financial Action Task Force (FATF).

Walmart has concluded a R6.4bn deal to secure full ownership of Massmart which owns Game, Makro, and Builder’s Warehouse.

Thread will cover;

1) turnaround plan,
2) Walmart loan,
3) Reorganising the Massmart,
4) Sale of stores, and
5) entrance into e-commerce.

[Thread] August 2022, Walmart and Massmart reached an agreement for Walmart to potentially make an offer to buy all the outstanding shares (47.6%) in Massmart that it did not already own for R62 in cash for each ordinary share.

Old Mutual has received approval from the Prudential Authority to proceed with the application for a banking license.

Old Mutual once almost “owned” both Nedbank and Standard Bank at the same time.

[Thread] 15 Nov 1999, Nedcor announced a proposed merger offer of 1 Nedcor share for 5,5 Standard Bank shares.

The proposed offer valued Stand Bank at R29.2bn (R21.27 per share).

Minority shareholders in Standard Bank urged the then CEO Jacko Maree to make an offer to buy Nedcor.

Rohatyn Group is set to merge with Ethos Private Equity.

Ethos Private Equity always has a busy December.

A look at some businesses Ethos has concluded in the last two Decembers including;

Tymebank,
Ninety One,
Consol Glass,
African Rainbow Capital,
Ster-Kinekor

[Thread] December 2021, Ethos Fund VI entered into an agreement to sell 100% of paper and packaging business Neopak Holdings to Corruseal Group which it had purchased in 2015 from Nampak.

The combined disposal proceeds represented a return to Ethos Fund VI of 1.9x Money Back.

EasyEquities has acquired the remaining 50% of Retirement Investments and Savings for Everyone for R60m.

Thread will cover;
who owns EasyEquities?
relationship between Sanlam and African Rainbow Capital.
how a consortium led by Prof Bonang Mohale got a stake in Purple?

[Thread] Retirement Investments and Savings for Everyone is a retirement fund administration and asset management business.

How did EasyEquities settle the R60m?

By disposing of and transferring ownership of 24 000 000 shares in Purple Group at a price of R2.50 per Purple Group share.

Vodafone Group Plc has announced that it has entered into a strategic co-control partnership for Vodafone’s 81.7% stake in Vantage Towers AG.

Thread will cover;
When and how was Vodacom formed?
How Vodafone got its hands on Vodacome?
Strategic co-control partnership

[Thread] Vodacom was incorporated in 1993 as a joint venture between Telkom (50%), Vodafone (35%) and VenFin (15%).

This is how Vodafone got involved with Vodacom.

1993, Vodacom was awarded a mobile cellular telecoms licence in SA and launched commercial services in 1994.

Blackstone is buying a 55% stake in Climate Technologies from Emerson in a transaction valuing Climate Technologies at $14 Billion.

[Thread] Blackstone is the world’s largest alternative asset manager.

Its $951bn in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, growth equity, opportunistic, real assets and secondary funds.

It has been reported that Elon Musk plans to job cuts across Twitter as soon as possible.

Elon Musk pulled one of the biggest leveraged buyouts in history when he took Twitter private in a deal worth $44bn.

Why do leveraged buyouts lead to job losses?

[Thread] One of the biggest pitfall of a LBO is that the acquired company spends a lot time cutting costs post-buyout in order to pay back the debt more quickly.

P.S: salaries and wages are usually the biggest expense item for many companies and the first to be chopped.

Kaizer Chiefs won the Soweto Derby. 🎉

[Thread] The Pirates coach should’ve been told that the Soweto Derby doesn’t need chance takers.

The South African government plans to take over a significant portion of Eskom's R400bn debt.

Eskom had used R323.9bn of its R350bn government guarantee facility as at 30 Jun 2022.

Thread will seek to cover;
•all things Eskom's debt, and
•unbundling progress.

[Thread] During President Cyril Ramphosa’s address on government's energy action plan om 25 July 2022, he announced that National Treasury will develop a sustainable solution to deal with Eskom’s debt before the Medium Term Budget Policy Statement in October 2022.