Weekly Press Review – 28 August 2017

The sale of Maersk oil and gas assets to Total made headlines this week. Total agreed to buy the oil and gas unit AP Moller-Maersk, paying Maersk with $4.95 billion (R65.03 billion) of its own shares and assuming $2.5bn of the company’s debt.

The board at Grindrod is investigating the possibility of a separate offshore listing process.

According to the press, Mike Hankinson, executive chairman of Grindrod said, “The Grindrod board has for many years reiterated the intention to separate the shipping business from the balance of the group, as it does not believe that the value of the shipping business is fairly reflected in the Grindrod share price.”

The company has said that it has appointed South African and foreign advisers to assist and it is expected that the listing process will be concluded within the first half of next year.

Despite Sasol announcing a 15 percent fall in headline earnings, Sasol shares traded in positive territory this week.

According the press, the stock moved 1.58 percent up in early trade with the shares settling 0,57 percent up at R392.80 at the close of the JSE on Friday.

Sea Harvest, the fishing division of Brimstone, is working towards the purchasing of a freezer ship valued at $15.5 million.

According to the press, Felix Ratheb, executive head of Sea Harvest, says the vessel is a necessity to ensure optimal use of the fleet.

The Department of Agriculture, Forestry and Fisheries (DAFF) says that it is making progress in the fight against abalone poaching after two separate arrests last week and the confiscation of abalone worth approximately R13 million.

According to the press, the department says, “The protection of Marine Living Resources, including abalone, is one of the priorities of the department.”

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