South Africa-based shipping and freight logistics provider, Grindrod Limited, recently decided to spin-off and separately list its shipping business on the Nasdaq, with a secondary inward listing on the JSE.
In a deal which took almost a year to finalise, RMB Ventures, along with management and a private equity consortium, bought 100% of Kevro, Africa’s largest supplier of corporate and promotional apparel, and other branded goods.
The test targeted simulating a ‘real-world’ trial of a distributed ledger technology wholesale payment system and included major local banking participants such as Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank.
Standard Bank has retained its title as the Middle East and Africa’s third-largest bank by total assets, with $163.89bn (just over R2trn) under its belt, according to the latest global bank rankings from S&P Global Market Intelligence.
Doubtless drawing inspiration from the big sky country, Derek Carstens has reflected on jostling around the valuable “Brand Winnie”, with some surprising conclusions on the parties which will acquire and apply the political capital its ownership will afford.