News & Insights
Asset manager points to worrying signs for emerging markets
Commenting on the local market impact of the Trump electoral victory in the US, Mergence Head: Equities, Peter Takaendesa, noted that if Trump’s policies are implemented, the external environment would not be of much help to SA’s economic recovery – making self-help economic reforms more important. If SA could resolve key structural issues and boost business confidence, this together with a Fed that is likely to continue trimming interest rates could stabilise the rand. This could potentially lead to ratings agencies and related capital flows turning in SA’s favour.
Sanlei Trout breaks into US market
The well-respected Public Eye weekly newspaper in Lesotho ran their cover story on the success of Sanlei Premium Trout and its recent breakthrough into the US export market. Mergence Investment Managers (Lesotho) has a 100% private equity stake in this unique aquaculture project which continues to have a positive ESG impact on the Lesotho market and Basotho communities.
CASE ALERT: Competition Tribunal prohibits Vodacom/Maziv merger
Commenting on the Competition Tribunal’s ruling to disallow the Vodacom/Maziv merger, Peter Takaendesa, Head: Equities at Mergence Investment Managers, said that the prohibition will have implications for other market consolidation transactions that were waiting for the outcome of this case. It is quite likely that Vodacom will deploy more of its capital outside South Africa or prioritise repaying debt should it not win the case on appeal. Regarding the wider trend, both Vodacom and MTN have realised that it may be too late to build large national fibre networks of their own and are therefore looking to buy minority stakes in existing fibre network operators to optimise capital expenditure and share infrastructure.
Prosus eyes surge in trading profit to R7bn for 2025
Commenting on the guidance provided by the new Prosus CEO, Peter Takaendesa, Head: Equities at Mergence Investment Managers, said on News24 that the Mergence view remains that a combination of sustained profitability improvement in all non-Tencent operations of Prosus, open-ended share buybacks continuation and disciplined capital allocation going forward will be very strong drivers of closing the discount to NAV at both Prosus and Naspers.
Broker’s notes: Buy Motus, sell retailers
In Financial Mail, Peter Takaendesa, Head: Equities at Mergence Investment Managers, gives the Mergence long-term outlook on various stocks. He unpacks the merits of investing in Motus (the diversified business in the automotive sector) and suggests that that a long position in Motus could be paired with a short in one of the retailers where the sector has already rerated sharply.
Can Canal+ turn the tide on MultiChoice subscriber exodus?
Peter Takaendesa, Head of Equities at Mergence Investment Managers, comments in Mail & Guardian on the matter. He notes that the jury is still out on whether Canal+ will get good value out of MultiChoice. Additionally, MultiChoice’s efforts to cut costs—such as streamlining content and reducing decoder subsidies—are akin to “running fast to remain in one spot.”
The intricacies of raising renewable energy finance
The intricacies of raising infrastructure finance. In the 2024 Mining & Energy Handbook produced by The Brief in Namibia, Hileni Nghinaunye, Portfolio Manager at Mergence Unlisted Investment Managers (Namibia), writes about the sophistication and knowledge required to raise finance for renewable energy projects. Mergence is launching its Fund II on the back of the success of Fund I, which will continue to invest in the renewables sector through practical private funding options. By boosting the energy security of Namibia, we are both contributing to the national economy and helping to uplift communities.
Undercurrents – SA’s water infrastructure is crumbling fast. Can it be fixed?
In the annual Business Day “Earth” publication, various critical environmental issues are addressed, including water in South Africa. Pointing to a potential holistic, long-term solution, Kasief Isaacs, Head: Private Markets at Mergence Investment Managers, discusses Mergence’s investment in two private water concessions via a Public Private Partnership, which have had a remarkable impact both on the communities served, as well as the environment.
Capitec eyes global expansion through Avafin
Following Capitec’s results, Radebe Sipamla, senior investment analyst at Mergence Investment Managers, comments on the group’s aims to grow its international footprint after its investments in technology helped drive market share gains in its value-added service offering.
Beste kwartaal in 11 jr op JSE
SA aandele beleef hul sterkste derde kwartaal in 11 jaar, en beleggers sien die winste groei. Die FTSE/JSE Afrika-indeks van alle aandele het oor die drie maande met sowat 10% gestyg, wat 13 rekord-sluitingshoogtes in die proses behaal het en ‘n styging in MSCI se maatstaf van opkomende markte-aandele oortref. Peter Takaendesa, Hoof: Aandele by Mergence Investment Managers, sê dat die begin van die wêreldwye rentekoersverlagingsiklus ‘n welkome verligting is en dat Mergence steeds goeie waardasieondersteuning vir ‘n aantal maatskappye van hoë gehalte vind.
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- Old Mutual (OMU) AGM (31 May 2024)
- Nedbank Group Ltd (NED) AGM (31 May 2024)
- Capitec Bank Ltd (CPI) AGM (31 May 2024)
- Glencore Plc (GLN) AGM (29 May 2024)
- Anglogold Ashanti Plc (ANG) AGM 28 May 2024
- NEPI Rockcastle (NRP) 14 May 2024
- Trenco Limited (TRE) AGM 13 (May 2024)
- Sibanye Stillwater Ltd (SSW) AGM (09May 2024)
- Anglo American Platinum Ltd (AMS) AGM (9 May 2024)
- Mondi Plc (MND) AGM (03 May 2024)
- FirstRand Limited (FSR), AGM (30 Nov 2023)
- Bidvest (BVT), AGM (28 Nov 2023)
- Momentum Metropolitan Holdings (MTM), AGM (23 Nov 2023)
- Kap Limited (KAP), AGM (21 Nov 2023)
- Adcock Ingram (AIP), AGM (21 Nov 2023)
- Discovery (DSY), AGM (16 Nov 2023)
- Attacq (ATT), AGM (16 Nov 2023)
- EPE Capital Partners (EPE), AGM (09 Nov 2023)
- Investec Property Fund (IPF), OGM (31 Aug 2023)
- Investec Property Fund (IPF), OGM (31 Aug 2023)
- Mr Price (MRP), AGM (30 Aug 2023)
- Tsogo Sun (TSG), AGM (29 Aug 2023)
- Mahube Infrastructure Limited (MHB), AGM (29 Aug 2023)
- Naspers Ltd (NPN), AGM (24 Aug 2023)
- MultiChoice Group Ltd (MCG), AGM (24 Aug 2023)
- Telkom SA Soc Ltd (TKG), AGM (24 Aug 2023)
- Prosus NV (PRX), AGM (23 Aug 2023)
- Reinert Investments (SCA_RNI), AGM (29 Aug 2023)
- Argent Industrial Ltd (ART), AGM (18 Aug 2023)
- AngloGold Ashanti (ANG), AGM (18 Aug 2023)
- AngloGold Ashanti (ANG), OGM (18 Aug 2023)
- Equites Property Fund Ltd (EQU), AGM (17 Aug 2023)
- TradeHold (CPP), AGM (10 Aug 2023)
- Brait Plc (BAT), AGM (07 Aug 2023)
- Investec Property Fund (IPF), AGM (03 Aug 2023)
- Investec Plc (INP), AGM (03 Aug 2023)
- Afrimat Ltd (AFT), AGM (2 Aug 2023)
- Afrimat Limited (AFT), AGM (02 Aug 2023)
- Renergen Ltd (REN), AGM (31 July 2023)
- Raubex Group Limited (RBX), AGM (28 Jul 2023)
- Datatec (DTC), AGM (27 Jul 2023)
- Vodacom (VOD), AGM (20 Jul 2023)
- Vodacom (VOD), AGM (20 Jul 2023)
- Growthpoint Properties (GRT), AGM (19 Jul 2023)
- Omnia Holding Ltd (OMN), OGM (18 Jul 2023)
- Pick N Pay Stores Ltd (PIK), AGM (12 Jul 2023)
- Karoooooo Ltd (KRO), AGM (12 Jul 2023)
- Bytes Technology Group Plc (BYI), AGM (12 Jul 2023)
- Sirius Real Estate Ltd (SRE), AGM (11 Jul 2023)
- Sirius Real Estate (SRE), AGM (10 Jul 2023)
- Growthpoint Properties Ltd (GRT), AGM (07 Jul 2023)
- AngloGoldAshanti Ltd (ANG), AGM (05 Jul 2023)
- BidCorp (BID), OGM (27 Jun 2023)
- Spear Reit Limited (SEA), AGM (26 Jun 2023)
- Resilient (RES), AGM (22 Jun 2023)
- Growthpoint Properties (GRT), OGM (21 Jun 2023)
- NEPI Rockcastle (NRP), AGM (14 Jun 2023)
- Standard Bank (SBK), AGM (12 Jun 2023)
- Sanlam (SLM), AGM (07 Jun 2023)
- Nedbank Group Ltd (NED), AGM (02 Jun 2023)
- Textainer Group Holdings Ltd (TXT), AGM (01 Jun 2023)
- Hulisani (HUL), AGM (28 Aug 2020)
- Mr Price Group (MRP), AGM (28 Aug 2020)
- Multichoice (MCG), AGM (27 Aug 2020)
- Reinet Investments (RNI), AGM (25 Aug 2020)
- Reinet Investments (RNI), EGM (24 Aug 2020)
- Gold Fields (GFI), AGM (20 Aug 2020)
- Balwin Properties (BWN), AGM (18 Aug 2020)
- Prosus (PRX), AGM (18 Aug 2020)
- Brait (BAT), AGM (13 Aug 2020)
- Hyprop Investments (HYP), AGM (30 Nov 2018)
- FirstRand (FSR), AGM (29 Nov 2018)
- Aspen Pharmacare (APN), AGM (28 Nov 2018)
- Bidvest (BVT), AGM (28 Nov 2018)
- Bidcorp (BID), AGM (27 Nov 2018)
- Woolworths (WHL), AGM (27 Nov 2018)
- Discovery (DSY), AGM (26 Nov 2018)
- Wilson Bayly Holmes Ovconwbo (WBO), AGM (21 Nov 2018)
- Sasol (SOL), AGM (16 Nov 2018)
- Growthpoint Properties (GRT), AGM (13 Nov 2018)
- KAP Industrial (KAP), AGM (13 Nov 2018)
- Tsogo Sun (TSH), GM (12 Nov 2018)
- Nedbank (NED), GM (11 Nov 2018)
- Renergen (REN), AGM (28 Sep 2018)
- Sirius Real Estate (SRE), AGM (21 Sep 2018)
- Datatec (DTC), AGM (20 Sep 2018)
- EOH Holdings (EOH), GM (18 Sep 2018)
- Hulisani (HUL), AGM (17 Sep 2018)
- Imperial Holdings (IPL), GM (15 Sep 2018)
- Imperial Holdings (IPL), GM (14 Sep 2018)
- Imperial Holdings (IPL), CSGM (14 Sep 2018)
- Truworths International (TRU), AGM (13 Sep 2018)
- GAIA Infrastructure Capital (GAI), AGM (29 Aug 2018)
- Mr Price Group (MRP), AGM (29 Aug 2018)
- Consolidated Infrastructure Group (CIL), GM (28 Aug 2018)
- NEPI Rockcastle (NRP), AGM (28 Aug 2018)
- Tradehold (TDH), AGM (28 Aug 2018)
- Naspers (NPN), AGM (24 Aug 2018)
- Vukile Property Fund (VKE), AGM (14 Aug 2018)
- Spear Reit (SEA), AGM (10 Aug 2018)
- Investec Plc (INP), AGM (08 Aug 2018)
- Investec Ltd (INL), AGM (08 Aug 2018)
- Greenbay Properties (GRP), GM (02 Aug 2018)
- Advtech Group (ADH), AGM (31 May 2018)
- Grindrod (GND), AGM (31 May 2018)
- Capitec Bank (CPI), AGM (25 May 2018)
- EXXARO Resources (EXX), GM (25 May 2018)
- Old Mutual Ltd (OML), GM (25 May 2018)
- Standard Bank (SBK), AGM (24 May 2018)
- ECHO Polska Properties (EPP), AGM (24 May 2018)
- EXXARO Resources (EXX), AGM (24 May 2018)
- MTN Group (MTN), AGM (24 May 2018)
- Gold Fields (GFI), AGM (22 May 2018)
- Steinhoff Africa Retail (SRR), AGM (14 May 2018)
- Mondi Plc (MNP), AGM (16 May 2018)
- Mondi Ltd (MND), AGM (16 May 2018)
- AngloGold Ashanti (ANG), AGM (16 May 2018)
- Barclays Africa Group (BGA), AGM (15 May 2018)
- Nedbank (NED), AGM (10 May 2018)
- Sea Harvest (SHG), AGM (08 May 2018)