The South African population of 50.7 million is supported by an economy strong in mining (platinum, gold, chromium) and other industries including automobile, metalworking, machinery, textiles, iron and steel, and chemicals. South Africa exports its gold, diamonds and platinum as well as other minerals, machinery and equipment. South Africa’s top export partners are China, Germany, the United States, Saudi Arabia, India and Japan.
Lex Mundi in South Africa
Lex Mundi provides coverage in South Africa through Bowmans. The firm advises a broad range of local companies, multinational corporations and international finance houses, including investment banks, industrial conglomerates, financial institutions, governments and state authorities.
Representative Matters Include:
- Counsel to Standard Bank Group in relation to its USD 27.3 million disposal of 10% of its shares in Standard Bank Namibia to employees of Standard Bank Namibia and a community trust, in compliance with regulatory requirements to increase local participation in the financial sector
- Counsel to SABMiller in respect of the proposed combination of The Coca-Cola Company, SABMiller and Gutsche Family Investments’ (majority shareholders in Coca-Cola SABCO) bottling operations in Southern and East Africa to create Coca-Cola Beverages Africa, which will be the biggest bottler of soft drinks in Africa and the 10th largest in the world, with annual revenue of USD 2.9 billion
- Counsel to Northam Platinum in relation to the establishment of a broad-based consortium of Historically Disadvantaged South Africans, which will hold 31.4% of Northam’s issued shares through a combination of a subscription for new ordinary shares and the acquisition of ordinary shares from the Public Investment Corporation. Upon implementation of this ZAR 6.6 billion transaction, Northam’s total effective HDSA ownership level will increase to approximately 35.4%
- Counsel to BP in relation to its black economic empowerment transaction in terms of which: (i) Kapela Investments will acquire 20% plus one share; and (ii) the BPSA Education Foundation will acquire 5% of the entire issued share capital of BP Southern Africa.
- Counsel to Barclays Capital and ABSA Capital (as joint bookrunners) in a ZAR 18.2 billion rights offer by Steinhoff International Holdings in relation to its listing in Frankfurt