AECI sells unit to management, workers

first_img14 AprilSouth African chemicals, explosives and property group AECI has announced that it will sell the nylon light decitex (NLD) business of SANS Fibres to a consortium comprising of the management of SANS, a workers’ trust and the Industrial Development Corporation (IDC).The sale entails the entire fibres business situated at Bellville in the Western Cape and at Stoneville, North Carolina, USA, which have a combined annual turnover of about R600-million and employ 600 people in total.The purchase will be financed largely by the IDC, which will provide debt and equity finance and will hold a 15% direct shareholding in the company, as the corporation sees the investment as a good financial prospect that also promotes black economic empowerment, while also maintaining jobs.“Importantly, in excess of 25% of the company’s equity will be beneficially-owned by BEE shareholders,” said SANS Fibres MD Brad Page in a company statement last week.Page said the transaction would result in the company having empowered status in terms of the Department of Trade and Industry’s codes of practice on broad-based BEE, as all employees in the South African nylon LDI business would now have a stake in the company.AECI chief executive Graham Edwards also hailed the transaction, as the group had originally planned to shut down the LDI business, with the view that it did not fit with the group’s long-term strategy of becoming a supplier of speciality products and services to the mining and manufacturing sectors.“We are pleased that, via Page and his consortium, jobs will be saved and customers will continue to be supplied with quality product nylon LDI from a business that is recognised as a world leader in sewing thread and other niche weaving markets,” Edwards said.The sale is subject to a number of conditions precedent including detailed due diligence, the conclusion of acceptable binding funding agreements with the IDC, board approvals, relevant regulatory approvals, the conclusion of a sale agreement and the ability to satisfactorily separate the LDI business from the other business at Bellville.“Because of management’s involvement, it is likely that the sale will be deemed a ‘small related party transaction’ in terms of the JSE listings requirements and is subject to a fair opinion from an independent expert,” AECI said. “The full terms of the sale and the independent opinion will be announced in due course.” Want to use this article in your publication or on your website?See: Using SAinfo materiallast_img read more

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Twitter Confirms It Has Passed 200 Million Accounts, 70% of Traffic Now International

first_imgGuide to Performing Bulk Email Verification Tags:#twitter#web A Comprehensive Guide to a Content Audit The Dos and Don’ts of Brand Awareness Videos Related Posts center_img The number of people who have registered accounts on Twitter has now surpassed 200 million, a representative of the company said publicly yesterday. Katie Stanton, Twitter’s VP of International Strategy, said at the Guardian Activate conference in New York that there are now more than 200 million Twitter accounts worldwide and more than 70% of all Twitter’s traffic comes from outside the U.S. That means Stanton’s job is very important and whatever her International Strategy is, it seems to be working. Roughly 25% of all tweets come from Japan alone, she said.Twitter said last month that it was adding just under a half million new accounts per day and its business-facing page says there are 175 million registered users.Independent research by the blog Business Insider concluded last month that there are 56 million people who are following 8 or more other people on Twitter, a number that site used to estimate the number of active Twitter users. Twitter typically doesn’t comment on third party estimates regarding its users or their engagement. The company is focused on a long-term strategy of emphasizing read-only use cases for its service, as a means of increasing its user retention. Facebook’s user numbers are several times higher than Twitter’s.The Huffington Post’s Bianca Bosker wrote first about Stanton’s public statement of 200 million registered users last night. We’ve requested comment from Twitter PR and have not yet received a reply; presumably the company will make a formal announcement soon. Update: Twitter PR responded to my inquiry by email just as I put this post up and said that this was not the first time these numbers have been discussed publicly and that neither number is in fact new. If anyone can find me a link to a report online about that number as a fact and not an estimate or fast-approaching number of registered users – I will say very nice things about you. I certainly looked, myself, before writing this.You can follow me on Twitter here and the whole ReadWriteWeb team here. Only a portion so far of the 200 million people registered to use Twitter have discovered the joy that comes from engaging with us on Twitter yet, but we consider each and every one of you who has to be absolutely precious. New friends should come and join us there; we can chat about current events, fascinating things we find to read online and what we all ate for breakfast. Facebook is Becoming Less Personal and More Pro… marshall kirkpatricklast_img read more

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