International Breweries Plc (Aug 2022)

During FY21, IBPLC consolidated on its position as one of the leading local brewers, following the merger with AB InBev in 2017. The higher production capacity has been complemented by product innovations, resulting in deeper market penetration and volume growth. Accordingly, its market share has progressively increased to over 25%. However, given the Company’s current strategy of expanding its footprint in the value segment, it has limited pricing flexibility amid higher input costs. IBPLC’s ability to sustain or further increase the recent gains and diversify its product portfolio towards more margin enhancing products would be positively considered.

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Octodec Investments Limited (Aug 2022)

JSE-listed Octodec Investments Limited (“Octodec” or “the REIT”) is a medium-scale fund comprising 254 properties across a range of commercial segments and residential assets. Its acquisition of the entire share capital of Premium Properties Limited (“Premium”) in 2014 saw the combination of three separate property holding entities (Octodec, Premium and IPS Investments Proprietary Limited) with common ownership and management. City Property Administration (Pty) Limited (“City Property”) is the REIT’s asset and property management company, with the relationship governed by renewable management agreements. City Property is owned by the Wapnick family, which along with the directors, holds a 37% interest in the REIT. Octodec is managed as a separate entity, operating at arm’s length in respect of contracts with related entities, whilst deriving competitive advantages from the expertise and specialised services developed by the group.

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RA International FZCO (UAE) (Jul 2022)

Founded in 2004, RA Int is one of Africa’s leading remote site service providers. The company offers construction, integrated facilities management (“IFM”) and supply chain services to clients operating in the world’s most challenging environments, having carried out projects in Afghanistan, Chad, South Sudan, Uganda, Somalia, Tanzania and many other countries. RA Int is headquartered in Dubai, UAE with an operational base in Kenya. In 2018, RA International Group PLC listed on the AIM Exchange in London, with its sole asset being its 100% shareholding in RA Int.

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eThekwini Municipality (Jul 2022)

eThekwini is a Category A municipality located on South Africa's east coast in KwaZulu-Natal (“KZN”). The Metro encompasses Durban, the third-largest city in the country, and is home to Africa's busiest port, giving key access to the rest of sub-Saharan Africa. Its land area is comparatively larger than that of other South African cities, with a population estimated at approximately 4 million. Durban is also one of the country’s' leading domestic tourist destinations.

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AECI Limited (Jul 2022)

JSE-listed AECI is a leading producer and distributor of commercial explosives and chemical related products, including technical services. The group caters to a range of downstream sectors, including mining, manufacturing, agriculture and road construction. During FY20, the group realigned its operational segments into four strategic pillars, with the Food & Beverage segment (previously reported separately) integrated with the Chemicals segment and Animal Health transferred from Chemicals to Agri Health.

  • Mining: This segment offers a mine-to-mineral solution internationally and is underpinned by the group’s expertise and long history in the production of explosives and related initiating products. It also produces surfactants for explosives manufacture and supplies metal extraction chemicals and tailings treatment.
  • Water: This segment provides water treatment solutions across Sub-Saharan Africa.
  • Agri Health: This segment produces crop protection and nutrients providing farmers with the means to improve their crop yield. In addition, it is also responsible for the production of specialty animal health products, as well as value added services, including agrochemical formulation. Production is geographically diversified across Africa, Europe and the USA.
  • Chemicals: Various businesses supplying raw materials to a range of end-markets in the food and beverage, manufacturing, road infrastructure and general industrial sectors mainly in South Africa, but also in other Southern African countries.
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Sappi Southern Africa Limited (Jul 2022)

JSE-listed Sappi Limited (“Sappi” or “the group”) is an internationally diversified wood fibre manufacturer focused on sustainable product solutions that include dissolving wood pulp (“DWP”), packaging, a range of specialised paper offerings, as well as biomaterials and biochemicals. The group continues to invest in a vertically integrated model that supports Sappi’s competitive position internationally. Markets for its products span 150 countries, albeit with no single customer accounting for more than 10% of revenue or trade debtors.

The Issuer ratings of Sappi Southern Africa Limited (“SSA” or “the company”) are premised on GCR’s view of the creditworthiness of Sappi, as SSA is considered an essential operating subsidiary of the group. Our view is based on Sappi’s 100% ownership of SSA, operational integration, and SSA’s history of strong cash flows. As Sappi does not guarantee SSA’s debt obligations, we have not equalised its credit risk score to that of Sappi until there is demonstrated capital support to the company. Conversely, a weakening of the group’s credit risk profile would result in a downgrade of SSA’s Issuer ratings.

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Dangote Industries Limited (Jun 2022)

Dangote Industries Limited was incorporated in Nigeria in April 1985 as a private limited liability company and commenced operations in July 1999. The shares are held by Greenview International Corporation (Cayman Islands) and Dangote Nigeria Limited (0.01%), but Mr. Aliko Dangote is the ultimate controlling party. DIL has 85.80% shareholding in Dangote Cement Plc (“DCP”), 68% in Dangote Sugar Refinery Plc (“DSR”) and 62.19% in NASCON Allied Industries Plc (“NASCON”), with significant shareholding in 16 other entities2, and non-controlling interests in two entities3. During FY20, DIL consolidated the two project companies, namely, Dangote Oil Refining Company Limited (“DORC”) and Dangote Fertiliser Limited (“DFL”), in which it has 9.5% and 9.8% shareholding respectively. 

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ENL Consortium Limited (Jun 2022)

Incorporated in 2002, ENL commenced operation as utility management services provider within the Nigerian downstream power sector. Having operated for four years, the Company shifted focus to port and terminal operations in 2006, after being granted a concession by the Nigeria Port Authority (“NPA”) to operate the Terminal C and D of the Lagos Apapa Port Complex, handling all types of cargo, namely: bulk, break-bulk, and containerised products. The concession agreement has an initial term of 15 years, which expired in April 2021.

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King Cetshwayo District Municipality (Jun 2022)

King Cetshwayo District Municipality (formerly known as uThungulu District Municipality), is one of 10 category C municipalities in the KwaZulu-Natal (“KZN”) province of South Africa. The District encompasses the category B municipalities of uMhlathuze, Nkandla, uMlalazi, Mthonjaneni and Umfolozi. As the Water Service Authority, (except for uMhlatuze), the District’s core mandate is to provide and manage infrastructure that caters for basic water, especially in the rural areas.

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Oryx Properties Limited (Jun 2022)

Oryx remains the sole listed property loan stock (“PLS”) on the Namibian Stock Exchange. The fund operates like a Real Estate Investment Trust (“REIT”) investing in and holding commercial properties in a tax-efficient manner for investors. Its core activities include direct investments in property assets in Namibia and it also has a small indirect investment in Croatia through its 26% shareholding in TPF International Limited. Its shareholder base is almost entirely Namibian domiciled.

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