South African-based paper producer Mondi is expanding its international presence following its listing on the JSE at the beginning of the month, announcing a €525-million (about R5.1-billion) project to modernise and expand the pulp and paper mill in Syktyvkar, Russia.
The South African Cabinet is to appoint team of officials from the ministries of minerals and energy, water affairs and forestry, public enterprises and trade and industry to develop a comprehensive Electricity Master Plan for the country.
South Africa's gross domestic product at market prices increased at an annualised rate of 4,7 percent in the third quarter as the economy continues to grow.
China's largest bank, the Industrial and Commercial Bank of China, has offered to purchase a 20% stake in Standard Bank, South Africa's largest bank by assets and earnings, for US$5.5-billion, representing the largest foreign direct investment in the country to date.
The South African financial system continued to be sound during the first half of the year, according to the latest edition of the Financial Stability Review, released by the SA Reserve Bank.
South African generic drug maker Aspen Pharmacare is expanding its international presence by acquiring half of Strides Latina, a unit of India-based Strides Arcolab that operates mainly in Brazil, Mezico and Venezuela, for US$152.5-million (about R1.03-billion).