COMPANY NEWS IN BRIEF

Naspers investing R1.4 billion

Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world.

Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities.

Prosus has a listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus.

In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies in the country. These include Takealot, Mr D Food, Superbalist, OLX, Autotrader, Property24 and PayU, in addition to Media24, South Africa's leading print and digital media business.

Naspers is also focused on stimulating South Africa's local tech sector through Naspers Foundry. This is a R1.4 billion investment targeting early stage technology companies in South Africa that seek to address big societal needs to help address youth unemployment in impoverished communities. -Nampa/Reuters

BP, Eni in talks to merge Angolan businesses

BP and Eni said on Wednesday they had entered into talks to merge their oil and gas operations in Angola to form one of Africa's largest energy companies.

The two companies have signed a non-binding memorandum of understanding and are in discussions on a joint venture that will include their liquefied natural gas (LNG) facilities, they said in a statement.

Oil and gas production from both portfolios would reach around 200 000 barrels of oil equivalent per day, BP said in a statement.

The new company would be expected to generate significant synergies, create more efficient operations and increase investment and growth in the basin, the statement said.

Reuters reported last month that Eni was considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy. - Nampa/Reuters

Discovery extends CEO contract

Discovery Inc extended Chief Executive Officer David Zaslav's employment contract through Dec. 31, 2027, as he is expected to lead the proposed new company to be created by combining media assets with AT&T Inc.

Discovery and AT&T, owner of HBO and Warner Bros studios, said on Monday they will form a standalone global entertainment and media business.

The enterprise value of the company will be more than US$120 billion, carrying US$58 billion in debt, including US$43 billion from WarnerMedia and US$15 billion from Discovery.

Discovery said on Tuesday the contract extension for Zaslav, whose previous contract with the company ran through 2023, was made in connection with the agreement between AT&T and Discovery.

Zaslav, who joined Discovery as president and CEO in 2007, played a part in the company's 2018 acquisition of US cable TV network owner Scripps Networks Interactive. - Nampa/Reuters

B2Gold staff continue work at Mali mine

Gold miner B2Gold said on Tuesday a nationwide strike by Mali's main workers union had reduced staffing at its Fekola mine but not had a major effect on operations.

The National Union of Malian Workers (UNTM), which says it represents 80% of unionised workers, launched a five-day strike on Monday as part of a long-running standoff with the government over wages.

B2Gold said mining and milling operations were continuing with lower staffing at Fekola, which it expects to produce 530 000 and 560 000 ounces of gold this year.

"There has been no major effect on mine operations from the strike," said spokeswoman Katie Bromley.

A union representative at Fekola told Reuters some workers were on strike and production had continued at a reduced level.

Union leaders at two other mines - owned by Resolute Mining and Barrick Gold Corp - also said some workers were on strike but production was unaffected. - Nampa/Reuters

Shell in talks with Nigeria

Royal Dutch Shell is in talks with the Nigerian government to sell the Anglo-Dutch company's stake in onshore oilfields, CEO Ben van Beurden said on Tuesday.

Shell, the operator of the West African country's onshore oil and gas joint venture SPDC, has struggled for years with spills in the Niger Delta as a result of pipeline theft and sabotage as well as operational issues.

The spills have led to costly repair operations and high-profile lawsuits. Speaking at the company's annual general meeting, CEO Ben van Beurden said that Shell can no longer be exposed to the risk of theft and sabotage.

"We cannot solve community problems in the Niger Delta, that's for the Nigerian government perhaps to solve. We can do our best, but at some point, we also have to conclude that this is an exposure that doesn't fit with our risk appetite anymore," van Beurden said.

Nigerian Oil Minister Timipre Sylva confirmed the government was in talks with Shell on how to divesting its onshore stakes.

The sides are considering transferring the stakes to SPDC or to another local company or selling it to a foreign company, Sylva said in a statement. - Nampa/Reuters