In 2017, Zambia's economic growth to recovered to an estimated 3.9% (from 3.8% in 2016) on the back of a bumper crop harvest and better electricity supply. Growth is projected to strengthen to above 4%in 2018 and over the medium-term. The clearance of arrears and the pursuit of accommodative monetary conditions should bolster the recovery of the financial sector and unlock consumption and investment lending. High international copper prices and improved domestic production from newer and recently refurbished mines is expected to support exports. High copper prices have eased external pressures, leading to a stable kwacha, which, together with a bumper harvest, helped contain inflation within the medium-term target of 6-8%. These improvements prompted the central bank to ease monetary policy at all the past six monetary policy committee meetings, for a total policy rate cut of 575 basis points.
- Willem Jacobs, Albert Aukema, Aadil Patel, Deon Wilken, Heinrich Louw and Christelle Wood represented Metier Capital Growth Fund II (Metier), one of South Africa's largest private equity funds. Our corporate/M&A team advised this client in the acquisition, through Retailability, of Edcon’s Legit business which has 215 stores across South Africa, Lesotho, Swaziland, Namibia, Botswana and Zambia.
- Tessa Brewis assisted with reviewing and standardising constitution documents for Parmalat Africa subsidiaries (Botswana, Zambia, Mauritius and Mozambique).
- Willem Jacobs, Christelle Wood, Albert Aukema, Aadil Patel, Samantha Coetzer and Heinrich Louw advised Retailability Proprietary Limited on the acquisition of the business conducted under the "Legit" brand out of approximately 216 physical retail stores. (South Africa, Lesotho, Swaziland, Namibia, Botswana and Zambia).
- William Midgley acted for SA Corporate during 2015 and 2016 in the acquisition by it (indirectly) of 50% shares in three shopping centres and developments in Zambia, via the acquisition of 50% shareholdings in 3 Mauritian companies. He continues to be extensively involved in various development transactions relating to the acquisition, as they are continuing to develop the sites with further extensions and developments.
- William Midgley advised on the construction, letting, management and operation of a luxury lodge in Zambia.
- David Pinnock advised on the sale by Sun International of controlling interests in its assets in various African jurisdictions to Minor Hotel Group and of associated hotel management agreements (Zambia, Namibia, Swaziland, Lesotho and Botswana).
- David Pinnock advised on the sale by Sun International of remaining interests in its assets in various African jurisdictions to Minor Hotel Group and of associated casino management agreements (Zambia, Namibia, Swaziland, Lesotho, Botswana).
- Quintin Honey, Dave Pinnock and Johan Latsky advised Metorex Ltd (listed on the JSE but with its main mining operations outside South Africa, in the DRC and Zambia). Offers to acquire all of the issued shares of Metorex first by Brazilian company Vale and subsequently Chinese company Jinchuan. Advice included the disposal of Metorex's Sable mine in Zambia; and regulatory and government entity approvals in Zambia and the DRC. Value for the Vale offer was approximately R7.5 billion and for the Jinchuan offer, approximately R9.11 billion.
- Quintin Honey and Chris Charter advised on the FedEx Corporation acquisition of the courier service business operated by Supaswift, a courier company associated with the JSE listed Bidvest Group, across seven Southern African countries including the establishment of purchasing entities in each country (South Africa, Namibia, Botswana, Zambia, Mozambique, Malawi and Swaziland).
- Jay Govender assisting a leading global project developer in responding to a number of requests for proposals across various jurisdictions (Morocco, Ghana, Namibia, Mauritius, Egypt, South Africa, Zambia), including reviewing and advising on the proposed power purchase agreements, implementation agreements and connection agreements issued.
- Aadil Patel advised Coca-Cola on 'localising' their HR policies and employment contracts in Zambia, Zimbabwe and Angola.