Key Developments: African Bank Investments Ltd (ABLJ.J)

ABLJ.J on Johannesburg Stock Exchange

11 Aug 2014
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Latest Key Developments (Source: Significant Developments)

African Bank Investments Ltd gives FY 2014 earning guidance and appointment of CEO
Wednesday, 6 Aug 2014 

African Bank Investments Ltd:Board has appointed Nithia Nalliah (Group Chief Financial Officer) to position of acting Chief Executive Officer and managing director of company with immediate effect.Nithia will continue to occupy position of Group Chief Financial Officer pending further appointments.Expects FY 2014 basic loss of at least 7.6 bln Rand and headline loss of at least 6.4 bln Rand for compared to basic loss and headline earnings of R4 199m and R365m for FY 2013.Expects FY 2014 loss per share is at least 543 cents per share whilst expected headline loss per share is expected to be at least 454 cents per share.  Full Article

Moody downgrades African Bank's rating
Friday, 30 May 2014 

African Bank Investments Ltd:Moody's Investors Service has on May 29, downgraded African Bank Limited's local national scale issuer ratings by one notch to from and its global senior debt and deposit ratings by one notch to Ba1/Not Prime, from Baa3/Prime-3.African Bank thereby maintains its national scale investment grade rating. In addition, the long term ratings have been placed on review.Says conclusion of this review will likely follow the publication of the Bank's trading update for the nine months ending June 2014.African Bank announced a headline loss for the six months ended March 2014 and this rating action reflects Moody's assessment of the deterioration in African Bank's asset quality.  Full Article

African Bank Investments Ltd announces dividends
Monday, 19 May 2014 

African Bank Investments Ltd:Has not declared dividends for the six months to March 31, 2014.Has declared an interim gross cash dividend of 349 cents per ordinary share (296,65000 cents net of dividend withholding tax).  Full Article

African Bank Investments Ltd does not declare preference share dividend
Monday, 5 May 2014 

African Bank Investments Ltd:Confirms not to declare an interim dividend, in light of forecast interim results for six months ended March 31, 2014, relates solely to dividend on ordinary shares, and not to dividend on existing preference shares.  Full Article

African Bank Investments Ltd gives H1 2014 earnings outlook
Friday, 2 May 2014 

African Bank Investments Ltd:Expects H1 2014 headline loss of between 3.1 - 3.3 bln rand.Expects H1 2014 headline loss per share to be between 239 cents and 254 cents.Expects H1 2014 basic loss to be between 4.3 - 4.5 bln rand.Expects H1 2014 basic loss per share to be between 331 cents and 347 cents per share.  Full Article

African Bank Investments Ltd still keen to sell Ellerines but keep credit arm - Reuters
Wednesday, 5 Feb 2014 

African Bank Investments Ltd:African Bank Investments Ltd still plans to sell off its retail unit, Ellerines, but is keen to retain the financial services part of the business and the distribution footprint to sell loans, its chief executive said on Wednesday - Reuters.  Full Article

South Africa's African Bank drops deal to buy insurance business from parent

JOHANNESBURG, Oct 16 Bailed-out South African lender African Bank said on Friday it would no longer buy an insurance business from its parent African Bank Investments Ltd (Abil), after a court order obtained by Abil shareholders delayed the deal.

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