Strategically interesting week in the South African capital markets, dominated by inbound industrial capital and policy signalling
Updated: Sep 21
Edition No. 33
Germany’s Ringmetall acquired a majority stake in Cape Town-based Tesseraux, RBFT crossed the 80% threshold in JSE-listed Salungano Group, and National Treasury unveiled plans for a state Export-Import Bank by 2028. The rand touched a five-month high on soft mining data whilst the 10-year yield held near 8.60% into Tuesday’s July CPI print.
Key Figures
80.17% – RBFT lifts Salungano stake
8.60% – SA 10-year yield week close
$16m – MC Mining new KDG facility
2028 – SA Exim Bank target launch date
M&A · Packaging
Germany’s Ringmetall acquires majority stake in Cape Town’s Tesseraux South Africa
Munich-listed Ringmetall SE, an international packaging industry specialist, announced the acquisition of a majority stake in Tesseraux SA, headquartered in Cape Town, in a move to strengthen the group’s Liner business division and enter the Southern African bag-in-box market. The transaction extends Ringmetall’s operational footprint from Europe into local South African manufacturing. Whilst terms were undisclosed, we understand that Tesseraux will retain management continuity post-transaction.
Hot Take: Another quiet inbound European industrial acquisition of a Cape-based specialist. SA packaging and light-industrial owners with defensible customer books should be running structured processes into Q4.
Source: Deutsche Boerse (EQS News)
JSE · Takeover Trigger
RBFT and related parties lift Salungano Group beneficial interest to 80.17%
JSE-listed Salungano Group disclosed that RBFT Investments and its related or inter-related persons, including Trade Block 2016316243 and Simeka Capital Holdings, have collectively increased their beneficial interest in the company to 80.1654% of issued ordinary shares. The requisite notice has been filed with the Takeover Regulation Panel under section 122(3)(a) of the Companies Act. RBFT’s standalone direct interest is 23.29%.
Hot Take: A crossing of the 80% threshold is a de facto delisting signal. Minority holders should assume a scheme or Mandatory Offer is being structured for announcement inside the next quarter.
Source: Moneyweb (JSE SENS)
Sovereign · Policy
South Africa plans a state Export-Import Bank by 2028 with ECIC lead
The Export Credit Insurance Corporation of South Africa (ECIC) confirmed plans to establish a state Export-Import Bank by 2028, aimed at supporting SA export finance including defence sales, capital equipment and agri-processing capacity. The new institution would complement ECIC’s medium- and long-term political and commercial risk insurance products and provide direct lending capacity to SA exporters. Design and legislative pathways are now being developed.
Hot Take: A meaningful gap in the SA state-development finance stack is finally being addressed. Exporters with pipeline into higher-risk EM jurisdictions should engage the ECIC design team early to shape product parameters.
Source: Ukolo
Sovereign · Debt Markets
SA 10-year yield holds near 8.60% and rand touches five-month high
The South African 10-year benchmark yield closed the week near 8.60%, with the R2030 at 7.80% and the long-dated R209 at 8.57%. The rand touched a five-month high as soft July mining production dampened rate-hike bets while global oil eased. Attention now turns to the 19 August July CPI print, with Trading Economics consensus at 5.4% year-on-year against a 5.0% June base and the SARB 3% target.
Hot Take: The ZAR primary window remains open ahead of Tuesday’s CPI. Borrowers should keep price-discovery running mid-week so that final indicative pricing incorporates the print before the 23 September MPC.
Source: Trading Economics
JSE · Mining Finance
MC Mining secures $16m of further capital support from KDG
JSE and ASX dual-listed coal producer MC Mining announced $16 million of further capital support from anchor shareholder Kinetic Development Group (KDG), extending the funding runway for its Makhado hard coking coal project and near-term working-capital requirements. The facility supplements KDG’s earlier commitments to the platform. Whilst full terms were undisclosed, we understand that the funding sits senior to existing shareholder loans.
Hot Take: Concentrated shareholder support remains the fastest route to capital for SA junior miners as public equity markets stay cautious on the sector. Boards of similarly sized issuers should stress-test their strategic-anchor optionality.
Source: Mining Weekly
Venture Capital · FinTech
SA fintech TurnStay eyes Series A after processing $61.1m in H1 2026
South African travel-fintech TurnStay signalled it is preparing a Series A round, having processed $61.1 million in gross transaction volume through its cross-border hospitality payments infrastructure in the first half of 2026. Founders confirmed that early investor conversations are advanced and that the round will fund geographic expansion beyond South Africa into other African travel corridors, with an emphasis on North African and East African market entry.
Hot Take: SA-built payments infrastructure with real transaction volume is now the strongest fintech Series A pitch in the market. GTV substance is beating narrative every day of the week.
Source: African-Startups
Contact Us
For debt and equity capital advisory mandates across South Africa and sub-Saharan Africa.
Offices
Johannesburg · Cape Town
Follow
© 2026 Capital Advisory (Pty) Ltd · Independent capital and treasury advisoryAll Things Capital · Edition No. 33
