South Africa’s Competition Commission said it opened a formal inquiry into the domestic franchise market on 23 July 2024, following years of complaints that certain contract terms and business practices may undermine fair competition. The sector generated ZAR 999 billion (USD 60.5 billion) in turnover in 2023, accounting for about 15% of GDP and supporting more than 500,000 jobs. The investigation could raise compliance requirements and operating costs for locally listed consumer-services companies. SUS and ONUS, two South African consumer/retail-related index constituents, may face heightened regulatory sensitivity.

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has completed its first international bond offering, issuing $750 million of senior notes in a private placement with a 7.5% coupon and a 2031 maturity. The deal is part of the Dangote Group’s $1.5 billion fundraising programme this year, following two earlier private placements completed for its fertiliser businesses. DPRP said it plans to use the proceeds to support its strategic objectives and increase financial flexibility ahead of a potential future IPO.