Rolex has closed its affiliate office in Sandton, Johannesburg, adding to the growing list of international companies that are scaling back or exiting South Africa., the luxury Swiss watch manufacturer is closing its office because the local markets and conjuncture have changed, no longer warranting the presence of an official Rolex affiliate.
Shell plans to sell its downstream business in South Africa, which includes 600 petrol stations in the country, as part of a broader restructuring. The group will still, however, operate its upstream business across the country.Moreover, BNP Paribas, the sixth largest bank in the world, is no longer conducting the business of a bank via a branch in South Africa.
However, BHP said that the move was not an indictment of South Africa but rather due to its commodity and portfolio needs, with the group primarily targeting Anglo American’s copper business.It should be noted that South Africa is still considered an attractive destination for many international investors.