18 March 2019

Steinhoff’s R100 billion accounts fraud

PwC’s first report following an investigation into the accounts of the furniture retailer found bogus transactions worth more than R100 billion.

Investec on track with demerger

The specialist bank and wealth manager says it's faced challenging conditions in SA and the UK, with market volatility affecting earnings at Asset Management.

Tsogo to unbundle hotels

Tsogo said the separate listing would improve disclosure and allow for a valuation that is not discounted for gaming-related regulatory risks.

Metrofile rises on results release

Shares in the documents storage business sank a week ago after its chief financial officer quit and it warned of weaker results.

Calgro M3 ends Afhco joint venture

The property developer says the end of the JV doesn’t change its long-term strategy of growing annuity income through rentals.

Balwin preserves cash in tough environment

Despite strong demand for its apartments, the property developer remains cautious due to the weak economy, interest rates and policy uncertainty

15 March 2019

Exxaro's dividend soars after a bumper year

The resources group has lifted its full-year dividend by 55% after a year of record production and a bigger payout from Sishen.

Metair charged up after a strong year

The group’s automotive components and battery businesses both delivered strong growth and it expects conditions to remain favourable.

MC Mining pushes ahead with Makhado

The coal producer says phase one of its flagship project has been approved in time to take advantage of positive coking coal prices.

Quantum Foods warns of weaker earnings

The poultry and egg producer has warned of lower first-half earnings after a strong 2018 financial year.

Who’s doing what this week in the South African M&A space?

Weekly summary of M&A activity by South African companies

Who’s doing what in the African M&A space?

Weekly summary of all M&A activity from across Africa (excluding South Africa)

ARC misses targets after tough year

The investment group’s portfolio was affected by the weak economy, with the value of its listed investments declining last year.

RMBH rides on FirstRand’s growth

The investment holding company has narrowed the discount to its underlying intrinsic value to 11.2%.

Capital & Regional falls after reducing its dividend

The real estate investment trust wants to preserve cash to fund investment while maintaining its distribution requirements.

Weekly corporate finance activity by SA exchange-listed companies

Weekly summary of corporate finance activity by South African exchange listed companies

Thorts - Need to limit uncertainty for foreign acquiring firms

Steps need to be taken to ensure that the Competition Amendment Act doesn’t unjustifiably intrude on the Constitutional rights of foreign acquiring firms and shareholders

14 March 2019

Growthpoint looks offshore for growth

The real estate investment trust says it expects little to no growth from its SA property portfolio this year due to the weak economy.

Libstar pays maiden dividend after tough year

The branded consumer goods group says last year was the toughest yet but it has a very clear growth strategy.

Sun International jumps on improved earnings

The hotels and casinos group plans to continue reducing its debt due to strong cash generation at its operations.

Mpact wraps up strong year for paper

The paper and plastics packaging group benefited from an upgrade at its Felixton mill, lower recovered paper costs and rising containerboard prices.

Impairments hit Grand Parade’s profit

The investment group has impaired its investment in Dunkin’ Donuts and Baskin-Robbins after liquidating them in December.

Global grows losses as it invests in renewables

The investment group is moving out of asset finance as it takes advantage of the more to recycling and alternative energy.

Investec fund buys bargain Canberra property

The property fund is buying the building housing Australia’s Attorney General as it invests in well located, high quality assets.

13 March 2019

Group Five suspended as taps run dry

The construction and infrastructure group says shareholders have little chance of realising any value as it joins Basil Read and Esor in business rescue

FNB lifts FirstRand in challenging year

The banking group’s first-half performance was also supported by a solid contribution from newly-acquired UK lender Aldermore.

Quilter rallies on full-year profit growth

The MedScheme owner has maintained its programme of expansion as it prepares for new public sector contracts.

AfroCentric gears up for new contracts

AfroCentric has reported subdued first-half profit growth as it invests in new businesses across the healthcare value chain.

Stenprop boosts UK industrial portfolio

The industrial property company has increased its multi-let industrial portfolio to more than £250 million with the addition of Gainsborough Trading Estate.

Mid Cap Darlings – Curro Holdings Limited

There is plenty of evidence that the Mid Cap stocks outperform the large caps over the long term. During times of uncertainty and low economic growth,...

Global Asset Management to delist

The AltX-listed company has launched a scheme of arrangement, alongside a mandatory offer from large shareholder ARC.

Metrofile warns of lower profit as CFO resigns

The documents storage business says first-half HEPS will be up to 39% lower.

12 March 2019

Absa grows earnings after ‘unprecedented’ year

The banking group’s results for 2018 are still impacted by its separation from former parent Barclays Plc.

Old Mutual delivers on most commitments

The group missed its main profit target due to volatile markets and the weak SA economy as it announced R2 billion in share buybacks.

AVI hobbled by weak shoe sales

The consumer goods group’s first-half results were impacted by poor sales at Spits and restructuring at Green Cross.

Eskom adds to Famous Brands’ troubles

The restaurant group says inconsistent power supply has further worsened consumer sentiment and negatively impacted its operations.

Merafe highlights Eskom risk

While geopolitical uncertainty dented ferrochrome prices last year, the company says Eskom remains a key risk factor in 2019.

Sea Harvest buoyed by Viking deal

The acquisition has offset flat revenue in the fishing group’s home market and lower revenue from Australia.

Mixed performance from Brimstone’s investments

The investment holding company has reported lower profit due to the downward revaluation of some listed investments and losses at Lion of Africa.

RMI raises dividend despite lower earnings

A spike in mortality claims at Discovery and a normalisation of claims at OUTsurance resulted in an 8% decline in earnings.

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