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EDWARD WEST edward.west@inl.co.za IMPERIAL Logistics shot up 33.6 percent on the JSE yesterday after shareholders appeared to warm to a R12.7 billion cash bid by Dubai-based DP World to acquire its business. The offer appeared to be well received among local investors, with @MichaelJAvery commenting on Twitter that “SA counters continue to offer compelling value to foreign buyers” while @RoyTopol said: “Another good news story for South Africa: it is also an indication of the value of the shares on offer.” A JSE analyst who did not wish to be named said a R66 offer for each Imperial share was “fair” for shareholders, especially since the share price had only been trading at more than R45 three days ago after being depressed for some time. The analyst said…
EDWARD WEST edward.west@inl.co.za IMPERIAL Logistics, which yesterday received a R12.7 billion buy-out offer from Dubai’s DP World, has made a strong recovery in the 12 months to end-June 2021, although the business is not yet fully operating at pre-Covid-19 levels. The transport and mobility group told its shareholders in a business update that it had performed better than expected, despite a significant overhang of Covid-19 in many of its key markets. Imperial said that its revenue for the year was expected to increase 10-15 percent to between R51.02bnand R53.33bn, while operating profit was likely to increase 52-64 percent to between R2.22bn and R2.39bn. It said headline earnings per share of continuing operations were projected to rise to between 300-335 cents versus 156c the previous year. “The key financial…
Banele Ginindza banele.ginindza@inl.co.za MULTICHOICE wiped off 7.38 percent of its market value to close at R8.84 as Nigerian authorities trained their guns on the entertainment group, with regulators issuing a freeze on its accounts to recover $4.4 billion (R63bn) for allegedly failing to comply with the country’s audit and transparency laws. Nigeria’s revenue service said yesterday that it had instructed banks to freeze MultiChoice Africa’s accounts and its Nigerian subsidiary for breaching agreements and denying access to their records for auditing. Nigeria’s Federal Inland Revenue Service (Firs) executive chairperson, Muhammad Nami, reportedly issued the directive after the companies allegedly failed to grant the authority access to their records. “Particularly, MCN has avoided giving the Firs accurate information on the number of its subscribers and income,” Nami reportedly said.…
THE COVID-19 pandemic led to a revaluation of the place we call “home.” During total lockdown and even now, with the alarming Delta- driven third wave, our homes have become a sanctuary and a safe space in a world that appears to be unsafe and dangerous. For many of us, our homes evolved into places where we not only live, but also work. But sadly, housing is a privilege that has become unaffordable for many people. In South Africa, homelessness has been estimated, by the Human Sciences Research Council, at about 200 000. According to the General Household Survey of the Department of Statistics, about 7 897 776 people are living in in- formal dwellings in the 2 700 informal settlements across the country, mainly due…
Sandile Mchunu sandile.mchunu@inl.co.za ZEDER Investments says that good agricultural conditions had contributed to improved performances across its portfolio, but warned shareholders to continue exercising caution when dealing with its securities as it continued negotiations with third parties interested in acquiring some of its investee companies. Zeder has invested in companies such as Capespan, Kaap Agri, Zaad, The Logistics Group and Agrivision Africa. Zeder received approaches from third parties regarding some of its portfolio of investments on April 14. “Zeder is still considering the approaches in the context of its on- going strategic review and continues to engage with certain of these parties. “While substantial progress has been made in this regard since the announcements, the impact of the Covid-19 pandemic has delayed certain aspects of the process.…
Dineo Faku dineo.faku@inl.co.za MEMBERS of the Minerals Council South Africa reported 60 fatalities in 2020 compared with 51 a year earlier when the mining industry recorded its lowest recorded fatalities. The council said that the industry’s safety record had deteriorated with 32 fatalities in the year to date compared to 24 for the same time last year. Speaking during the virtual National Day of Health and Safety in Mining 2021, council president Nolitha Fakude said, unfortunately, due to the physical and mental fatigue largely as a result of the Covid-19 pandemic, safety and health numbers of members were regressing. “In 2020, we, unfortunately, saw a deterioration in mining safety performance in terms of fatalities. Furthermore, thus far, in 2021, we are seeing a worsening of the fatality trend. This is…
