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Scheme to be implemented in 2022 to achieve meaningful transformation Dineo Faku dineo.faku@inl.co.za SOUTH Africa’s fourth-biggest bank, Absa, is considering implementing a new black broad-based economic empowerment ownership (B-BBEE) composing up to 8 percent of its share capital, which equals to about R9.4 billion. Absa said yesterday that the scheme was expected to be implemented in 2022 and was part of its broader efforts to achieve transformation in a meaningful and sustainable way. Absa’s interim group chief executive, Jason Quinn, said the planned transaction demonstrated commitment to transformation and cements the bank’s long-standing view and approach of cre- ating inclusive growth in Africa. “While it is aligned with the South African government’s B-BBEE objectives and with the commitments contained in the Financial Sector Code, we will also extend…
Dineo Faku dineo.faku@inl.co.za SASOL, the JSE-listed petrochemicals giant is tripling its 2030, scope 1 and 2 greenhouse gas (GHG) emission reduction target, from an initial 10 percent for its southern African operations, announced last year, to 30 percent for the energy and chemicals businesses, off a 2017 baseline. Sasol, South Africa’s biggest polluter after Eskom, has ambitions to be net zero (polluter) by 2050. The group said up to 2030, about 10 to 15 percent of all capital would be spent on achieving these GHG reduction targets, and post 2030, a more significant portion of capital, to achieve the net zero ambition. Speaking to investors at the virtual capital markets day, chief executive Fleetwood Grobler, said Sasol had concrete plans to directly reduce emissions by 25…
Dineo Faku dineo.faku@inl.co.za THE GAUTENG High Court, Pretoria, has ruled that certain aspects of the Mining Charter 2018 are not enforceable and once a mining company is empowered, it is always empowered. The court said the continuing consequences of previous black economic empowerment deals should be recognised and that the specific challenged provisions in the document should be removed. In response to the ruling, Minerals Council South Africa said yesterday it and its members remained fully committed to the transformational objectives of the Mineral and Petroleum Resources Development Act (MPRDA). It added that the objectives must create policy and regulatory certainty for long term investment and inclusive growth in the sector. “The judgment removes the clauses dealing with the renewals of existing mining rights and the transfers of mining…
Siphelele Dludla siphelele.dludla@inl.co.za SEVERAL South African banks have come forward to indicate that their customers’ data may have been exposed in the latest massive cyberattack in the South African financial services industry. This comes after debt collector, Debt-IN Consultants, yesterday announced that a ransomware attack by cybercriminals had resulted in a significant data breach of consumer and employee personal information. Debt-IN said data of more than 1.4 million South Africans was illegally accessed from its servers in April this year but the data breach only came to light last week. Confidential consumer data and voice recordings of calls between Debt-IN debt recovery agents and financial services customers have been posted on the dark web. Debt-IN chief executive Mark Essey said they deeply regretted this cyberattack, and “we apologise unreservedly for…
Banele Ginindza banele.ginindza@inl.co.za THE GREEN light by the National Energy Regulator of South Africa (Nersa) to controversial Turkish floating power generator Karpowership for licences in Coega, Richards Bay and Saldanha Bay faces hurdles including environmental approval, power producer agreements with Eskom, fuel agreements and legal challenges, energy experts said yesterday. This comes as Nersa has this far reserved its reasons for granting the long overdue licences, which at some point were rejected by South Africa’s environmental authorities who needed to clear the impact of the project on South Africa’s marine life. Karpowership has faced numerous challenges since the South African government in March granted it the biggest share of a 2 000 megawatt em- ergency power tender to provide the cheapest and quickest option for electricity. Its plan to…
Edward West edward.west@inl.co.za REMGRO lifted headline earnings a share 66 percent to 510.6 cents in the year to June 30 after its investments recovered off the low base of the Covid-19-hit 2020 financial year. The year’s dividend slipped to 90c from 265c. Intrinsic net asset value per share was up 14.8 percent to R177.33. The share price rose 1.25 percent to R128.57 yesterday morning, indicating that, as is common with listed investment groups, it trades at a discount to intrinsic net asset value. The discount at year-end came to 35.4 percent versus 35.3 percent in 2020. Remgro directors said in a statement that the pandemic had caused immeasurable harm globally, but these hardships also provided individuals, companies and organisations with the opportunity to reflect…
