Star 2022-08-25

IMPALA Platinum (Implats) has agreed to support employment, small businesses and localisation if it manages to take over Royal Bafokeng Platinum (RBPlat). Implats announced yesterday that it had concluded a framework agreement with the Department of Trade, Industry and Competition on public interest benefits that relates to its proposed acquisition of a majority shareholding in RBPlat. The Competition Tribunal is currently sussing out the deal. On November 29, 2021, Implats, a platinum group metals (PGM) producer, announced its general offer, in cash and shares, to acquire a majority shareholding in RBPlat. The offer comprises a cash amount of R90 and 0.30 ordinary shares in Implats. The terms of the deal are subject to Implats obtaining a controlling 50 percent+1 shareholding in RBPlat and relate to primarily employment, support…

StatsSA data shows annual price rises have accelerated more than expected INTEREST rates in South Africa could rise by a further 1 percent to end the year at 6.5 percent per annum after inflation surged to another record high, though it has likely peaked. Data from Statistics South Africa (Stats SA) yesterday showed that the annual headline consumer inflation accelerated more than expected to another 13-year high. Stats SA said inflation surged to 7.8 percent in July, from 7.4 percent in June, amid a relentless rise in fuel and food prices, as well as the annual increase in municipal service charges implemented in July. This inflation print was the highest since May 2009, and above market expectations of 7.7 percent, also quickening for a third…

KAP INDUSTRIAL Holdings benefited from its diverse businesses and increased its operating profit 40 percent in the year to June 30, while the dividend almost doubled. The 29 cents per share dividend, compared with 15c paid out last year, is the highest the group has ever declared. Chief executive Gary Chaplin said the biggest drivers of growth were PG Bison’s R216 million increase in its operation profit, the Safripol polymer business generated a record operating profit increase of R972m, while transport services group Unitrans lifted operating profit by R133m. Looking forward, he said in a telephone interview that they anticipated a recovery in revenue and operating profit from the automotive component maker Feltex, sleep products company Restonic, a better result from transport group Unitrans and additional income…

INTERNATIONAL foodservice group Bid Corporation delivered a record trading performance for the year to June 30 which enabled it to raise its dividend 75 percent above the previous year. A final cash dividend of 400 cents was declared, bringing the payout for the year to 700c a share. The strong performance was despite the lingering economic and social impacts of the Covid-19 pandemic in a number of countries where the group operates and in the hospitality, tourism and leisure industries. Looking ahead, chief executive Bernard Berson said in a telephone interview that they had a “long runway for organic growth”. The group would continue with its strategy of continually simplifying the business, its decentralised management structure, strong entrepreneurial management teams catering specifically to their own markets, achieving…

Ramathuba claims undocumented foreigners are ‘overburdening’ Limpopo’s health services LIMPOPO Health MEC Dr Phophi Ramathuba is standing by her words that undocumented foreign nationals are “overburdening” Limpopo public health services and resources. In a video that has gone viral on social media, she is seen addressing a Zimbabwean patient at a government hospital in Bela-Bela, who was there for an elective surgery, according to the Limpopo Department of Health. The MEC is heard telling the patient that her country must take responsibility for her health issues, and not South Africa. “Instead of using the budget for what it’s meant for, I’m here operating for what (President) Mnangagwa is supposed to do … You are not even registered anywhere, you are illegal … This is unfair,” she said. Ramathuba told the…

SIX cities and provinces took part in yesterday’s national shutdown called by Cosatu and Saftu against the rising cost of living, unemployment, crime, power cuts and the country’s struggling economy. According to Cosatu, at least 30% of the country’s workforce either participated in various protests across the country or chose to stay at home as there were issues with transporting members to various gatherings due to a lack of funds. Protesters took to the streets of Polo- kwane, Pretoria, Cape Town, Durban and Mbombela in Mpumalanga as well as parts of the Eastern Cape and the Free State. In Limpopo, members of Cosatu and Saftu held separate marches instead of a joint march similar to the one in Pretoria where Cosatu and Saftu members joined hands in marching against…