Star 2022-09-14

ARC INVESTMENTS (ARC), majority owned by the Ubuntu-Botho Investments Group, lifted net asset value 14.7 percent to R10.06 per share in the year to June 30 after good financial performances by many of its businesses. The net asset value growth was due to good performances by some of the businesses it has invested in, such as Rain, TymeBank in South Africa, Tyme Global in Singapore, Alexforbes, Fledge Capital and Capital Legacy, ARC said in a statement. Looking ahead, co-chief executive Johan van Zyl said they were likely to consider fewer major acquisitions, following a “good run” since listing five years ago. “We’ll enter a phase of reviewing our portfolio and consider some pruning over the short to medium term. We have received some unsolicited offers for our shareholdings in…

ORGANISED business has come out swinging against the proposed carbon tax increments which will see gradual increases in the carbon tax rate for the 2023 to 2025 tax periods. The increases are by a minimum of $1/tCO2e, increasing gradually to $20 in 2026 and at least to $30/tCO2e (per ton of carbon emissions equivalent) in 2030. The Energy Council of South Africa, Minerals Council South Africa, Business Leadership South Africa, Business Unity South Africa, South African Petroleum Industry Association and Energy Intensive Users Group jointly proposed that the annual carbon tax increases continue to be based on the Consumer Price Index (+2 percent) structure until at least 2030, to allow for the review and alignment of policies. “Business and the South African economy cannot accommodate the steepness of the…

THE BENCH Marks Foundation said yesterday it had been calling on the government to put exclusion zones around tailings of about 500 to 1 500 metres and not to allow any development near them as this is dangerous. This follows the collapse of a mine tailings dam in Jagersfontein on Sunday, in the Kopanong Local Muni- cipality in the Free State, which led to the death of one person, and the displacement of many others. The cause of the collapse has yet to be determined. The dam collapsed at about 6am on Sunday. The flow of water had stopped by Sunday afternoon. In an interview, Bench Marks Foundation spokesperson David van Wyk said the mining companies should also have known that it was wrong to have its tailings in…

Hopes that country’s economy will rebound next year have been dashed SOUTH Africa’s ongoing energy crisis has dimmed hopes that the economy will rebound significantly next year as growth has already started shrinking. Eskom yesterday ramped up its rotational load shedding to Stage 4 until tomorrow morning after promising it would ease it to Stage 2 for the test of the week. Last month, Eskom warned that South Africa could face up to 27 days of load shedding in September, lasting all the way into September 2023, if unplanned breakdowns soar to 16 000MW. It currently has 5 446MW on planned maintenance, while another 16 985MW of capacity is unavailable due to breakdowns. The South African Reserve Bank last month forecast that the economy will expand by…

ATTACQ, the JSE-listed real estate investment trust (Reit) developing Waterfall City, did well in its year to June 30 by lifting distributable income per share from 34.2 percent to 62.8 cents and resuming dividend payments with the 50c per share, representing an 80 percent payout ratio. The group’s performance was in the context of South Africa’s record unemployment levels and low-growth economic environment and reflected the underlying quality of the portfolio, which has been characterised by continued growth in the burgeoning mixed-use Waterfall City precinct – the precinct has continued to attract local and global blue chip clients. “We emerged from Covid-19 with an improved company culture and capital structure. Our focus is now on new opportunities, mainly through the implementation of our environmental plan and delivery…

LIBSTAR, a food producer whose brands include Denny mushrooms and Lancewood cheeses, said yesterday it had delivered a resilient interim performance despite supply chain disruptions, particularly in import and export shipment delays. Its results for the six months to June 30 showed that its largest category, Perishables, delivered revenue growth of 14.6 percent and an increase in normalised earnings before interest, taxes, depreciation and amortisation (Ebitda) of 27.8 percent, supported by strong volume sales of pre-packed hard cheese by Lancewood and efficiencies in the value-added meat processing division, Finlar. The second-largest category, groceries, grew revenue by 2.2 percent and normalised Ebitda fell 17.7 percent due to supply chain disruptions and increased logistics costs in the Cape Herb & Spice export division. Libstar group revenue increased…