Star 2022-11-29

ZEDA HAS received JSE approval and Barloworld’s vehicle rental and lease business expects to list on December 13 with some 189.64 million shares in issue, a pre-listing statement said yesterday. Barloworld is unbundling Zeda through a one-for-one distribution in specie of the issued Zeda shares held by Barloworld. It is anticipated that following the unbundling, about 58.42% of the Zeda shares will be held by public shareholders. Zeda Group is a car rental, fleet management and leasing business, operating in South Africa and 10 other countries in sub-Saharan Africa under the “Avis” and “Budget” global brands, pursuant to a long-term licence secured from ABG. Zeda is the only integrated mobility provider in sub-Saharan Africa offering both short-term car rental and long-term fleet management and leasing solutions to a broad…

LIBERTY Two Degrees (L2D), the owner of Sandton City Mall and Eastgate, yesterday reported sustained recovery during 2022 despite loadshedding, escalating municipal rates and Covid-related in-force reversions, which continued to put pressure on the portfolio. The South African, retail-centred real estate investment trust, reporting ahead of its year-end close period, said its the portfolio continued to see improved annual trading density growth with September being 18.6% ahead of 2021 and 12.1% ahead of 2019. The top five retail categories with the most improved trading density performance in 2022 compared to 2019, included luxury brands (149.2%), technology (44.5%), luggage and leatherware (35.4%), grocer/supermarket (18.8%) and health/beauty/grooming/wellness (9.0%). L2D chief executive Amelia Beattie said: “We are pleased with both our financial and operational performance in the period, which continues to show encouraging…

Causing serious volatility across all asset classes and currencies in emerging markets GLOBAL markets yesterday caught a serious bug as China “coughed”, causing serious volatility across all asset classes and currencies in emerging markets. South African markets remained muted yesterday, with risk appetite coming under pressure as the protests in China against the government’s zero-Covid policy rattled the markets. The rand traded slightly lower, closing on the JSE at R17.12 to the US dollar, after weakening to R17.19 as growing unrest in China dented risk sentiment, while further losses were limited by a softer greenback amid prospects of slower rate hikes by the Federal Reserve soon. However, the rand has gained over this quarter against the US dollar, pulling back to R16.91/$1 after the release of the minutes of the…

RETAIL group Truworths International plans a secondary listing of its shares on A2X Markets from next Monday. Truworths said yesterday that it would retain its listings on the JSE and the Namibian Stock Exchange. Truworths Group chief executive Michael Mark said: “At Truworths, we have a consistent focus on creating long-term value for our stakeholders. By listing Truworths’ shares on A2X we will not only provide our shareholders with the choice of an additional platform on which to transact, but also offer them the opportunity to capture the savings accrued through their lower exchange fees and narrower spreads.” Truworths’s portfolio consists of Truworths, Identity, YDE, Uzzi, Earthchild, Ginger Mary, Fuel, Sync, Office London and Loads of Living in South Africa, as well as Office and Offspring in the UK. Truworths…

INVICTA Holdings, the investment holding and management company, lifted headline earnings per share 43% for the six months to September 30, but withheld the dividend because of the share buybacks through the period. Chief executive Steven Joffe said they were “very pleased as the group had produced a solid performance in all our operations”. He said in a telephone interview that with much of the group now focused on parts sales, and after having made sufficient provisions for unforeseen challenges, and considering the business now derived more than 40% of profit from outside Africa, they were in a good position for the second half. The group had also traded well since the end of the interim reporting period. He said they planned to declare a dividend for the second half…

SHARES in hotel group City Lodge rose around 7% after it yesterday issued an operational update showing better occupancies, room rates with a positive outlook post-Covid national lockdowns and increased travel. “Despite demand being slightly dampened by ongoing load shedding, high inflation and interest rates, and their impact on the economy and disposable income, the outlook continues to look positive as life returns to normal and businesses and individuals embrace the freedom to take every opportunity to travel,” it said. The lifting of the National State of Disaster in April 2022 had further facilitated positive travel trends with businesses and individuals returning to meeting and experiencing life while nurturing relationships which had suffered during the period of lockdown. Over the past few months, City Lodge said its occupancies had been…