Star 2023-05-09

BUSINESS Leader SA (BLSA) CEO Busi Mavuso in her weekly newsletter yesterday defended the organisation undertaking an assessment of the risks to Eskom from criminality on the request of the former power utility’s CEO André de Ruyter. The Black Business Council last week said the move by BLSA was inappropriate and teetering on serious interference in the affairs of Eskom. BBC president Elias Monage said: “It has been revealed that De Ruyter (at the end of 2021) solicited funding from private businesses for an (intelligence fraud and corruption) investigation into corruption at Eskom. “More worrying is that the BLSA CEO, Ms Busisiwe Mavuso, was an active board member of Eskom and was seriously conflicted. “This clandestine and covert investigation is both unlawful and in breach of the…

South Africa’s electricity utility’s breakdowns nearing their highest level this year at 19 333MW of generating capacity ELECTRICITY consumers should brace for intensified power cuts of up to stage 10 load shedding this winter, as nearly half of Eskom’s generation capacity is offline due to breakdowns. Eskom ramped up load shedding to stage 6 indefinitely on Sunday, with breakdowns nearing the highest level at 19 333MW of generating capacity, while 4 524MW was out of service for planned maintenance. The last time breakdowns were this high was at the height of severe power cuts in February, with 21 243MW, while 3 566MW was out for maintenance at the time. Independent energy analyst Lungile Mashele yesterday said Eskom currently had about a 6…

JUST SHARE, a shareholder activism organisation, claimed coal mining groups Exxaro Resources and Thungela Resources have not provided sufficient reason to refuse to table shareholder resolutions on better disclosure of environmental lobbying. Exxaro and Thungela have opted not to table non-binding, advisory shareholder resolutions – filed on April 19 by JustShare, Aeon Investment Management and Fossil Free South Africa – for Exxaro’s and Thungela’s AGM’s to be held on May 18 and May 31, respectively, a statement from Just Share said yesterday. “Thungela stated in its response to the co-filers that its disclosure of industry association memberships in its Climate Change Report would satisfy the request of the resolution. This is disingenuous. “The resolution makes clear the disclosure required is much more detailed than simply providing names of industry associations,…

REDEFINE Properties lifted distribut- able income 7.2% to R1.6 billion in the six months to February 28, but warned that load shedding and related costs could impact its performance in the short term. The group, which saw the value of its portfolio rise to R94.1bn from R88.9bn in 2022, some R34.7bn of which is in Poland, saw improved trading densities and good letting activity, while exchange rates and high interest rates remained key risks in South Africa and Poland. The interim dividend, representing 85% of distributable income and supported by a healthy cash flow, was 14.2% lower at 20.23 cents per share, chief finance officer Ntobeko Nyawo said in an online presentation. CEO Andrew König said the consolidation of EPP – the largest retail real estate asset manager…

THE NATIONAL Union of Metalworkers of South Africa (Numsa) has finally signed a wage agreement with steel-maker ArcelorMittal South Africa (Amsa), after talks stalled last month with the threat of a strike on the cards. The union said yesterday the agreement was valid for three years from the beginning of April to the end of March, 2026. The deal would be binding on all permanent employees in Newcastle, Vanderbijlpark, Vereeniging, Pretoria, Durban, Richards Bay and Saldanha. The agreement will be backdated to the beginning of April, meaning workers will also receive backpay. The wage agreement for year one included a 6.5% increase; 6.5% for year two; and for year three the increase will be consumer price inflation-related (CPI), but capped at 6.5%. There will also be a once-off cash signing…

TROUBLED sugar refiner Tongaat Hulett, under business rescue since late last year, has secured funding to continue business operations until the end of next month. This as its business rescue practitioners on Friday filed court papers to stave off obligations to pay outstanding levies to the SA Sugar Association for the duration of the business rescue proceedings. RCL Foods in March took Tongaat Hulett business rescue practitioners before the Sugar Industry Appeals Tribunal due to the refiner’s failure to pay outstanding levies to the SA Sugar Association. Labour union Uasa said yesterday in a statement that it was pleased to note the extension of the business plan. “Tongaat Hulett’s business rescue plan has been extended. The company believes it stands a reasonable chance of being rescued, within the meaning of…