Star 2023-06-01

It has acquired the PIC’s 9.26% shareholding in the platinum company IMPALA Platinum (Implats) has finally achieved control of Royal Bafokeng Platinum (RBPlat) after a long drawn-out process and takeover battle after it acquired the Public Investment Corporation’s (PIC) 9.26% shareholding in the platinum group metals (PGM) company. This move would make Implats hold RBPlat shares comprising an aggregate of approximately 55.46% of the RBPlat shares in issue. “Implats will control the majority of the issued shares in RBPlat, and RBPlat will become a subsidiary of Implats,” the group said. Implats CEO Nico Muller said securing control of RBPlat solidified a stronger, more sustainable future for the Rustenburg region, the North West province, and the South PGM sector – collectively a major employer in the mining sector and a key…

NEXT MONTH the fate of troubled sugar refiner Tongaat Hulett (THL) will be revealed by its business rescue practitioners (BRP) with eight potential strategic equity partners (SEPs) interested in the acquisition of, or investment in the business, or parts of its SA Sugar businesses. The sugar sector will anxiously awaiting the outcome as the sugar sector, with cane growers, mills and supply chains supports thousands of jobs in KwaZulu-Natal. The sugar and property group, with a legacy of 130 years under its belt was implicated in an accounting scandal in 2019 and despite being put under new management with a turnaround plan, was forced to enter business rescue after a potential rights offer or funding plan hit the wall. Trevor Murgatroyd, Peter van den Steen and Gerhard Albertyn of…

S&P GLOBAL has revised South Africa’s growth forecast for 2023 as the intensifying electricity crisis and rising cost of living cripple every prospect of meaningful economic activity. The ratings agency yesterday forecast that South Africa's economy will now grow 0.7% this year, down from a 1.6% forecast given in June 2022 due to the ongoing bout of power cuts. This growth forecast is more optimistic than the Reserve Bank’s estimate of 0.2% this year as load shedding is expected to worsen during the winter months amidst rising levels of unplanned breakdowns of Eskom’s coal-fired power fleet. Eskom has been implementing heightened load shedding of up to stage 6 for the better part of this year, with an unprecedented stage 8 load shedding also forecast in winter when…

SOUTH Africa’s financial markets were in turmoil yesterday as the rand continued to weaken while stocks fell to their lowest in more than two months as investors fled to safer haves on the back of an uncertain economic climate. The rand remained subdued almost unchanged at R19.81 against the US dollar by close of trading at the JSE after hitting a new all-time worst level of R19.86 on Tuesday on the back of the stronger US dollar, along with local political and electricity issues. There have been growing concerns about South Africa’s relationship with Russia alongside domestic economic risks. Investor sentiment in South Africa has soured over factors including a heightened power crisis and US allegations that the country supplied weapons to Russia last year. Investors have also seen the…

THIS IS THE first article in a series on planning for retirement, focusing on the different phases of the journey. Over the course of the series, we will also look at the transition phase, the active phase, the passive phase and the late retirement phase. Just SA is a retirement income and life annuity specialist that partners with best-of-breed independent asset managers and administrators to provide an enhanced value proposition to meet the different needs of South African retirees. Retirement is a significant milestone that requires careful planning and preparation. If you are one of the many South Africans who will retire in the next 5 to 10 years, it is crucial to start thinking about your goals for your golden years and taking proactive steps to ensure a financially…

THE OFFICES for the Ombudsman for Short-term Insurance (Osti) and the Ombudsman for Long-term Insurance (Olti), which operate under a single insurance ombudsman, jointly clawed back more than R330 million for consumers in 2022. This is revealed in the latest joint annual report of the two schemes, released last week. In 2022, the Olti recovered R220 836 922 for complainants in lump sums and an additional R857 544 was awarded as compensation. Over the same period, the Osti reported it had awarded R109 439 635 to consumers who had approached the office for assistance. Long-term insurance “In general, the reported numbers for 2022 were lower than those of 2021, which is not surprising given that the brunt of the Covid-19-related insurance claims was felt…