Star 2023-09-27

The finance development institution achieved strong results for the year despite a weak economy and ongoing load shedding THE INDUSTRIAL Development Corporation of South Africa (IDC) provided funding of R20.7 billion to key sectors in the year to March 31, a figure 29% higher than in 2022, with most of it going towards industrial expansions. The finance development institution achieved strong results for the year despite a weak economy, load shedding, geopolitical tensions and slower international growth, its annual results showed yesterday. The funding was the highest nominal amount ever approved by it, said CEO TP Nchocho. Disbursements for the year surged 147% to R17.8bn, with the bulk directed towards capacity expansions, projects and start-ups, in line with a mandate to sustain industrial capa- city development and fund economic…

Minister for Electricity Dr Kgosientsho Ramokgopa has assured the private sector that the government will take a leading role in financing the expansion of the transmission grid even though it needs a considerable amount from the private players. Ramokgopa yesterday confirmed that Eskom’s transmission expansion and strengthening would require a “considerable amount of resources”. The government would need more than R250 billion to expand the transmission grid by an additional 14 000km over the next 10 years. Ramokgopa said he would table his report in Cabinet in October after he met with captains of industry at the JSE last week where they discussed the financing of the grid expansion during the South African Transmission Financing Seminar. “We are looking to tap into the liquidity that is available from the private…

South Africa faces a severe outbreak of avian influenza (AI), leading to the loss of more than 1.4 million chickens, devastating the poultry sector as the Department of Agriculture, Land Reform and Rural Development (Dalrrd) yesterday said outlined key initiatives to handle the outbreak. This as South African consumers say they are now being faced with empty shelves when purchasing eggs and chickens at their local supermarkets with fears of price hikes on the horizon. Dalrrd yesterday said in a statement the reported number of chickens that died due to the outbreak was 107 705, while 1 318 521 were culled, resulting in a total loss of 1 426 226 chickens. South Africa is currently dealing with a number of highly pathogenic avian influenza (HPAI) H5 and H7 outbreaks. Up…

VUKILE Property Fund is set for a strong start to its 2024 year due to active portfolio management and defensive nature of its South African assets, CEO Lawrence Rapp said yesterday in a pre-close statement for the six months to September 30. The group holds some R37 billion of property assets, with 42% consisting of urban, commuter, township and rural malls across South Africa and 58% held in Spain through the Madrid-listed subsidiary Castellana Properties Socimi. Rapp said yesterday that the South African portfolio continued to deliver “excellent results”, with footfalls up 7% year-on-year (y/y) and sales up 3.6% y/y. Trading density growth of 3.5% yoy was reported in all main segments, led by township (5.3%) and urban (4.8%) shopping centres. Vacancies were steady at 2% with strong…

AANGLOGOLD Ashanti announced yesterday that it had completed its corporate restructuring, with a primary listing of its shares on the New York Stock Exchange (NYSE) and a corporate domicile in the UK. The corporate restructuring was first announced on May 12 and approved by the shareholders of AngloGold Ashanti Limited on August 18. The AngloGold Ashanti group is now head-quartered in Denver, Colorado, and retains a substantial corporate office in Johannesburg. AngloGold Ashanti CEO Alberto Calderon said: “The move of our primary listing to the NYSE provides us with improved access to the world’s largest capital market and places us alongside the industry’s highest-valued gold companies. “This signifies an important new era for AngloGold Ashanti streng- thening our corporate infrastructure as we continue to focus on taking performance from our…

GRINDROD Shipping said yesterday it had acquired two ship management companies from Taylor Maritime Group (TMG) in a $11.75 million (R220.5m) cash and shares deal. The Singapore-based bulker owner plans to acquire Taylor Maritime Management and Tamar Ship Management. The deals are part of an ongoing integration between Grindrod Shipping and its parent Taylor Maritime Investments (TMI), which spun off from TMG in 2021 to list in London. Grindrod Shipping owns and operates a diversified fleet of owned long-term and short-term chartered-in dry bulk vessels. TMI specialises in the acquisition and chartering of vessels in the handysize and supramax bulk carrier segments of the global shipping sector. Grindrod Shipping said the aggregate maximum value of the consideration for the acquisition would not exceed $13.5m. After the acquisition, which is…