Star 2023-10-17

RENERGEN’S share price leapt more than 21% yesterday morning following an unprecedented action for a JSE-listed company, in that it answered questions from shareholders that arose out of a social media storm. This price yesterday morning had regained much of last week’s substantial decline, which arose after the company was criticised on social media, principally by well known shareholder activist Albie Cilliers. South Africa’s first, although developing, on-shore liquid natural gas and helium producer said in a statement yesterday that criticism from the press and social media had led to it fielding shareholder requests for the company to provide an official response to the matters raised publicly. The media and a social media onslaught also saw it forced to declare on its website last week that it had no…

Amplats, BMW and Sasol sign agreement to bring hydrogen fuel cell electric vehicles and refuelling technology to SA A group of South Africa’s large private sector companies will be collaborating on the launch of a pilot fleet of hydrogen vehicles in the country in a bid to drive the green hydrogen economy. Anglo American Platinum (Amplats), BMW Group South Africa and Sasol yesterday signed a collaboration agreement that will bring hydrogen fuel cell electric vehicles (FCEVs) and supporting hydrogen refuelling technology to South Africa. In terms of the agreement, BMW will provide the hydrogen FCEVs, while Sasol will supply the green hydrogen and mobile refueller. These vehicles will operate on South African roads as part of an international trial to gather data on how the BMW iX5 Hydrogen performs in…

THE RAND started the week on a stronger footing yesterday, strengthening to its highest in nearly a month as tensions in the Middle East put the US dollar on the backfoot. The local unit firmed 0.8% to R18.79 to the greenback yesterday as risk appetite moderated and the safe-haven dollar weakened slightly while markets nervously watched the temporary ceasefire in the Middle East. This comes after the currency came under renewed pressure in the first week of October, falling to R19.43/$1 as robust US job market data fuelled speculation of another US interest rate hike. Israel’s government seemed to have agreed to a ceasefire in at least part of the Gaza Strip to allow humanitarian aid in and people with international passports to escape into Egypt yesterday. Analysts are also…

THE FOSCHINI Group (TFG) has launched the first collection from its Sustainable Design Incubator programme, aimed at fostering sustain- able fashion practices and supporting young emerging designers. TFG CEO Anthony Thunström said in a statement yesterday: “With TFG’s commitment to job creation and the development of the South African design and manufacturing industry, our Sustainable Design Incubator provides an important platform to grow skills and provide experience for young designers. “TFG aims to empower talented South African designers by offering unrivalled access to the market and networking opportunities, which are vital for building successful and thriving fashion businesses,” he said. Leveraging TFG’s ecosystem, the selected designers’ ranges had launched on Bash, an online app that provides access to TFG stores and brand. TFG said the market access opportunity provided through…

Calgro M3, the property investment, integrated housing developments and memorial parks operator, lifted headline earnings a share 38.4% to 78.88 cents in the six months to August 31, the fifth consecutive reporting period of good results. CEO Wikus Lategan said adaptability, consistent market evaluation and strategic foresight had enabled the group to increase revenue by 13.5% to R688.9 million and profits improved by 22.5% to R84.8m. He said in an interview they would work on a “stringent” dividend policy by the financial year-end, and a dividend might be paid in the year thereafter. Lategan said management was proud of the six-month performance, given the economic challenges in South Africa. He attributed the growth to their “deep understanding of the Living Standards Measure markets we serve, the prioritisation…

MTN ANNOUNCED yesterday that it would increase its procurement spend by R4 billion, and offer substantial support to small and medium-sized enterprises (SME) through its MTN Xlerator programme. In a statement, the group said the MTN Xlerator was MTN South Africa’s enterprise supplier development (ESD) programme, that plans to increase MTN’s procurement spend by R4bn over two years with 51% black-owned SMMEs. “The programme plans to double the number of SMMEs on its supplier database and will uplift them through business strategy development, skills development, and improved funding access,” it said. The MTN ESD programme is open for SMMEs that have been in operation for at least six months, are at least 51% black-owned, achieve an annual turnover of R500 million or less, and have daily operations managed…