Star 2023-11-10

IS THAT A buffalo, ostrich, impala or crocodile on the menu? Well, is could soon become reality for many South Africans as the newly gazetted game meat strategy paper is set to transform and formalise the industry. This will enable retail outlets such as Shoprite, Pick n Pay and Checkers to stock further wildlife meat on shop shelves. Currently, only about 10% of game meat is formally marketed through retail outlets. Forestry, Fisheries and Environment Minister Barbara Creecy gazetted the Game Meat Strategy for South Africa on November 8, paving the way for its adoption by an industry keen to diversify the sources of protein available for South Africans. South Africa’s game meat prospects stem from its rich biodiversity that is also a rich attraction for international tourists.…

CEO Neal Froneman is on the hunt for worthy green metals assets at a time when PGM prices are under pressure SHARES in Sibanye-Stillwater yesterday dropped after it said it had acquired US-based metals recycler Reldan Group of Companies (Reldan) for $155.4 million (R2.86 billion) as its CEO, Neal Froneman, hunts for worthy green metals assets. The shares closed 3.49% lower at R23.23 on the JSE yesterday. The deal was at an enterprise value of $211.5m, with a cash purchase consideration payable of $155.4m. Froneman is on the acquisition trail after the group, which has plat-inum group metals (PGM), gold and nickel operations in Africa, America and Europe, last week announced it had purchased a Tasmania copper mine in Australia for $10m. The company is also diversifying into…

Former finance minister Trevor Manuel has given a scathing diagnosis of the contributing factors to South Africa’s moribund economy and, to a larger extent, the whole of Africa’s growth and development. Manuel, the chairperson of Old Mutual, yesterday said that there were four things that were stifling economic growth in Africa which had to do with the infrastructure decay, debt entrapment, weak institutions and bad poli- cies. Speaking at the 10th Southern Africa- Europe CEO Dialogue in Johannesburg, Manuel said the biggest challenge for Africa was that the five largest economies in the sub-Saharan African region – South Africa, Nigeria, Kenya, Ethiopia, and Angola – were “in a slump”. “Our big challenge and what's holding us back as South Africa is the rate at which our infrastructure is…

TRUWORTHS International’s retail sales increased 10.9% to R6.6 billion in the first 17 weeks to October 29 of its 2024 financial year after strong growth in the UK office and only a 1% increase in retail sales in Africa. Truworths Africa’s retail sales – comprising mainly of the Truworths fashion businesses in South Africa –increased by 1% to R4.4bn relative to the prior period. In the UK, in rand terms, retail sales for Office increased by 38.8% to R2.1bn, with the contribution from E-commerce sales increasing to 45% of total retail sales from 41% in the prior period. “While the group is pleased with the positive sales momentum in Office, South African consumers are expected to remain under pressure as electricity, fuel, food, borrowing and general cost of living…

SAPPI’S profit halved to $259 million, or roughly R4.9 billion, (from $536m) for the year to September, but a stronger balance sheet with much reduced debt and healthy cash reserves should provide the flexibility to navigate the cyclical downturns, CEO Steve Binnie said yesterday. The satisfactory performance in a turbulent trading environment that had followed record profits a year before saw the share price rise a strong4.92% to close at R41.40 on the JSE yesterday. The share price was R54.93 a year ago. The group also announced that Nkululeko Sowazi, who became a board member on October 1, 2022, will succeed Sir Nigel Rudd as chairperson from February 8, 2024. Sir Nigel retires after first being appointed to the board in 2006 and becoming chairperson in 2016. Sowazi…

SEPHAKU Holdings’ (Sephold) headline earnings a share softened markedly to 7.54 cents in the six months to September 30 from 11.26c in the prior period even though revenue from cement sales was well up. Sephold, which owns Métier Mixed Concrete and which holds an investment in SepCem with Dangote Cement, saw revenue increase 19.7% to R626.6 million. Net profit after tax, however, fell to R19.7m from R26.7m in the first half of the 2023 financial year. CEO Kenneth Capes said the operating environment was subdued in the six months. Building construction works improved slightly during the first quarter of calendar 2023, but dipped in the second quarter. “Activity on civil construction projects and non-residential buildings increased. The rising cost of essential goods and services, coupled with higher interest…