Star 2024-03-15

Hyprop to exit its sub-Saharan Africa operations in Ghana and Nigeria from challenges encountered HYPROP said yesterday in its results for the half-year to the end of December, that challenges faced by South African retailers spell uncertainty. “The challenges facing SA retailers and the recent announcements by Pick n Pay, which is an anchor tenant in all our SA centres” as well as “the potential default of the South African government on its financial commitments and the heightened political and economic risk in South Africa ahead of the elections in May 2024” were key uncertainties. It also mentioned “the likelihood of interest rates remaining higher for longer” as a risk factor. As a result, Hyprop had skipped payment of an interim dividend. Hyprop said it was being knocked…

The MARKET warmly welcomed a special dividend by Exxaro Resources, which is exploring acquisition opportunities, which saw its shares surge 7% after it posted its results for the year to December. The mining firm paid out a special dividend of R5.72 per share with its R11.36 per share final dividend. The shares traded at an intraday high of R186.18, but it closed 5.40% down at R164.59 on the JSE yesterday. Year-to-date the share was 14.92% lower. Earnings before interest, tax, depreciation and amortisation at Exxaro for the period were also 29% lower at R13.4 billion, with headline earnings per share resultantly falling 22% to R46.81 per share. Revenue fell 17% to R38.3bn, hurt by significantly “lower export sales prices achieved due to the steep decline in the API4 index…

While manufacturing production rose by 2.6% year-on-year in January, according to Statistics South Africa, confidence in the sector dipped during the first quar- ter thanks to load shedding, challenges at the ports and political uncertainty, the Absa Manufacturing Survey showed. According to Statistics South Africa, the largest positive contributions were made by petroleum, chemical products, rubber and plastic products (13.6% and contributing 2.9 percentage points) and wood and wood products, paper, publishing and printing (5% and contributing 0.5 of a percentage point). Seasonally adjusted manufacturing production increased by 0.8% in January this year compared with December 2023. This followed month-on-month changes of -1.3% in December and 0.9% in November last year. The Absa Manufacturing Survey business confidence dipped 5 points to 21 points, which was significantly lower than the…

RMB VENTURES and Bopa Moruo Private Equity, alongside management, has acquired a majority stake in Icon Oncology Holdings, a provider of cancer treatment in South Africa, for an undisclosed sum. The acquisition was approved yesterday by the Competition Commission. Icon has a national footprint of 26 radiotherapy facilities incorporating 30 linear accelerators (Linacs). The business employs more than 300 clinical professionals who deliver care to about 30 000 patients annually. In addition to 59 accredited chemotherapy units, Icon manages three compounding pharmacies and a licensed pharmaceutical wholesaler. The group also owns 16 specialised properties incorporating the bunkers from which it operates. Icon Managed Care has a contracted network representing 80% of all oncologists in private practice. Icon interim CEO Anthony Pedersen said the firm aimed to improve the quality…

Sasol, the global chemicals and energy company, and Topsoe, a carbon emission reduction technology company, have launched joint venture Zaffra, which will focus on the development and delivery of sustainable aviation fuel (SAF). Zaffra is headquartered in Amsterdam and its CEO is Jan Toschka. “With a global presence, Zaffra’s unique combination of pioneering SAF technologies and operational excellence places it at the forefront of the industry'stransformation,” the companies said in a joint statement yesterday. Zaffra combines the extensive ex- perience of Sasol in asset development, plant construction, and robust operat- ing and technology expertise, and Top- soe’s carbon emission reduction technologies. Topsoe’s technology uses hydro- processing expertise to enable the processing of virgin oils, waste oils and fats, solid biomass, and plastic waste/tires to produce Hefa-based Sustainable Aviation Fuel,…

DEPRESSED platinum group metals (PGM) prices could affect sentiment in Southern Palladium’s flagship Ben- gwenyama project, the company said yesterday. The Bengwenyama project is an advanced exploration stage project focused on PGM mineralisation run by Southern Palladium in the Bushveld Complex of South Africa. The share price rose 6.58% to close at R5.99 yesterday on the JSE. Southern Palladium is worried that platinum, palladium and rhodium prices can fluctuate significantly and cast doubt and uncertainty on the company due to factors beyond its control. “A significant decrease in commodity prices is likely to adversely affect sentiment towards the company and market support towards the company’s development of the project,” Southern Palladium said. Despite the depressed platinum prices that have forced some bigger South African miners of the precious metal to…