Star 2024-04-05

THE SHOPRITE Group has paid out more than R500 million to employees through its Shoprite Employee Trust in South Africa, barely two years after the trust was established. Valued at R8.9 billion following the conclusion of the transaction in May 2022, the trust was established on a non-vesting, evergreen basis with 40 million Shoprite Checkers shares. Its aim is to ensure the group’s valued employees benefit from its ongoing success via the trust. Under the scheme, permanent employees with two years or more of service benefit from distribution payments every six months, in line with the group’s dividend payments. The largest retail group in the country said yesterday its trust had surpassed the R500m mark in payouts to eligible employees, following the fifth distribution payment. The trust was…

THE BEER Association of South Africa (Basa) said yesterday that Charlene Louw had been appointed as its new CEO. Louw has had extensive experience in commercial and corporate law for more than 20 years. After practising as an attorney, she moved on to senior roles in the energy and private security sector. She also held leadership positions in public-facing entities such as the Road Accident Fund and Pikitup. The beer industry is a significant contributor to the economy. It supports more than R70 billion gross value added to the country’s gross domestic product (GDP), representing R1 in every R79 of South Africa’s GDP. It supports the livelihoods of nearly 250 000 people. Basa’s members are Heineken SA, South African Breweries, United National Breweries and the Craft Brewers’ Association…

Shares on the local bourse have tracked the price of the yellow metal to its latest high GOLD SHARES on the JSE are shining on the back of bullish gold prices, which rallied to more than $2 300 (R43 111) per ounce yesterday, the highest selling point for the precious metal and safe haven. Prices retreated towards the end of the day, although analysts believe there is still momentum for a carry through. Spot gold was down 0.3% at $2 291.88 per ounce as of 4pm, after hitting a record high of $2 304.09 earlier in the day, according to Reuters. Gold shares on the JSE ended stronger yesterday on the back of firm bullion prices. AngloGold Ashanti’s shares yesterday ended the day 2.42% higher at…

MINISTER of Communications Mondli Gungubele says the restructured SA Post Office will be “lean, agile and cost effective”. Speaking at a media briefing yesterday, he said the business rescue process currently being carried out was a costly exercise, but way better than liquidation of the entity. In the 2023 Budget, Finance Minister Enoch Godongwana allocated a R2.4 billion bail-out to the Post Office. Gungubele said government’s aim was to save the entity and ensure it continued as a business. In this regard, turning the Post Office into an effective, innovative and financially viable entity remained the foremost priority of government. “It is important to note that the Sapo remains fully operational and committed to delivering essential services to the people of South Africa. “Despite the current challenges, the public…

THE DEPARTMENT of Agriculture, Land Reform and Rural Development (Dalrrd) said yesterday that it was assessing the severity of the El Niño-induced drought and its impact on crop yields and financial status on farmers. This was as Zimbabwe declared a state of disaster on Wednesday over a devastating drought that is sweeping across much of southern Africa, with the country’s government saying it needed $2 billion (R37.5bn) for humanitarian assistance. In a statement, Dalrrd said the recent Crop Estimates Committee (CEC) showed that South Africa’s 2023/24 summer grains and oilseed production could fall by 21% year-on-year to 15.2 million tons. “This will still be sufficient for domestic needs, but the neighbouring countries in the regions have been hit hard and may experience food insecurity. “There are also emerging…

THE SOUTH African bourse was the best performing among major emerging market (EM) peers FTSE/JSE Capped Swix Index, up 2.9% month-on-month (m/m) in March, as it clawed its way back towards positive territory. However, the FTSE/JSE Capped Swix is still down 2.3% in the year to date. Gold miners rose 24% m/m and were a major boost to the JSE’s performance, as shares of these miners tracked the price of the yellow metal higher. Gold was up 9% m/m, with the price posting new all-time highs during the month. Platinum group metal (PGM) miners increased 11% m/m and also benefitted from March’s bounce in metal prices. PGM and gold miners were responsible for more than 2% of the FTSE/JSE Capped Swix’s performance last month. Shares geared towards…