Star 2024-06-11

ALEXFORBES’S shareholders were treated to a final dividend that was 11% higher at 30 cents per share, as well as a special dividend of 60c for the year to March 31, due to strong cash performance, improved capital efficiencies and execution of strategy. Shareholders appeared pleased, as the share price increased substantially by 4.78% to close at R7.01 on the JSE yesterday. The share price was 33% higher over a year. The special dividend meant a further R778 million in cash was being distributed to shareholders, reducing the surplus capital position of the group. Commenting on the financial services group’s annual results, CEO Dawie de Villiers said they had set out to transform the business and the disciplined execution, consistent delivery over time, capacity building and progress towards…

STOCKS on the JSE began the week on the back foot, with the all share index falling as much as 1% and nearly dipping below the 76 000-points mark, dragged lower by resources, tech, and real estate shares on the back of heightened political risks in the country. However, the rand held its own, by 5pm trading 0.4% stronger to R18.80 against the US dollar, buoyed by the strengthening of the gold price, which recently reached another all-time high. Analysts yesterday said these mixed measures of market sentiment seemed to partially reflect the fact that investors were not that worried about the news that the ANC was seeking to form a Government of National Unity (GNU) after dropping below a majority in last month’s elections. While the election process…

NEDBANK Corporate and Investment Bank- ing (Nedbank CIB) yesterday announced a R1 billion term funding facility for the Industrial Development Corporation (IDC) of South Africa. The funding is aimed at supporting the IDC’s mandate to promote industrial capacity, foster an inclusive eco- nomy and maximise development impact across various sectors. “The funding that Nedbank provided will support the IDC’s ability to secure necessary capital from debt capital markets, development finance insti- tutions and commercial banks. “This colla- boration underscores Nedbank’s continued support of the IDC’s initiatives, ensuring that the funding is used to create and sustain jobs, stimulate industrialisation, and contri- bute positively to both South African and broader African markets,” Nedbank CIB said in a statement. Kerrbyn Ramballie, the principal of public sector, construction, and technology, media and…

ROBUSTA coffee fluctuated below a recent high in London, as worries over global supplies keep volatility elevated. Futures have rallied this year – hitting the highest in data going back to 2008 – as production in key grower Vietnam suffered due to drought. The ongoing drought there has worsened the supply outlook, assessing the overall damage to the 2024 to 2025 crop remains challenging, according to Daria Efanova, head of research at Sucden Financial. “While we expect the near term to remain bumpy, our longer-term forecast remains moderately bullish,” Efanova said in a report. “The weather is the overriding factor in our crop analysis.” Most-active futures hit a fresh high last week. They dropped as much as 2.7% yesterday before rebounding, helping to keep a 60-day measure of price swings…

JSE-LISTED Omnia Holdings’ shareholders were treated to an ordinary and special dividend of 375 cents and 325c a share respectively after the chemicals group lifted cash generation, improved margins and sustained profitability in the year to March 31. CEO Seelan Gobalsamy said their delivery of growth and sustainability targets had been commendable over the past few years and the sharp rise in their share price yesterday was not just about the special dividend. “We are pleased to have returned R4.3 billion cash to shareholders since the 2020 financial year and we are confident our efforts will support value-enhancement in years to come,” he said in an interview yesterday. He said they had generated R3bn in cash, sufficient for about R1bn on expansion, for the ordinary and special dividends,…

TENDELE Mining, owner of the Som- khele anthracite mine in KwaZulu- Natal would like to comment on the article “Communities protest, petition against Petmin’s Somkhele mine” published on June 6, 2024. The first point to note is that the protesters, apparently members of the Mfolozi Community Environmental Justice Organisation (MCEJO) represent a handful of members of the 220 000-strong community. This vocal but insubstantial group has been supported by their activist legal representative. It is not a mere assertion of mine management to suggest that MCEJO is unrepresentative. This assertion is supported by first, a recent independently observed ballot carried out as part of the May 2022 Judge Bam order that the mine undertake a vote in terms of the Interim Protection of Informal Land Rights Act (IPILRA) for…