Star 2024-08-12

South Africa’s largest chicken producer, Astral Foods, said on Friday that CEO Chris Schutte would retire from his position in January next year when the company holds its next annual general meeting. Schutte, who has been CEO since 2009 when the company was unbundled from Tiger Brands and listed separately, has seen the company go through several changes in the industry as well as tough times such as load shedding and skyrocketing maize costs. He will consult to the company from February for a year, ensuring a smooth transition process with the incoming CEO, continuing to facilitate key stakeholder engagement and providing strategic insight to both the Astral executive team and the Board. The share price closed 0.35% higher at R168.49 on Thursday. Anthony Clark, an independent analyst at Small…

Auto components-manufacturer, MA Automotive Die and Cast in Rosslyn, Pretoria, is putting its workers on short time (fewer working hours) from today, and scaling down capacity for the rest of the year in preparation for the BMW X3, the first electric vehicle to be manufactured in this country, albeit for the export market. MA regional leader Henk van der Merwe confirmed last week that the group was introducing intermittent short time in line with run out of a current model, and introduction of the replacement model. “As we ramp up to reach full volume, so will our short time reduce. We have been very transparent with our people in preparation for the run-out and ramp-up. Our recent communication must be viewed in this context,” Van der Merwe said. This is…

The SA Revenue Service (Sars) has announced upcoming tax changes to the customs import system effective from September 1, which will affect Chinese e-retailers Shein and Temu, among others. Sars plans to introduce VAT – in addition to the current 20% flat rate customs duty, by September 1 – as an immediate interim measure. The SA International Ecommerce Association (Saiea) said that the early implementation on September 1 did not leave much time for adjustment and streamlining of processes. When local retailers import clothing, they have to pay a 45% import tax. The government feels it is only fair that the importing consumer, who is now effectively bypassing the middleman (the local retailers), also faces an import tax to level the competitive playing field. Imports from online retailers increased from…

Publication of the business rescue plan for beleaguered car-parts and accessories retailer AutoZone was extended to later this month from its scheduled August 5 deadline. This was confirmed by trade union Motor Industry Staff Association (Misa), which belatedly registered interest in the process as well as Absa Bank, which has secured an order to attach AutoZone’s assets. “Absa is comfortable with the business rescue extension, and continues to support AutoZone and the business rescue practitioners towards achieving a constructive solution,” an Absa spokesperson said. At its meeting with creditors in July, the business rescue practitioners of Matuson and Associates reported that they had begun discussions with several parties who have expressed an interest in acquiring AutoZone. This raised the possibility that the company may be sold, and the proceeds from…

Transnet has confirmed it has appointed an external presiding officer – a senior counsel at the Johannesburg Bar – to chair the disciplinary hearing of its suspended Ports Authority CEO, Pepi Silinga. However, Transnet said proceedings had been delayed by a request from Silinga’s legal team to file a defence. “Mr Silinga’s disciplinary hearing will be scheduled once his defence has been received,” Transnet spokesperson Ayanda Shezi said. Transnet indicated in June that investigations had been completed, as it officially announced the appointment of Bowmans Attorneys to implement recommendations of a forensic report by Fundudzi Investigators, which considered the awarding of a tender for the multi-purpose terminal at the Port of Ngqura. Silinga, who has been on leave of absence since January, was implicated along with other managers in alleged…

TONGAAT Hulett’s business rescue practitioners (BRPs) said the failure by shareholders at a meeting to approve a share subscription would result in “a more laborious” business rescue process, but with “effectively the same outcome”. “Considering shareholder approval has not been obtained for the equity subscription, (which would have resulted in the Vision Consortium owning 97.3% of Tongaat’s shares) this suspensive condition is unfulfilled. The BRPs will continue to implement the Adopted Plan,” a statement from Tongaat’s BRPs said. This meant that the Tongaat Hulett business, all its operations and employees, would be transferred and housed inside Vision Investments in future. “The difference is the new owner will have the Vision consortium as its 100% shareholder, instead of 97.3% as was hoped for as an outcome if shareholders voted in favour…