Star 2025-05-26

The Financial Sector Conduct Authority (FSCA) said Friday it will not be taking any action regarding the alleged share price manipulation of JSE-listed Mantengu Mining. The FSCA stated that its investigation into the alleged prohibited trading practices uncovered no evidence to support the allegations of price manipulation. On February 19, 2024, Mantengu reported to the JSE and the FSCA that a certain group of individuals were involved in the manipulation of the company’s share price. Mantengu further claimed that the FSCA had found a prima facie case warranting further investigation. “The FSCA wishes to clarify that claims that it found a prima facie case for further investigation are incorrect. The Authority received a complaint from Mantengu alleging prohibited trading practices and insider trading. Given the serious nature of the allegations…

Sibanye-Stillwater has confirmed that all 260 of its employees were safely brought back to the surface on Friday following a potentially hazardous incident at the Kloof 7 sub-shaft at its South African gold operations. The miner said there was never any risk of injury to the employees during the event, which unfolded when the skip door of the sub-shaft rock winder malfunctioned at the loading point on Level 39, subsequently affecting Levels 40, 41, and below. Sibanye said comprehensive safety inspections were promptly carried out immediately following the incident, along with a shaft integrity assessment. This meticulous approach was deemed necessary before any employees could ascend safely to the surface. Sibanye said the first group emerged at approximately 13:30 CAT, while the remainder returned safely around 19:30 CAT. Management deemed…

Shares in technology group AYO Technology Solutions Limited (AYO) leapt 20% after Sekunjalo Investment Holdings (Sekunjalo) on Friday confirmed that it has made a firm offer to acquire all remaining ordinary shares in South Africa’s largest black-owned and managed ICT investment group not already held by it or its related parties. Sekunjalo currently holds a 45% majority shareholding in AYO. Sekunjalo has also submitted a proposal for the voluntary delisting of AYO from the JSE. "Sekunjalo will acquire the Offer Shares, being a maximum of 155 331 790 shares, in respect of which valid acceptances are received prior to the closing date of the Offer, for a total maximum Offer Consideration of R80 772 531," AYO said. It said the Offer will be subject to the condition that the proposed…

As South Africa grapples with an increasing dependence on fuel imports, the National Petroleum Refiners of South Africa (NATREF) refinery in Sasolburg has raised alarm bells over its future sustainability. Sipho Mkhize, chairman of the South African National Petroleum Corporation (SANPC), on Friday outlined the financial strain faced by the only inland crude oil refinery, which is reliant on material transported via the Single Buoy Mooring (SBM) in the Indian Ocean off Durban. The backdrop to this crisis is the shutdown of Durban's local refineries, which has severely reduced SBM utilisation by 80%, leading to soaring operational costs for NATREF. Mkhize warned that if these financial pressures continue unabated, NATREF may have to cease operations, which would place an overwhelming burden on South Africa's petroleum supply chain "These financial strains…

Business sector remains optimistic that new law will accomodate Elon Musk The business sector has remained cautiously optimistic amid the possibility of a new law that could accommodate South African-born but US-based tech billionaire, Elon Musk, to operate his internet company in South Africa. This comes after the Minister of Communications and Digital Technologies, Solly Malatsi, on Friday announced in a policy directive the proposed relaxing of Black Economic Empowerment (BEE) policies in the ICT sector. The proposal would allow Musk’s satellite internet service to operate in the country without the usual requirements for 30% ownership to historically-disadvantaged groups, instead focusing on local investment and rural access. “This move was designed to break a long-standing deadlock and signal South Africa’s openness to innovative solutions, even as broader negotiations remained stuck,”…

“Houston, we have a problem.” The iconic Apollo 13 line feels oddly fitting for South Africa’s latest headache: the “Afrikaner genocide” narrative making waves in US-South Africa trade talks. This exaggerated claim, fueled by images of crosses symbolising farm murders, paints a distorted picture of crime in South Africa, ruffling feathers globally. It's a headache for the country's reputation overshadowing its “Rainbow Nation” legacy. To navigate this storm, South Africa must confront the misinformation head-on while addressing the root causes - crime, unemployment, and governance failures - with decisive action. The “Afrikaner genocide” narrative gained traction during the recent White House meeting, where US President Donald Trump presented video clips of Economic Freedom Fighters (EFF) leader Julius Malema chanting “Kill the Boer,” an apartheid-era struggle song. The South African delegation,…