COMPANY NEWS IN BRIEF
Capitec CEO sells shares in the bankCapitec CEO Gerrie Fourie has sold over R56 million worth of shares in the bank, according to a market announcement on Tuesday evening.
He disposed of 6 392 ordinary shares worth R13 514 896 last week Friday, and 20 000 more, worth R42 626 509, on Monday.
The bank said clearance to deal in the securities was obtained in accordance with Johannesburg Stock Exchange (JSE) listings requirements.
Fin24 reported in April that Capitec has grown its customers to 18.1 million, significantly more ahead of Standard Bank’s 10 million clients in South Africa or the 8.8 million First National Bank (FNB) reported in its South Africa operations at the end of 2021.- Fin24 Pick n Pay shields shoppers in SAPick n Pay’s share price jumped by almost 3% on Tuesday morning after the company reported a 14.5% increase in its headline profit per share, despite a year marked by the July riots, Russia’s Ukraine invasion, flooding in KwaZulu-Natal and load shedding.
For the year, the group’s turnover increased by 5.2%, which accelerated by 7.4% in the fourth quarter following a recovery from the civil unrest in KwaZulu-Natal and Gauteng in 2021.
The unrest cost Pick n Pay R2.7 billion in lost sales. Pick n Pay has recovered R958.7 million in unrest-related material damage losses from Sasria and has received R145.2 million in interim business interruption payouts in March.
The group’s gross profit margin fell from 19.8% in 2021 to 18.8% as it kept its selling prices below inflation.
“Gross profit [margin] at 18.8% reflects the group’s commitment to better value for customers, with selling price inflation contained at 2.9% for the year, against CPI food inflation of 6.2%,” said Pick n Pay. - Fin24 Shoprite launches employee scheme in SAThe Shoprite Group is issuing R8.9 billion worth of Shoprite Checkers shares to its employees through a new black economic empowerment (BEE) trust, effectively increasing black ownership in the subsidiary to 19.2%.
The 40 million Shoprite Checkers shares will be “for the benefit of its employees to recognise their valued contribution and ensure their ongoing participation in the Shoprite Group’s continued growth and success,” the group said on Tuesday morning.
At least 126 000 South African employees are expected to benefit from the Shoprite Employee Trust. About 16 000 non-South African will receive “equivalent benefits through their respective payroll”.
The Shoprite Checkers dividends will be linked to Shoprite Holdings dividends per share. The group said this was so that employees recognise the benefits of the group as whole achieving strong results.
“The transaction is intended to retain, motivate and incentivise the employees of the Shoprite Group to continue to contribute towards its success going forward,” the group said. - Fin24 Naspers Foundry invests R40 millionA Naspers early-stage tech investment vehicle, Naspers Foundry, has made a R40 million investment in Nile, an agritech company that connects farmers with buyers of fresh produce, it was announced on Tuesday.
The transaction is its 10th investment since launching in 2019. Nile - co-founded in 2020 by Louis de Kock, Eugene Roodt and Rick Kleinhans - provides a platform for farmers to trade fresh produce with multiple producers across a number of African countries. Its digital solutions address inherent issues relating to food trading, quality verification, payments and traceability.
“While we were able to bootstrap Nile through our initial growth phase, we look forward to having the backing of an internationally respected investor and experienced operator like Naspers as we scale our cross-border operations to the rest of Africa,” said de Kock.
The Naspers Foundry portfolio boosts a wide range of startups, including companies offering education, insurance and cleaning services. The fund is part of Naspers’s R1.4 billion commitment to grow South Africa’s tech ecosystem.
According to the Foundry, Nile has since inception traded approximately 30 million kilograms of fruit and vegetables with buyers from five countries and 35 towns and cities across Southern Africa. It leverages data and a complex logistical network to allow farmers to reach better-yielding markets beyond those closest to them. - Fin24 Zim drops levy on exports for SibanyeThe government of Zimbabwe has dropped a planned 5% levy on exports of unbeneficiated platinum as local producers - among them units of Sibanye, Impala Platinum and Anglo Platinum - make headway in setting up refinery facilities inside the country.
Zimbabwe, which holds the world’s second-largest reserves of platinum group metals after South Africa, suspended the levy in 2020 - but planned to introduce it again this year as a way of forcing platinum producers to boost their local beneficiation.
But with Anglo American Platinum commissioning a smelter facility at its Unki Zimbabwe mine and Zimplats investing in local refinery facilities, local producers have satisfied government’s expectations with some progress, hence the lifting of the levy.
“They wrote to me and gave me good reasons as to why this tax is not a good tax and that it is hurting investments,” that country’s Finance Minister, Mthuli Ncube, said in an interview with state media this week.- Fin24
He disposed of 6 392 ordinary shares worth R13 514 896 last week Friday, and 20 000 more, worth R42 626 509, on Monday.
The bank said clearance to deal in the securities was obtained in accordance with Johannesburg Stock Exchange (JSE) listings requirements.
Fin24 reported in April that Capitec has grown its customers to 18.1 million, significantly more ahead of Standard Bank’s 10 million clients in South Africa or the 8.8 million First National Bank (FNB) reported in its South Africa operations at the end of 2021.- Fin24 Pick n Pay shields shoppers in SAPick n Pay’s share price jumped by almost 3% on Tuesday morning after the company reported a 14.5% increase in its headline profit per share, despite a year marked by the July riots, Russia’s Ukraine invasion, flooding in KwaZulu-Natal and load shedding.
For the year, the group’s turnover increased by 5.2%, which accelerated by 7.4% in the fourth quarter following a recovery from the civil unrest in KwaZulu-Natal and Gauteng in 2021.
The unrest cost Pick n Pay R2.7 billion in lost sales. Pick n Pay has recovered R958.7 million in unrest-related material damage losses from Sasria and has received R145.2 million in interim business interruption payouts in March.
The group’s gross profit margin fell from 19.8% in 2021 to 18.8% as it kept its selling prices below inflation.
“Gross profit [margin] at 18.8% reflects the group’s commitment to better value for customers, with selling price inflation contained at 2.9% for the year, against CPI food inflation of 6.2%,” said Pick n Pay. - Fin24 Shoprite launches employee scheme in SAThe Shoprite Group is issuing R8.9 billion worth of Shoprite Checkers shares to its employees through a new black economic empowerment (BEE) trust, effectively increasing black ownership in the subsidiary to 19.2%.
The 40 million Shoprite Checkers shares will be “for the benefit of its employees to recognise their valued contribution and ensure their ongoing participation in the Shoprite Group’s continued growth and success,” the group said on Tuesday morning.
At least 126 000 South African employees are expected to benefit from the Shoprite Employee Trust. About 16 000 non-South African will receive “equivalent benefits through their respective payroll”.
The Shoprite Checkers dividends will be linked to Shoprite Holdings dividends per share. The group said this was so that employees recognise the benefits of the group as whole achieving strong results.
“The transaction is intended to retain, motivate and incentivise the employees of the Shoprite Group to continue to contribute towards its success going forward,” the group said. - Fin24 Naspers Foundry invests R40 millionA Naspers early-stage tech investment vehicle, Naspers Foundry, has made a R40 million investment in Nile, an agritech company that connects farmers with buyers of fresh produce, it was announced on Tuesday.
The transaction is its 10th investment since launching in 2019. Nile - co-founded in 2020 by Louis de Kock, Eugene Roodt and Rick Kleinhans - provides a platform for farmers to trade fresh produce with multiple producers across a number of African countries. Its digital solutions address inherent issues relating to food trading, quality verification, payments and traceability.
“While we were able to bootstrap Nile through our initial growth phase, we look forward to having the backing of an internationally respected investor and experienced operator like Naspers as we scale our cross-border operations to the rest of Africa,” said de Kock.
The Naspers Foundry portfolio boosts a wide range of startups, including companies offering education, insurance and cleaning services. The fund is part of Naspers’s R1.4 billion commitment to grow South Africa’s tech ecosystem.
According to the Foundry, Nile has since inception traded approximately 30 million kilograms of fruit and vegetables with buyers from five countries and 35 towns and cities across Southern Africa. It leverages data and a complex logistical network to allow farmers to reach better-yielding markets beyond those closest to them. - Fin24 Zim drops levy on exports for SibanyeThe government of Zimbabwe has dropped a planned 5% levy on exports of unbeneficiated platinum as local producers - among them units of Sibanye, Impala Platinum and Anglo Platinum - make headway in setting up refinery facilities inside the country.
Zimbabwe, which holds the world’s second-largest reserves of platinum group metals after South Africa, suspended the levy in 2020 - but planned to introduce it again this year as a way of forcing platinum producers to boost their local beneficiation.
But with Anglo American Platinum commissioning a smelter facility at its Unki Zimbabwe mine and Zimplats investing in local refinery facilities, local producers have satisfied government’s expectations with some progress, hence the lifting of the levy.
“They wrote to me and gave me good reasons as to why this tax is not a good tax and that it is hurting investments,” that country’s Finance Minister, Mthuli Ncube, said in an interview with state media this week.- Fin24
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