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Construction News

Fairvest maintains solid results for FY18

By: Simone Liedtke     4th September 2018 South African real estate investment trust Fairvest Property on Tuesday announced solid results for the year ended June 30, with annual distributions increasing by just over 9.9% to 20.15c a share. Fairvest continues to deliver sector-beating growth in distributions, while advancing the portfolio... 

Hotel group Hilton opens $100m Society Business Park in Zambian capital

By: African News Agency      4th September 2018 Luxury hotel group Hilton has opened the refurbished 20-floor mixed-use development Society Business Park which houses Hilton Garden Inn in the Zambian capital Lusaka. In 2011, Zambia National Building Society (ZNBS) and the National Pension Scheme Authority (NAPSA) entered into a 20-year... 

Investec Property to develop R2bn mixed-use precinct at Wanderers Golf Club

By: African News Agency      3rd September 2018 The Wanderers Golf Club has unveiled plans to develop a R2-billion 1 ha mixed-use precinct in Johannesburg's northern suburbs located in Illovo, between Sandton and Rosebank, in partnership with Investec Property. The proposed development will include high-end commercial office space, luxury... 

NHBRC concludes disciplinary process, three executives implicated

By: Marleny Arnoldi     3rd September 2018 The National Home Builders Registration Council (NHBRC) has concluded a disciplinary process for three out of four executives that were suspected of unethical behaviour. The most serious sanction was a dismissal verdict against the corporate services executive.  

China's Xi offers another $60bn to Africa, but says no to 'vanity' projects

By: Reuters     3rd September 2018 Chinese President Xi Jinping offered another $60-billion in financing for Africa on Monday and said Chinese companies will be encouraged to invest no less than $10-billion over the next three years, but he also warned against "vanity projects". Speaking at the opening of a major summit with... 

China's Xi offers another $60bn to Africa, but says no to 'vanity' projects
Chinese President Xi Jinping

Chinese bank to lend Nigeria $328m for fixing telecom infrastructure

By: African News Agency      3rd September 2018 China’s Exim bank will lend Nigeria $328-million towards improving the West African country’s telecoms infrastructure, Reuters reported. Poor telecoms are a major challenge for businesses operating in Nigeria, which is Africa’s largest oil producer, most populous country and has one of the... 

Bell reports strong H1 results, remains bullish on South African market

By: Nadine James     31st August 2018 JSE-listed Bell Equipment achieved a 6% year-on-year increase in revenue to R3.7-billion for the six months to June 30. Headline earnings a share increased by 10% to 131c and an interim dividend of 20c was declared. 

Hyprop ‘ahead of the market’ with total dividend of 756.5c a share for FY18

By: Simone Liedtke     31st August 2018 JSE-listed real estate investment trust (Reit) Hyprop continued to deliver strong growth in a tough economic environment, with a total dividend a share of 756.5c declared for the financial year to June 30. This growth was 8.8% higher than in the prior financial year, the company said on Friday. 

Hyprop ‘ahead of the market’ with total dividend of 756.5c a share for FY18
Photo by Simone Liedtke
Hyprop executive director Wilhelm Nauta (left) and Hyprop CEO Pieter Prinsloo (right)

NBF appoints acting CEO

By: Marleny Arnoldi     31st August 2018 New Partnership for Africa’s Development Business Foundation (NBF) Africa infrastructure desk programme manager Peter Varndell will assume the role of acting CEO of the organisation, following Lynette Chen’s resignation in June. NBF rail project manager Kudzanayi Bangure has assumed the role of... 

Waste gas fuels smelter

By: Halima Frost     31st August 2018 A gas processing plant, built by backup and continuous power solutions provider Diesel Electric Services, in Boshoek near Rustenburg, has achieved over 45 000 lost-time injury-free hours in its first year of operation. The project –  which started in January 2016, and took about 16 months to... 

Waste gas fuels smelter
HOUSING THE GASSES 13 gas generators are housed 300 m away from the smelter

Radar Optiwave aids measurement

31st August 2018 Industrial instrumentation solutions manufacturer and supplier Khrohne says the use of radar has expanded into various sectors. 

Politics hamper African airlines’ growth potential

By: Jessica Oosthuizen     31st August 2018 The African airline sector has significant potential for growth, but it is not growing sufficiently because of various issues, such as stringent regulatory frameworks, says flag carrier airline Air Mauritius Southern Africa and Latin America regional GM Carla da Silva. Government policies in... 

Politics hamper African airlines’ growth potential
CARLA DA SILVA Better and more communication is needed in terms of the benefits of aviation and the role that it plays in stimulating gross domestic product and job creation

Spotlight on CTC and potential legal inconsistencies

By: Jessica Oosthuizen     31st August 2018 The Cape Town Convention (CTC) on International Interests in Mobile Equipment is receiving a lot of attention from the legal industry in terms of how South Africa has incorporated it and how certain remedies provided for therein are enforced in the aviation industry, says global law firm Norton... 

Spotlight on CTC and potential legal inconsistencies
COMPLIANCY CHECK An aviation working group is evaluating whether South Africa implements and complies with the rights and remedies provided for in the Cape Town Convention

M&R upbeat on prospects for mining unit amid commodity cycle ‘upturn’

By: Terence Creamer     30th August 2018 Engineering and construction group Murray & Roberts (M&R) is upbeat about prospects for its strong-performing underground mining unit, which was the biggest contributor to the group’s 2018 financial performance, as well as to the growth in the JSE-listed company’s R30-billion order book. The... 

M&R upbeat on prospects for mining unit amid commodity cycle ‘upturn’
M&R Cementation aiming to become leading mechanised mining operator in Africa

Braamfontein student accommodation project halted as contractor faces liquidation

By: Simone Liedtke     30th August 2018 Completion of the 17-storey Braamfontein South Point student accommodation project, in Jorissen street, will, most likely, be delayed by a year and only be ready in time for the start of the 2021 academic year, South Point CFO Johan Wheeler told Engineering News Online this week. Construction on... 

Aveng’s early bond redemption terms finalised, shareholder approval pending

By: Marleny Arnoldi     30th August 2018 JSE-listed construction group Aveng has finalised the terms of the early bond redemption, which is now subject to final shareholder and existing convertible bondholder approval. Aveng will repurchase R657-million of existing convertible bonds, including accrued interest, for R460-million – 70%... 

M&R reports positive FY18 results

By: Creamer Media Reporter      29th August 2018 Multinational engineering and construction group Murray & Roberts (M&R) on Wednesday reported a 56% year-on-year increase in diluted continuing headline earnings per share to 112c for the financial year ended June 30, compared with 72c in the prior financial year. R21,8 billion Revenue from... 

Growthpoint’s distributable income exceeds R6bn for the first time

By: Marleny Arnoldi     29th August 2018 Real estate investment trust Growthpoint Properties announced a 6.5% distribution growth for the year ended June 30, with a final dividend of R1.07 apiece declared, despite weak economic conditions and a competitive market in South Africa. Growthpoint South Africa CEO Estienne de Klerk pointed... 

Growthpoint’s distributable income exceeds R6bn for the first time
Photo by Dylan Slater
Growthpoint Properties group CEO Norbert Sasse

Group Five warns of widened FY18 losses

By: Creamer Media Reporter      29th August 2018 Construction company Group Five on Wednesday warned of widening losses for the financial year ended June 30, as losses continued in the second half of the year, despite the group's restructuring and rationalisation programme. Group Five expects to report a loss a share and a headline loss a share... 

FutureSpace opens second instant-access workspace in Sandton

By: Marleny Arnoldi     29th August 2018 FutureSpace has launched its second workspace, after the first space reached near capacity in just over a year.   FutureSpace is a joint venture between Investec Property and workplace specialists Giant Leap.   The new instant-access space is located in Rivonia, Sandton, a few blocks down from... 

Cashbuild expansion strategy places retailer in good position to reap rewards

By: Simone Liedtke     28th August 2018 Despite demanding trading conditions, South African retailer Cashbuild on Tuesday announced that it has, for the first time, exceeded the R10-billion group revenue mark. Cashbuild CE Werner de Jager attributed the 5% year-on-year growth in group revenue largely to the 42 new stores that were... 

MSQ, Coega SEZ to build R100m medical device factory

By: Shirley le Guern     28th August 2018 South African healthcare company MSQ is positioning itself to become South Africa’s third active pharmaceutical ingredient (API) manufacturer. The company, which has set its sights on becoming a market leader in a sector dominated by imports, has teamed up with the Coega Special Economic Zone... 

MSQ, Coega SEZ to build R100m medical device factory
Coega SEZ portfolio developer Asanda Vos, MSQ director Themba Nyembezi, MSQ CEO Dr Nhlanhla Msomi, Coega SEZ business development executive director Christopher Mashigo, MSQ COO Dr Carl Montague, MSQ manufacturing operations manager Mzingisi Tshicila and MSQ Pharma MD Glen Sullivan.

China says projects not to blame for majority of Africa debt

By: Reuters     28th August 2018 Chinese development projects do not account for a majority of the debt on African countries, a senior Chinese official said on Tuesday ahead of a summit with African leaders in Beijing next week. China's "Belt and Road" initiative has been praised by supporters for providing vital financing to... 

Gemgrow expands its retail property portfolio through R728m investment

By: Marleny Arnoldi     27th August 2018 Real estate investment trust Gemgrow has acquired an effective economic interest of 95% in Moolgem, for about R628-million, yielding 11.48%. The Moolgem portfolio comprises 85% retail, and has 26 properties in the Limpopo region, including retail centres Jane Furse Crossing and Game Centre.  

Ethiopia ousts State firm from Nile dam project after construction delays

By: Reuters     27th August 2018 Ethiopia has ousted State-run Metals and Engineering Corporation (METEC) from a $4-billion dam project on the River Nile due to numerous delays in completing the project. The Grand Renaissance Dam is the centrepiece of Ethiopia's bid to become Africa's biggest power exporter. 

Basil Read CFO resigns

By: Marleny Arnoldi     27th August 2018 JSE-listed Basil Read CFO and FD Pieter van Buuren has resigned, effective September 21, to pursue other interests. The board will make an announcement on the appointment of a new CFO in due course.  

New bridge to improve access to Brackengate 2 logistics park

By: Creamer Media Reporter      24th August 2018 JSE-listed diversified real estate investment trust (Reit) Redefine Properties and VDMV Property Group on Friday officially opened the newly improved Cilmor road bridge over the R300. The bridge, which was completed in August, was built at a cost of R27-million and is expected to further improve... 

New bridge to improve access to Brackengate 2 logistics park

Uncertainty over land expropriation to deter investment – IHS Markit

By: Marleny Arnoldi     24th August 2018 The threat of land expropriation without compensation (EWC) is likely to deter investment up until the 2019 elections and a while afterwards, says global information provider IHS Markit. “Uncertainty over property rights is likely to deter fixed investment, limit government revenue and lower... 

Company gets new foam-dosing trailer system

By: Melissa Zisengwe     24th August 2018 For three consecutive years, fire protection equipment supplier DoseTech and Germany-based dosing technology company FireDos have supplied the latest portable foam fire-protection system to an integrated chemicals and energy company, states DoseTech MD Mike Feldon. 

Local firm to support long term growth of AEG brand in SA

By: Schalk Burger     24th August 2018 Local construction tools and fasteners distributor Upat aims to support the long-term growth of German company AEG’s power tools range in South Africa and Southern Africa by providing technical support services to and leveraging its partnerships with retailers, Upat MD Richard Kuhlmann says. The... 

Local firm to  support long term growth of AEG brand in SA
MIKE PHORA Upat merchandiser Mike Phora demonstrates the ease of use of a corded AEG drill

Creecy concerned about lack of infrastructure spending

By: African News Agency      23rd August 2018 Gauteng Finance MEC Barbara Creecy on Thursday raised her concerns about the negative impact on the quality of public facilities and job creation caused by poor spending of infrastructure budgets by municipalities in the province. During a meeting with MMCs of Finance from all municipalities in... 

M&R expects more than 50% increase in FY18 earnings

By: Simone Liedtke     23rd August 2018 Engineering and construction group Murray and Roberts (M&R) expects to report diluted headline earnings per share (HEPS) from continuing operations of between 110c and 114c for the financial year ended June 30. This represents a 53% to 58% improvement on diluted HEPS of 72c reported for the 2017... 

Fortress builds on strong logistics portfolio, targets increased share distribution

By: Marleny Arnoldi     22nd August 2018 Real estate investment trust Fortress has reported an increase of 4.53% to 141.8c apiece for its A-share distribution for the year ended June 30, while its B-share distribution increased by 4.07% to 179c apiece. Fortress is active in high-growth nodes that have prime logistic warehousing,... 

Creditors to vote on Basil Read business rescue plan in September

By: Marleny Arnoldi     21st August 2018 Since JSE-listed Basil Read announced its entering into business rescue in June, it has secured R265-million in funding and its business rescue practitioners (BRP) have, this week, published a business rescue plan. The company’s appointed BRPs – Siviwe Dongwana and John Lightfoot – believe the... 

Construction sector outlook promising following difficult 2017 – Bryte

By: Marleny Arnoldi     21st August 2018 The construction sector in South Africa faced an exceptionally challenging 2017, reaching 17-year lows; however, it remains one of the economic engines of the country. The construction sector holds immense potential for advancement of the country’s general financial wellbeing, says Bryte... 

Construction sector outlook promising following difficult 2017 – Bryte

Only 6% of Joburg bridges are in good condition – JRA

By: News24Wire      20th August 2018 The City of Johannesburg says it is facing a major headache, after the Johannesburg Roads Agency (JRA) said that out of the 902 bridges managed by the City, only 6% are in good condition. The remaining 94% need immediate intervention. "The city is facing a R170-billion infrastructure backlog. Do... 

Only 6% of Joburg bridges are in good condition – JRA

Transnet results eclipsed by irregular expenditure, qualified audit and State capture

By: Terence Creamer     20th August 2018 A surge in irregular expenditure to over R8-billion triggered a qualification of Transnet’s 2018 financial results, all but eclipsing an otherwise strong financial and operational performance by the State-owned group. The irregular expenditure related primarily to procurement undertaken by... 

Transnet results eclipsed by irregular expenditure, qualified audit and State capture

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