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Radebe officiates at launch of R9.4bn Xina Solar One plant

By: Simone Liedtke     18th May 2018 Xina Solar One, which is owned by a consortium between Abengoa, the Industrial Development Corporation, the Public Investment Corporation and the Xina Community Trust, was officially launched near Pofadder, in the Northern Cape, on Friday. The 300 ha solar thermal plant, which was built by... 

Libstar lists on JSE

By: Marleny Arnoldi     9th May 2018 Consumer packaged goods producer and supplier Libstar on Wednesday started trading on the main board of the JSE, in the food products sector.  

Jonas, Tshabalala join MTN board

By: Natasha Odendaal     7th May 2018 Former Deputy Finance Minister Mcebisi Jonas and consulting and investment holding company Barbican Advisory Group executive director Bajabulile Tshabalala will join the board of telecommunications heavyweight MTN as nonexecutive directors, effective June 1. Tshabalala and Jonas bring extensive... 

Aton’s wooing of M&R shareholders continues

By: Marleny Arnoldi     24th April 2018 As it continues to seek support from Murray & Roberts (M&R) shareholders for its R15 a share buyout offer, German investment company Aton on Tuesday released salient information related to its buyout offer to address “stakeholder concerns”.  

Independent board urges M&R shareholders to reject Aton offer

By: Simone Liedtke     20th April 2018 An independent board established by Murray & Roberts (M&R) to assess the proposal by German family-owned business Aton to acquire all shares in M&R at R15 a share, has again recommended that M&R shareholders reject the offer. In an announcement on Friday, the M&R independent board reiterated that... 

PIC, Aton lift shareholding in M&R

By: Marleny Arnoldi     17th April 2018 The Public Investment Corporation (PIC) has increased its interest in JSE-listed Murray & Roberts (M&R) to 20.15% of the total issued ordinary shares of the company.  

PIC rejects Aton's takeover offer for M&R

By: Reuters     17th April 2018 South Africa's Public Investment Corporation (PIC), the second-biggest shareholder in Murray & Roberts (M&R), said on Monday it had rejected an offer by Germany's Aton to acquire the engineering and construction firm. M&R's biggest shareholder German investor Lutz Helmig's Aton, which owns more... 

Tribunal approves PIC’s acquisition of a CPV special purpose vehicle

By: Marleny Arnoldi     13th April 2018 The Competition Tribunal has approved the Public Investment Corporation’s (PIC’s) acquisition of a controlling stake in concentrated photovoltaic (CPV) solar power plant Equity Special Purpose Vehicle (SPV), which is owned by German energy company Solitec Solar.  

WWF welcomes energy minister signing renewable energy contracts

By: African News Agency      5th April 2018 The World Wide Fund for Nature (WWF) on Thursday applauded South African Energy Minister Jeff Radebe's signing off of a R56-billion contract with Independent Power Producers (IPPs). Radebe on Wednesday signed the hotly-contested renewable energy agreements with 27 independent power producers on... 

Palladium dubbed 'unobtainium', rhodium 'next palladium'

By: Martin Creamer     7th March 2018 While diesel demonisation continues to the detriment of platinum, several key steps that will benefit platinum are poised to be taken in the next 18 to 24 months. The first of these key steps is the substitution of platinum for palladium in gasoline systems, against the backdrop of palladium... 

Jabu Moleketi succeeds Nelson as PPC chairperson

By: Nadine James     2nd March 2018 Peter Nelson has resigned as chairperson and nonexecutive director of cement manufacturer PPC, effective March 2. Former Deputy Finance Minister Jabu Moleketi has been appointed to succeed Nelson as chairperson. 

Implats harvests loss shafts, mulls more investment in profitable shafts 

By: Martin Creamer     1st March 2018 The 40 000-employee Impala Platinum Mine in Rustenburg, which is 'harvesting' unprofitable shafts while studying additional investment opportunities in the many profit-making shafts within its well-endowed, long-life lease area, has set in motion a process to cut costs by R1-billion. Harvesting,... 

AfDB expresses strong support for new Eskom leadership

By: Terence Creamer     20th February 2018 The African Development Bank (AfDB), which has extended loan facilities worth a collective R20-billion to South Africa’s power utility Eskom, expressed confidence on Tuesday that the new leadership at the cash-strapped State-owned company would restore the group’s governance and creditworthiness.... 

Eskom board called on to prove utility not trading recklessly

By: Terence Creamer     19th February 2018 The Institute for Accountability in Southern Africa has written to Eskom chairperson Jabu Mabuza requesting a detailed written explanation as to why the current board believes the State-owned utility can be rescued from its current financial distress, cautioning that Eskom may currently be... 

Ramaphosanomics

By: Martin Zhuwakinyu     16th February 2018 It is said that many a truth is spoken in jest. I contend that restricting the adage to ‘spoken’ might well be dated. A few years ago, I co-authored a chapter in the book Zumanomics. With a change of guard at the Presidency anticipated, I consulted my favourite search engine for references to... 

Good money after bad?

By: Terence Creamer     16th February 2018 It seems an eternity since there has been anything to be excited about when it comes to South Africa’s most important, and most embattled, State-owned company (SoC), Eskom. Since 2008, the business has lurched from supply crunch to wet-coal chaos, from funding crisis to construction confusion,... 

Solidarity calls for Mining Charter to be set aside

By: Anine Kilian     14th February 2018 Trade Union Solidarity on Wednesday disclosed the contents of documents it has submitted as part of a court case to have the third iteration of the Mining Charter set aside. Speaking at a media briefing, in Pretoria, Solidarity research industry head Connie Mulder said the trade union would act... 

New CEO must position Eskom for ‘evolving energy markets and technologies’

By: Terence Creamer     12th February 2018 The newspaper advertisement calling for applications for the positions of CEO and CFO at State-owned power utility Eskom includes definite signs of the reforms that the newly appointed board is aiming to implement at the beleaguered organisation. The advertisement calls on appropriately qualified... 

Editorial: Is Eskom loan a case of good money after bad?

By: Terence Creamer     8th February 2018 It seems an eternity since there has been anything to be excited about when it comes to South Africa’s most important, and most embattled, State-owned company (SoC), Eskom. Since 2008, the business has lurched from supply crunch to wet-coal chaos, from funding crisis to construction confusion,... 

Eskom expects to sign emergency funding deals in ‘day or two’ 

By: Terence Creamer     1st February 2018 Cash-strapped State-owned power utility Eskom confirmed on Thursday that its negotiations with funders to meet immediate debt-repayment obligations were at an advanced stage and that it expected to sign-off on the deals “in a day or two”. Eskom acting CEO Phakamani Hadebe revealed this week that... 

Eskom looking beyond shareholder to tackle ‘unsustainable’ capital structure 

By: Terence Creamer     30th January 2018 Having secured “in principle” commitments from funders to enable Eskom to meet looming debt obligations of R20-billion by the end of February, the new leadership at the power utility has started weighing various options, including asset sales, for shoring up the group’s fragile balance sheet.... 

Parliament on course to probe Steinhoff scandal

By: African News Agency      11th January 2018 The chairperson of the Parliamentary Standing Committee on Finance, Yunus Carrim, confirmed on Thursday that there was no change in the decision to have hearings on the Steinhoff scandal at the end of this month. This comes after Democratic Alliance (DA) MP David Maynier said earlier in the day... 

Steinhoff says will have to restate 2015 financial statements

By: African News Agency      2nd January 2018 Beleaguered retailing group Steinhoff International Holdings said on Tuesday its 2015 financial statements, in addition to the 2016 accounts, could no longer be relied upon. In a statement, Steinhoff, which was engulfed by an accounting scandal last month, leading to the resignation of CEO... 

Wiese resigns as Steinhoff chairperson in wake of accounting scandal

By: Reuters     15th December 2017 South African tycoon Christo Wiese resigned on Thursday as chairperson of Steinhoff, the latest setback for the retail group in the throes of an accounting scandal. Once a must-have for investors who backed its reinvention from small furniture outfit into a retail empire, Steinhoff has seen its... 

GEPF, PIC insist on joining board committee investigating Steinhoff

By: Megan van Wyngaardt     13th December 2017 The Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) insist that they form part of the board committee investigating Steinhoff International. Steinhoff last week announced that its CEO Markus Jooste has stepped down amid allegations of financial irregularities. 

SA power plant listed 4th dirtiest in world's 'Dirty Dozen' 

By: News24Wire      12th December 2017 South Africa’s Thabametsi project has been listed as one of the “Dirty Dozen projects”, twelve fossil fuel projects worldwide environmental groups say exemplify the massive volumes of public finances still flowing to fossil fuel projects, which are driving climate change. The list comes as world... 

DTI to probe Steinhoff compliance with companies law

By: African News Agency      12th December 2017 South Africa’s trade and industry department said on Tuesday it would launch an investigation into the alleged governance failures and financial irregularities at retailer Steinhoff, to determine any non-compliance with the Companies Act and Regulations. “The Department of Trade and Industry and... 

Exxaro eases BEE scheme replacement concerns

By: Natasha Odendaal     20th November 2017 Diversified miner Exxaro Resources on Monday moved to ease shareholder concerns over its new replacement black economic empowerment (BEE) scheme that will ultimately hold a 30% stake in the JSE-listed firm. Shareholders had queried the ultimate controller of K2016475450 (BEE SPV), the special... 

Solidarity ranks SOEs, lambastes 'cadre merry-go-round'

By: Anine Kilian     14th November 2017 Trade union Solidarity has ranked South African Airways (SAA) as the most poorly managed State-owned enterprise (SOE) in the country. Speaking at the launch of its latest report ‘South African State Institutions and the Value for Tax Money’, on Wednesday, Solidarity CEO Dirk Hermann said SAA... 

Telkom appoints CEO of property management unit

By: Megan van Wyngaardt     9th November 2017 Telecommunications group Telkom has appointed Lesiba Maloba as CEO of its property management business unit, Gyro Group, from November 13. Gyro was established on April 1 to unlock value by commercialising the Telkom property portfolio, extracting value from excess building capacity and... 

PIC secures 10.83% stake in Sibanye-Stillwater

By: Natasha Odendaal     3rd November 2017 Gold miner Sibanye-Stillwater on Friday confirmed that it had received formal notification that the State investment arm, the Public Investment Corporation (PIC), has acquired a stake in the JSE-listed firm. The total interest held by the PIC amounts to just under 10.83% of the total issued... 

ANC and alliance partners want urgent inquiry into ‘State capture’ 

By: African News Agency      27th October 2017 The African National Congress (ANC) and its Tripartite Alliance partners have agreed on the need for an urgent Judicial Commission of Inquiry into “State capture”. The statement issued on Friday by alliance partners ANC, the South African Communist Party (SACP), Congress of South African Trade... 

Taxes, bailouts and political instability: Gigaba to deliver inaugural MTBPS

By: African News Agency      23rd October 2017 All eyes will be fixed on South African Finance Minister Malusi Gigaba this week when he delivers his first Medium-Term Budget Policy Statement (MTBPS) amid concerns about the fiscal challenges, widespread perceptions of government corruption and wasteful expenditure. Gigaba, who took over the... 

Construction companies warned on compliance

By: African News Agency      20th October 2017 Labour Minister Mildred Oliphant has warned construction companies to comply with South Africa’s labour laws or face being shut down. Oliphant’s warning came after she visited a construction site where 400 housing units were being built in Rustenburg, North West. 

Xina Solar One parabolic trough plant project, South Africa

By: Sheila Barradas     20th October 2017 The Xina CSP plant has successfully completed its first month of commercial operation in October this year. 

It's up to Gigaba to rebuild trust and confidence in mini budget – Coovadia

By: News24Wire      16th October 2017 The motives behind government’s failure to act in the national interest should be questioned as it undermines trust and service delivery in South Africa, Cas Coovadia, managing director of the Banking Association of South Africa (BASA), said on Monday. Coovadia in a statement called on Finance... 

Even Stats SA could fall to State capture – Gordhan, Jonas 

By: News24Wire      12th October 2017 Statistics South Africa is not immune to the State capture project, former finance minister Pravin Gordhan and his former deputy Mcebisi Jonas said on Thursday. The warning comes as Statistician-General Pali Lehohla is set to step down in October, after 17 years in charge of Stats SA. 

PIC said to mull backing bid for Chevron's South Africa Unit

By: Bloomberg     12th October 2017 Africa’s biggest fund manager is interested in taking part in the acquisition by Glencore and a group of black South African-owned companies of Chevron Corp.’s assets in the country, according to three people familiar with the matter. The Public Investment Corporation (PIC), which manages the... 

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