Cape Times 2022-06-09

SHARES in Naspers and its spin-off Prosus leapt on the JSE yesterday, buoyed by its stake in China’s Tencent after it announced it was releasing its flagship mobile game Honor of Kings globally by the end of the year and as China’s government approved a raft of new game licences. Shares in global consumer internet group Naspers leapt 8.91 percent to close at R1 823.94 on the JSE yesterday, down 33.71 percent in the past six months. Shares in Prosus, Nasper’s Dutch-listed arm, gained 6.81 percent to R842.80, down 40.84 percent in the past six months. Tencent’s Honor of Kings international version would be launched under its new Singapore-based brand Level Infinite, which was formed last year to help Tencent release games outside China. China’s…

Business sector confidence has been dealt a blow and plunged to its lowest in one year in the second quarter of 2022 as the devastating floods in KwaZulu-Natal and higher costs of doing business slowed manufacturing production. The Business Confidence Index compiled by the Bureau for Economic Research (BER) fell from 46 points to 42 points in the second quarter, firmly remaining below 50 points which separates contraction from expansion. This was a similar level to that recorded in the second half of 2021 as various shocks over the past year contributed to keeping confidence this low, and many uncertainties remain. The BER said that a reading of 42 points indicated that almost six out of 10 respondents viewed prevailing business conditions as being unsatisfactory. It…

NORTHAM Platinum’s spat with Impala Platinum’s bid to buy out Royal Bafo- keng Platinum (RBPlat) ratcheted up a notch as the miner turned to the Competition Tribunal to intervene on grounds that it is anti-competitive. Northam’s legal counsel said because this was a significant merger and because of the tribunal’s powers, the tribunal was the final decision maker on this transaction. This follows Northam Platinum launching an application to the Competition Tribunal to intervene in the approval process for Implat’s acquisition of its stake. In November, Northam announced that it had made a strategic investment by acquiring a significant shareholding in RBPlat. It acquired a 34.65 percent stake, and a bidding war ensued with Implats, which offered to buy out all RBPlat share- holders and, to date, had acquired…

Rozendal had been fighting on behalf of clients in this matter for three years IN A RARE win for minority share- holders, the Supreme Court of Appeal upheld hedge fund firm Rozendal Partners’ right for an asset appraisal when fintech company Capital Appreciation bought back the shares from a founding shareholder. Paul Whitburn from Rozendal said yesterday that asset managers rarely take the companies they were invested in to court because they had to pay the legal fees themselves, if they wanted to represent their clients. Only recently did the Association for Savings and Investment South Africa allow fund managers to charge their funds for the legal fees, he said. He said Rozendal, which owns about 2 percent of Capital Appreciation, had been fighting on behalf of its clients…

SPAR’s results for the six months ended March 31 were “mixed”, according to an analyst, as the retailer recovers from Covid-19, with the Southern African region performing well, but profits in its European regions came under pressure due to increased costs. It declared an interim dividend of 175 cents per share, down 37.5 percent from last year. Spar increased turnover by 5.2 percent to R67.6 billion, while its operating profit rose by 7.1 percent to R1.8bn. And its diluted headline earnings per share increased by almost 4 percent to 641.1c, but headline earnings per share were muted, up 3.7 percent to 642.6c per share. “Spar South Africa reported solid growth, with wholesale turnover increasing by 7.7 percent to R43.8bn. The core Spar…

KEABETSWE Modimoeng, chairperson of the Independent Communications Authority of South Africa (Icasa), has resigned unexpectedly. This comes just a few months after Modimoeng oversaw the auction of broadband spectrum, which went beyond expectation and raised more than R14 billion. Modimoeng joined the Icasa board in 2016. In a statement, Icasa said Modi- moeng cited “a need to take some time off after an enervating period”. He would take time off before deciding what to do next with his career. Modimoeng would serve notice to ensure a smooth handover, the regulator said. Modimoeng served in various committees of the council, including as a member of the complaints and compliance committee, and was seen as bringing broad stability to the organisation. “The undisputed highlight of his decisive leadership in the sector…