Cape Times 2021-11-29

Cape Town’s main English language morning newspaper, offering breaking city and national news, and in-depth coverage of politics, business and sport.

South Africa
Independent Media Pty Ltd
253 期号


ardagh agrees to buy consol for r10bn

Dineo Faku LUXEMBOURG-based Ardagh Group has agreed to acquire Consol Holdings, its rival and South Africa’s biggest glass-packaging manufacturer, for an equity value of R10 billion, it said on Friday. Founded 75 years ago, Consol produces packaging for the food and beverage industries, inclusive of the beer, alcoholic fruit beverage, wine, fruit juice, soft drinks, mineral water and spirits markets. It operates production facilities in South Africa, Kenya, Nigeria and Ethiopia. The deal is expected to expand Ardagh’s footprint on the African continent. Commenting on the transaction, Ardagh’s chairperson, Paul Coulson, said Consol was a market leader in the region, with great relationships across a diversified domestic and multinational customer base. “Virtually all of Consol’s multinational customers are also customers of Ardagh. We look forward to welcoming Consol…

carnage on the jse: hospitality bloodbath as sa re-enters red list heavy losses inflicted on the stocks of travel, tourism and leisure groups

Siphelele Dludla THE STOCK market slumped on Friday driven by heavy losses in travel, hospitality and leisure groups over fears that the new Covid-19 variant will lead to fresh lockdowns, travel restrictions and lower economic growth. The JSE suffered the worst day in 20 months as the All Share Index slipped by 2.75 percent to close at 68 614 index points, its biggest daily decline since March last year. Hospitality shares led the bloodbath after the UK, the US and several other countries put South Africa back on the red list following the detection of a new highly transmissible Covid-19 variant in the country. The shares of City Lodge Hotels fell 15.09 percent to close at R4.22 per share, Sun International declined by 7.45 percent…

premier fishing and brands reports solid results from robust demand

Edward West PREMIER Fishing and Brands lifted earnings before interest, tax, depreciation and amortisation a sturdy 22 percent to R43 million in the year to August 31 after revenue continued to be boosted by strong demand for its fish products. Revenue increased sharply by 27 percent to R575m, while gross profit was up 26 percent to R192m. Diluted headline earnings per share decreased to a loss of 3.39 cents from 2.5c previously. Net asset value per share came to 292.53c compared with 296.23c in the prior year. Cash generated from operations increased sharply to R53m compared with R35m in the prior year. In her second year at the helm, chief executive Rushaan Isaacs said the solid performance was due primarily to increases in revenue…

questions raised on suitability of directors to ascendis board

Edward West ASCENDIS Health’s annual general meeting (AGM) on December 20 might turn out to be a lively affair considering the chairperson will preside over a resolution to oust him, while support for a host of new director nominations might also be tested. Ascendis Health, the health and wellness group, came close to collapse, but its shareholders this year gave the nod to a restructuring plan that saved the company from going into business rescue, and involves recapitalisation transaction to settle debt of about R7.7 billion owed to senior lenders. The current major lenders are Blantyre Capital and Letter1. The “new” post-recapitalisation Ascendis Health will comprise three local businesses, namely Medical Devices, Pharma and Consumer Health. The notice for the AGM contains a clause that says that recent…

quantum foods annuals are below expectation

Philippa Larkin QUANTUM Foods said on Friday that its 2021 performance was below expec- tation as it posted its results for the year ended September 30, 2021. Head- line earnings per share decreased by 35 percent to 52.2 cents per share, while operating profit decreased by 34 percent to R144 million, from R220 m in the prior corresponding period. Trading conditions were challenged by higher feed costs, the South African outbreak of highly pathogenic avian influenza, the business closure of a Western Cape broiler abattoir customer and muted consumer expenditure. In addition, lower production at certain operations and above-target cost per unit increases in key product categories weakened the group’s overall financial results. No final dividend was declared. Looking ahead, Quantum Foods said the challenging…

deeper quality investment co-operation for china- africa community with shared future in new era

By Song Lei In a few days, another Ministerial Conference of the Forum on China-Africa Co-operation (Focac) will be held in Senegal. Under the theme of “Deepening China-Africa Partnership and Promoting Sustainable Development to Build a China-Africa Community with a Shared Future in the New Era”, the conference will chart the course for China-Africa co-operation for the next three years and more to come. Direction will also be given for China-Africa investment co-operation. China-Africa Development Fund (CADFund), an outcome of Focac, has been focusing on investing in Africa for 14 years, promoting sustainable development in Africa and the upgrading and transformation of China-Africa business cooperation in ways compatible with market operations. Under the new circumstances, the Fund will follow the guidance of the upcoming conference and play a more…