Cape Times 2024-06-14

MR PRICE Group plans to spend R1 billion on capital expenditure during its 2025 financial year and it plans to open 200 new stores. CEO Mark Blair said at the release of annual results for the year to March 31, 2024, that the later arrival of winter had caused subdued trade in the first two months of the 2025 (financial)year. Despite this, there were market share gains in April 2024 and sales growth recovered strongly in early June, driven by the onset of winter. “We have strong positive momentum, and our team is energised by the plans we have in place,” he said. Group retail sales in the first quarter to June 11, 2024, increased 4.4%, against sales growth in the base of 17%, at higher gross profit margins…

IMPALA Platinum (Implats) has received approvals for its R9 billion empowerment programme that is now in effect. Last month, Implats informed shareholders that it had concluded a transaction to raise broad-based black economic empowerment in its operations and those of Impala Bafokeng. The empowerment transaction also includes community and employee share ownership schemes. “Shareholders are advised that all the remaining conditions precedent have been fulfilled, and the effective date of the Empowerment Transaction is June 7, 2024,” Implats said yesterday. It had picked up Siyanda Resources as its empowerment partner, citing the Bakgatla platinum mine’s “demonstrable track record” as well as “the experience of its executive and operational leadership” and “its standing, reputation and depth of relationships in the broader Rusten- burg” community. The Community Share Ownership Trust (CSOT),…

MTN, AFRICA’s largest telecoms company, said yesterday that its Business unit had been awarded a contract by the National Treasury to provide smart electricity and water solutions across South Africa. “National Treasury was looking for a cost-effective solution that would also meet very high technical requirements, including query resolutions and training for municipal staff,” said Tumi Sekhukhune-Chamayou, MTN South Africa chief enterprise business officer. The contract will see MTN Business offering its digital solutions to 257 municipalities through a three-year transversal contract, with revenue being earned based on how many municipalities sign up and what services they opt into. As of this month, MTN Business will supply, deliver, install, manage and maintain end-to-end smart metering solutions across the country. Smart meters enable utility service providers across the world to digitalise…

MERCEDES-BENZ South Africa has started talks to restructure its East London manufacturing plant that might include retrenching up to 700 workers, due to port and other challenges, including the weak economy. The group, which employs about 3 000 staff at its East London assembly factory, said in a JSE regulatory notice yesterday that the Section 189 consultations would involve discussions regarding the restructuring of its manu- facturing operations, transitioning from the current three-shift model to a two-shift model. “Despite our best efforts, the current operating environment remains challenging, necessitating further action to ensure the long-term sustainability of our manufacturing operations,” the group said. The East London plant is part of the group’s global production network for its C-Class model, and most of its vehicles – it produced 90…

SOUTH African Canegrowers has slammed a recent study that contradicts its assertion that the Health Promotion Levy (HPL, or sugar tax) has resulted in 16 000 job losses in the sugar and beverage industries, with a further loss of 10% of direct jobs expected by 2031. This comes after a study by the SA Medical Research Council (SAMRC)/Wits Centre for Health Economics and Decision Science (Priceless SA) found the introduction of the sugar tax “has not been associated with job losses in the sugar-related industries in South Africa”. SA Canegrowers chairperson Higgins Mdluli on Wednesday said the Priceless SA research on the impact of the sugar tax may be conflicted as the organisation admitted in their own publications and website that they “advocated for the Health Promotion Levy before…

GROWING consumer demand due to increased awareness of the nutritional benefits of tomatoes presents an opportunity for the industry to innovate and invest in research and the development of organic and climate resilient varieties. This is according to a National Agricultural Marketing Council (NAMC) policy brief, compiled by Thulani Ningi, Moses Lubinga, Corné Dempers and Matume Maila, and released yesterday. According to the brief, there is a need for collaboration among tomato industry players, the private sector, development agencies and the government to enhance existing financial interventions, which would increase farmer revenue and promote a sustainable tomato value chain. “To foster a more competitive and diverse sector, industry stakeholders must actively encourage and support new entrants (growers and processors),” the brief states. “This support should include providing access to training…