Cape Times 2021-04-28

Edward West edward.west@inl.co.za FORMER Delta Property Fund execu- tives implicated by the company in financial irregularities – Sandile Nomvete, Shaneel Maharaj and Otis Tshabalala – on Monday claimed again that they were innocent and said they would support police investigations. “We are pleased the company has clarified the narrative of an ‘alleged R43.9 million fraud’ that previous communication … had created,” the former directors said. Last week Delta, upon the re-issue of corrected annual financial statements for the year to end February, said that the executives had “undermined the company’s governance practices, which resulted in non-compliance with internal controls in the company, including unsubstantiated payments, procurement irregularities and other unethical business dealings”. Delta said that the matters had been reported to the police and other relevant authorities for further…

Sandile Mchunu sandile.mchunu@inl.co.za STEINHOFF International leapt more than 3 percent on the JSE on Monday morning after the retailer said it planned to proceed with the initial public offering (IPO) of Pepco Group. The group said the move, which would result in its listing on the Warsaw Stock Exchange, came after it received necessary consents from its financial creditors to sell at least 15 percent of shares in Pepco Group for nearly R13 billion. Pepco said it believed that the offering and admission was a natural step at this point in its growth and maturity, giving it access to a wider range of capital-raising options which may be of use in the future. “It is intended to diversify the group’s shareholder base and further the group’s separation…

Dineo Faku dineo.faku@inl.co.za MTN AND GLOBAL Partnership for Ethiopia – a consortium including Safari- com, Vodacom and their parent Vodafone – are in the running for Ethiopia’s two new nationwide telecoms service licences. The Ethiopian Communications Authority (ECA) confirmed that MTN and the Global Partnership for Ethiopia had submitted bids following a request for proposals a year earlier. The ECA said that it would announce the winners of the two licences and make a formal public announcement after the technical and financial evaluation was completed. Monday marked the deadline for the two new nationwide telecoms licences. MTN, Africa’s largest mobile opera- tor, said it would participate with equity partners for the licence, which represented the last and largest telecoms liberalisation opportunity in the world. MTN president and chief executive Ralph…

Siphelele Dludla siphelele.dludla@inl.co.za SOUTH African stocks closed in the green on Monday buoyed by broad-based gains in banks and grocery stores on the resumption of the Covid-19 vaccination programme. The JSE All Share Index rose 0.41 percent to 67 573 index points, remaining high throughout the day after the government set the date to lift the ban on vaccines. The Sisonke implementation study was suspended earlier this month after some patients in the US developed a unique blood clot, but recent studies have shown this is a one in a million occurrence. Health Minister Dr Zweli Mkhize said that South Africa would resume using the Johnson & Johnson Covid-19 vaccine today following recommendations from the Cabinet and the health products regulator. Mkhize said that vaccination sites would be…

THE V-SHAPED recovery in the US is surprising on the upside, but the recovery, together with massive monetary and fiscal stimulus, is causing concern that inflation is likely to overshoot on the upside. The housing market is particularly worrying. The fall in mortgage rates and the massive turnaround in employment due to the US moving out of the Covid-19 crisis have led to a feeding frenzy in the US housing market. Over the weekend, the New York Times reported that homes are selling in record time and the median sale price of existing homes is up by more than 17 percent, while sales of new single-family houses are at the highest levels since March 2006. Although the unemployment rate dropped sharply to 6 percent from 14 percent…

Sandile Mchunu sandile.mchunu@inl.co.za THE BIDVEST Group has signed an agreement with National Aviation Services (NAS), Colossal Africa and a consortium consisting of the current executive team to acquire its business BidAir Services for an undisclosed amount. BidAir is the country’s largest ground handling company and its acquisition is subject to regulatory approvals, as well as permission from the Airports Company of South Africa (Acsa), which manages South African airports. NAS chief executive Hassan El-Houry said NAS prides itself on its global expertise and local knowledge. “We believe that the success of the aviation industry in Africa is tied to its economic prosperity and have made significant investments into the industry across the continent. “We look forward to adding BidAir Services, the largest South African ground handling company to our expanding…