18.9.2019 10:05 am
Acting CEO Bongiwe Mbomvu said Acsa has seen a steep increase in operating expenses, but reiterated that the company has a strong balance sheet and is still profitable.
Despite Airports Company SA (Acsa) reporting a slump in operating profit of almost 59% for its full-year to March 31, acting CEO Bongiwe Mbomvu says the parastatal is in a good financial position compared to other state-owned enterprises.
100% of shareholders voted in favour of Group Five Limited’s plan and 96.1% in favour of the Group Five Construction plan, with both plans now adopted and binding.
The SA media titan’s new company Prosus’ value instantly soared to around 123 billion euros (almost two trillion rand).
Moody’s is worried that government’s ongoing support of SOEs might increase the rating agency’s projections for South Africa’s debt-to-GDP ratio.
Moody’s also pointed to a growing gulf in income inequality in the country – a concern that could pose social volatility, compared to other emerging markets.
‘The real yields on South African bonds are still attractive, given the risks, particularly when compared to other asset classes,’ Momentum Investment’s Ian Scott said.
This is the second time the company has prevented its CEO from performing his duties on his return.
It will simplify its offering, but not all investors are pleased.
Property group Growthpoint have released plans detailing an ambitious multi-billion-rand development for the Sandton Summit precinct.
The embattled CEO has returned despite the company’s statement on Friday saying he would not be doing so.
Increased provisions for bad debt, higher operating expenses and a huge tax bill have limited the bank’s earnings growth.
This marks Moyo’s second court victory against the company, the first finding he was illegally dismissed as CEO.
The EFF leader has called on the left to unite against the finance minister’s calls for privatisation.
The economy managed to claw back 3.1% of the 3.2% it had lost in the first quarter of this year.