WEDNESDAY, 11.30AM
ANGLO American Platinum Corporation (Amplats) is to be restructured under a single listed entity through Rustenburg Platinum Holdings, the group said on Tuesday.
Amplats MD Barry Davison said the deal involves exchanges of Rusplats shares for shares in Amplats and its operating companies, Lebowa Platinum and Potgietersrust Platinums, and the sale of the group’s diamond interests to De Beers and Anglo American Corporation. The diamond sale is expected to raise R1,2-billion, leaving between R500-million and R600-million after settling debt of R675-million.
BUSINESS BRIEFS
JET ONE YEAR ON THE Johannesburg Stock Exchange’s Jet automated trading system celebrated its first year in service on Tuesday, to general a chorus that it has been a resounding success. The system shrugged off some teething problems to set the stage for greater transparanecy and more efficient price formation, leading to hugely increased volume, value and liquidity.
CALLBACK’S VAT COMEBACK THE SA Revenue Service is to table legislation forcing cut-price “call-back” telephone companies to pay VAT on their services after receiving complaints from parastatal telecoms monopoly Telkom. Callback companies, mostly based in the US, offer cut-rate international calls using the cheap, deregulated US telephone system.
MINING PAY TALKS MINING industry pay talks between the Chamber of Mines and the National Union of Mineworkers begin on Friday, with separate talks likely for the gold and coal sectors due to different profitability levels.
RECEIVER WATCHES FOREX THE SA Revenue Service will check up on the tax status of all who apply for foreign exchange, even though they might be issued the money in the meantime. The announcement follows Tuesday’s finance department statement that it will no longer require a tax certificate before issuing forex. Now all that is required to receive forex is a signed statement that one is in good standing with the taxman.
DAIMLER AIRPORT DEAL MPUMALANGA premier Mathews Phosa is in germany, where he signed an agreement with Daimler Benz for the construction of an R300m international-grade airport at Hazyview, a small town about 40km from Nelspruit. Further negotiations, to take place in South Africa, will be aimed at ensuring local participation in the building process, and the upgrading of Nelspruit’s own municipal airport so that it can act as a shuttle terminal.