WEDNESDAY, 12.00NOON:
GENCOR, in its last results as a unified company, has psoted a 41% rise inheadline earnings to R2,1-billion in the year to June. The results come off strong performances from the group’s platinum, coal, aluminium and titanium operations, with the only counter being a slump in earnings at the group’s steel and ferralloys division Samancor.
Gencor has completed its split into London-based mining group Billiton and Johannesburg-based precious metals group Gencor.
Gencor’s bottom line saw a leap to R3-billion from exceptional items totalling R1-billion, reflecting the group’s busy year in terms of acquisitions and disposals. Headline earnings per share increased 21% to 125c on the increased number of shares issued to fund additional Alusaf and Ingwe stakes. Total dividend increased 20% to 30c, with a final dividend of 21,5c.
BUSINESS BRIEFS
EGYPT DEAL FOR SA SOUTH AFRICAN foreign minister Alfred Nzo signed five mutual co-operation agreements with Egypt yesterday, and agreed to strengthen the weak trade links between the two countries.
LIBERTY LIFE RESTRUCTURES THE Liberty Group is likely to restructure to “unlock shareholder wealth”, Liberty Life CEO Roy Andersen said on Tuesday. He said the group structure is unduly complex, but could give no details of changes as “it will take some months to formulate our ideas”. Liberty Life Group is SA’s biggest listed assurer, with market capitalisation of R32-billion and total assets around R83-billion.
IBA EXTENDS DEADLINE THE Independent Broadcasting Authority has extended its Friday deadline for submission of applications for a new private free-to-air television channel, as it has received no applications.
NEDBANK WANTS MAURITIAN BANK NEDBANK is close to finalising a deal to buy a stake in the State Bank of Mauritius, the country’s second largest bank. Mauritian Finance Minister Vassant Bunwaree will meet Nedbank officials in Johannesburg this week to discuss the deal.