Lynn Bolin

Distell Group, South Africa’s largest listed wine and spirits producer, will be unveiling details of its long-awaited black economic empowerment (BEE) transaction on Wednesday September 21, the company said on Friday. Distell will make an announcement together with its partners on the initiative at its Nederberg cellar in Paarl.

South Africa’s state-owned oil and gas entity, PetroSA, has posted a pre-tax profit of R1,8-billion for the financial year ended March 31 2005, a substantial improvement on the R240-million recorded in 2004, on the back of record high international oil prices, a firmer rand and strict cost containment.

The board of Swedish financial-services group Skandia has reportedly rejected as being too low an offer by South Africa’s Old Mutual to acquire the company, according to reports by Swedish newspapers on Monday. Skandia is set to make an announcement on the issue on Monday, the newspapers said.

Listed short-term insurer Santam has reported a 16% increase in its fully diluted headline earnings per share for the six months to the end of June 2005, to 586 cents from 507 cents the previous year. The group declared an interim dividend of 108 cents per share, up from 95 cents in 2004.

Listed retailer Edgars Consolidated Stores (Edcon) has teamed up with Standard Bank to offer qualifying Edcon store-card clients a MasterCard, the first credit card available in South Africa to carry no annual fee. The partnership will provide a credit card to Edcon’s customers who have a proven credit track record.

Listed fashion retailer Truworths International has reported a 31% rise in its fully diluted headline earnings per share for the year to the end of June 2005, to 140,8 cents from 107,4 cents a year earlier. The company declared a final dividend of 37 cents per share, which brings the total dividend for the year to 69 cents.

Listed fashion retailer Truworths International has reported a 31% rise in its fully diluted headline earnings per share for the year to the end of June 2005, to 140,8 cents from 107,4 cents a year earlier. The company declared a final dividend of 37 cents per share, which brings the total dividend for the year to 69 cents.

The latest data on building plans passed and residential buildings completed for the first six months of 2005 point to a sharp 43,5% drop in the number of lower-income, smaller houses completed and a 10% fall in the number of plans passed for such houses, according to Absa senior economist Jacques du Toit.

Distell, South Africa’s largest listed wine and spirits producer, has reported a 34,1% increase in its headline earnings per share for the year to the end of June 2005, to 245,8 cents from 183,3 cents a year earlier. The company declared a final dividend of 67 cents per share, bringing the total dividend for the year to 123 cents per share.

Listed staffing and marketing advisory company Adcorp Holdings has reported a 28% rise in its headline earnings per share for the six months to the end of June 2005, to 87,5 cents from 68,7 cents a year earlier. The company declared an interim dividend of 35 cents, representing a 40% increase from the halfway point in 2004.

Sanlam Life, South Africa’s second-largest life assurer, will buy a 50% stake in niche life assurer Channel Life from its parent, PSG Group, for R116,5-million, the two companies said on Thursday. The purchase price represents 125 cents per share for Channel Life, valuing the company at approximately R230-million.

Listed gaming and hotel group Gold Reef Casino Resorts has ended talks with brewing giant SABMiller over its acquisition of SABMiller’s 49% stake in fellow gaming group Tsogo Sun Holdings, Gold Reef said in a statement on Monday. According to Gold Reef, SABMiller said its stake in Tsogo Sun is not for sale.

Financial-services groups Old Mutual and Nedbank on Thursday announced one of South Africa’s biggest information and communications technology (ICT) deals to date, which will enable both companies to achieve collectively cost savings of more than R1-billion over the next five years.

Shares in listed airlines group Comair, the British Airways operator in South Africa, continued to gain ground in early trade on Thursday, climbing 4,2% or seven cents as the company continued to reap the benefits of the damaging six-day strike at rival South African Airways (SAA), despite news that the strike is set to come to an end.

Sanlam, South Africa’s second-largest life assurer, has finalised the sale of its entire 21,3% stake in banking group Absa to the United Kingdom’s Barclays Bank for R10,3-billion, the company said in a statement on Tuesday. The group sold all of its 124,3-million Absa shares for R82,50 per share in the transaction.

Listed hotel and gaming group Sun International will proceed with the sale of its entire 38,6% stake in City Lodge Hotels to Sun International shareholders for a total of R627-million, in exchange for repurchasing its own shares from them, the company said on Tuesday.

South African retailer Pick ‘n Pay has experienced a total turnover loss of just less than R50-million over the four days since Friday, when approximately 20 000 staff, members of the South African Commercial, Catering and Allied Workers’ Union, began their strike over higher wages, according to CEO Sean Summers.

Transformation and black economic empowerment (BEE) in South Africa’s financial sector must not jeopardise ongoing financial stability, Minister of Finance Trevor Manuel cautioned on Monday. He was speaking at the start of the Financial Sector Campaign Coalition Conference in Cape Town.

Picketing and toyi-toying Pick ‘n Pay workers at the retailer’s high-profile store at Cape Town’s V&A Waterfront, as well as at its main Claremont headquarters, are disrupting shopping at the venues, reports said on Friday. South Africa’s largest food retailer confirmed earlier that the strike is affecting 150 stores countrywide.

South African investors should put some of their savings in offshore markets in order to take advantage of the opportunities not available in South Africa, as well as for diversification and risk reasons, it emerged at Stanlib’s second investment cnference in Cape Town on Monday.

Edgars Consolidated Stores (Edcon), one of South Africa’s largest retailers, will see its shares split in a ratio of 10 new shares for every one existing Edcon share at the beginning of trade on Monday July 25, the company said on Wednesday. The share split will facilitate a staff empowerment transaction.

The South African Revenue Service (Sars) had by Tuesday received an estimated 2,4-million tax returns for the 2004/05 financial year, following the passage of the official tax-return deadline on Friday July 8. The estimate of 2,4-million is a "very conservative" one, Sars spokesperson Adrian Lackay said on Tuesday.

Sanlam, South Africa’s second-largest life assurer, is planning to undertake a share repurchase totaling about R4-billion as part of its major capital restructuring plans, the company said on Monday. The group will offer shareholders R12 per share in a specific pro-rata offering for 10% of their shares.

Verimark Holdings (VMK) debuted on the JSE on Monday, opening with an inaugural trade of R3,05 and subsequently trading in a range of R2,99 to R3,01 per share in early dealings. The company develops and retails a range of products including household goods, DIY, beauty and exercise equipment.

Due to the "tremendous response" by taxpayers to meet Friday’s 2005 tax return deadline, offices of the South African Revenue Service will open countrywide on Saturday from 8am to 12.30pm in order to accept returns, Sars said in a statement on Thursday. About two million taxpayers had submitted their tax returns by Thursday.