CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
A number of rogue and corrupt former EOH Holdings employees and directors almost destroyed an entire group through tender fraud with state organisations such as the SA National Defence Force and the Department of Water and Sanitation.
2. Prosus to acquire own and Naspers shares up to the value of $5bn
Prosus yesterday said that it would commence with the acquisition of its own shares and that of its parent company Naspers today up to the value of $5 billion (R77.03 bn) as announced last month.
3. Demand for Premier’s products still strong
Premier Fishing and Brands, one of the largest black-owned and managed fishing companies in South Africa, continues to experience strong demand for its products despite ongoing Covid-19-related uncertainties, chief executive Rushaan Isaacs said yesterday.
4. Pepkor loses about R5bn in sales from store closures, but improves growth in revenue
Pepkor – whose brands include Pep Stores, Ackermans and Incredible Connection – said yesterday that it had lost about R5 billion in sales during the year to the end of September, hurt by store closures during the hard lockdown.
5. Netcare grapples with fallout from pandemic
Netcare Group reported a 19.8 percent decline in total patient days for the year to the end of September as the private healthcare provider grappled with the fallout from Covid-19.
6. Rand rides the wave of downgrade as external conditions improve
The South African currency rode the wave of downgrades with ease as external conditions improved on the back of vaccine hopes according to NKC Research.
South African lenders are likely to suffer limited fallout from the country’s descent deeper into junk after Moody’s Investors Service and Fitch Ratings lowered their credit assessments last week.
BUSINESS REPORT ONLINE