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Five things making headlines in South Africa today

Vodacom announces new BEE transaction, Quilter to reveal more on price offer, Amcu seeks wage increase, Alexander Forbes results, Star appoints new executive.

Here’s what caught our attention on Monday:

1. Vodacom’s BEE transaction

Mobile operator Vodacom confirmed a broad-based black economic empowerment ownership transaction with the board of YeboYethu. YeboYethu is Vodacom’s existing BEE partner. The YeboYethu board says that it has agreed to participate in Vodacom’s new BEE structure, valued at R17. 5 billion which will involve the unwinding of the current BEE scheme. YeboYethu’s shareholders are yet to approve the transaction. The new BEE transaction will have a ten-year term.

2. Quilter price offer

Quilter, formerly known as Old Mutual Wealth Management, is offering a price range of between 125 pence and 155 pence per ordinary share. The company also says it is in talks regarding pre-completion price adjustments – referring to sale and purchase agreements. Quilter will publish the price range supplement later on Monday. Additionally, the company announced the appointment of Ruth Markland as a non-executive director and senior independent director.  

3. Amcu wage demands

The South African Association of Mineworkers and Construction Union (Amcu) is seeking a R12 500 minimum wage for gold producing mineworkers. Amcu says it plans to propose this at the upcoming wage negotiations. Amcu is also calling for additional benefits for mineworkers, including severance pay, transport costs and longer maternity leave, as well as a five-day work week, instead of the current shift system, Bloomberg reported. 

4. Alexander Forbes results

Investment and insurance solutions firm Alexander Forbes reports progress in its turnaround strategy as profit from operations increased 5% to R3 647 million for the financial year ended March 31 2018. Headline earnings per share fell 16.8% to 44.4 cents, while normalised earnings per share also decreased  13.7% to 51.2 cents per share. A final dividend of 24 cents has been declared, up 4.3% from 2017.

5. Star changes to board

Steinhoff Africa Retail (Star) announced the appointment of Wendy Luhabe as an independent non-executive director of the board of the company. Her position will take effect on January 1 2019. Luhabe is, among other things, the founding chancellor of the University of Johannesburg.

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