Registered users can save articles to their personal articles list. Login here or sign up here

Five things making headlines in South Africa today

Aton’s fresh move against M&R, Tom Moyane to address media, Tharisa quarterly production, Grindrod averts Sassa demands, McKinsey to apologise to SA.

Here’s what caught our attention on Monday:

1. Aton bid to takeover M&R intensifies

German investment group, Aton is not backing down in its bid to take over South African construction firm, Murray & Roberts. Aton acquired more than 25% of M&R’s takeover target Aveng, in an attempt to fight M&R’s acquisition of Aveng, from within Aveng, according to Moneyweb. Aton already holds about 44% in M&R and had initially opposed M&R’s takeover of Aveng during a shareholder meeting.

2. Tom Moyane to address media

Suspended Sars commissioner, Tom Moyane is to address the media on Monday concerning governance at Sars and the developments at the Sars inquiry, which is still underway. Moyane is expected to respond to a letter he received from President Cyril Ramaphosa on Friday, News24 is reporting. The presser will take place at 11:00.

Update to follow.  

3. Tharisa quarter production report

Mining company Tharisa released its third quarter production report for the period ended June 30, 2018, on Monday. The company is reporting a record of PGM recoveries at 85.6%, and a record of PGM production at 39.5% koz, up 3.4% quarter-on-quarter.  

4. Grindrod bank dismisses Sassa demands

Grindrod Bank is hitting back at the South African Social Security Agency (Sassa) for its demands to refund social grant beneficiaries after it hiked its bank charges. Grindrod Bank, which is a partner of Net1, says Sassa should take the matter up with Net1. Moneyweb is reporting that Grindrod Bank says that there is no legal basis in Sassa’s demands.  

5. McKinesy apologises to SA

The global head of McKinsey is expected to issue an apology and outline the firm’s failings to South Africans following its involvement with Gupta-owned firm, Trillian. Reuters is reporting that McKinsey lost most of its clients when news emerged that it had partnered with Trillian to win a R1.6 billion contract with Eskom. McKinsey says it will pay back the R1 billion in fees it received for its share of the six months work it did with Trillian at Eskom, Reuters reported. 

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
Insider GOLD
ONLY R63pm

Moneyweb's premium subscription is a membership service which will give you access to a number of tools to take charge of your investments.
Or choose a yearly subscription at R630pa - SAVE R126

Get instant access to all our tools and content. Monthly subscription can be suspended at any time.

Podcasts

SHOP NEWSLETTERS TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: