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Five things making headlines in South Africa today

June CPI and May retail figures increase, Steinhoff further extends deadline to creditors, Anglo American closes its pension fund, Vukile in accelerated bookbuild process.

Happy Mandela Day South Africa.

Here’s what caught our attention on Wednesday:

1. June consumer inflation data

The Consumer Price Index rises 4.6% in June, from 4.4% in May, data from Statistics South Africa shows on Wednesday. On a month-on-month basis, inflation rose to 0.4% in June from 0.2% in May. 

2. May retail figures

South Africa’s retail figures increase 1.9% in May year-on-year. This comes after a 0.5% increase in April. On a monthly basis, retail sales increased 1.1%, data from Stats SA shows on Wednesday. 

3. Steinhoff extends deadline on LUA for early bird fee

Steinhoff has added another day to the already-extended period for creditors to agree to the lock-up agreement (LUA), which is part of Steinhoff’s debt restructure plan to help it pay off its debt. The original deadline was set for Monday, July 16 and then extended for 24 hours. On Wednesday, Steinhoff issued a statement via Sens to notify shareholders that the deadline for creditors to sign up to the lock-up agreement had been extended to 8pm London time on Wednesday, July 18. The company says progress has been made so far.

Read: Shareholders have to wait for news on Steinhoff debt restructuring plan 

4. Anglo American closes its pension fund

The Anglo American Corporation Pension Fund (AACPF), which was primarily a benefit fund for the employees of Anglo American will be closing. Moneyweb is reporting that the closure of the fund will affect 2 030 pensioners and five employees who retained their past service from the AACPF. Future pensions will now be paid by Momentum.

5. Vukile Property Fund proposes equity raise

Vukile Property Fund is proposing an equity raise of approximately R1.3 billion through the issue of new shares. The announcement was made via Sens on Wednesday. The company says the shares will be issued under a vendor consideration placing. R250 million of the equity raised may be acquired by Encha SPV and R115 million may be acquired by management at the bookbuild price of Vukile’s share purchase plan, while the remaining equity will be offered to selected shareholders through an accelerated bookbuild process, according to the statement.

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