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Five things making headlines in South Africa today

Day 4 of the state capture inquiry, Basil Reed CFO resigns, Naspers AGM, ADvTECH and Homechoice results.

Here’s what caught our attention on Monday:

1. State capture inquiry continues

The inquiry into state capture continues for a fourth day on Monday. So far, some shocking revelations have come to the surface. On Friday, former deputy finance minister, Mcebisi Jonas blew the lid on how the Gupta family offered him a bribe and a top ministerial position, while also threatening to kill him if he revealed the details of their meeting. ANC MP, Vytjie Mentor is expected to take to the stands on Monday, detailing how the Gupta’s tried to offer her a ministerial position.

Update to follow.

2.Basil Reed makes changes to the board of directors

Basil Reed announced the resignation of its chief financial officer and finance director, Pieter van Buuren via Sens on Monday. The company says his resignation will come into effect on September 21 2018 and that Van Buuren is planning to pursue other interests.  

3.ADvTECH interim results

Recruiter ADvTECH is reporting a 13% increase in revenue to R14.6 million  for the six months ended, June 30 2018, while trading operating profit increased by 15%. Headline earnings  and  basic headline earnings per share decreased by 9% to R369 million and 69.2 cents respectively. An interim dividend of 15.0 cents has been declared for the period.

4.Naspers shareholders are having none of the ‘charm offensive’

Multinational media firm, Naspers improved its remuneration policy and says they are willing to engage with shareholders more transparently over their concerns, at their AGM on Friday,  however, shareholders expressed discontent over the ‘charm offensive’ and seek more answers on corporate governance remuneration at the company.

Read more here

5.Homechoice interim results

Retailer, Homechoice is reporting a revenue increase of 16.1% to R1.5 billion for the six months ended June 30 2018. The company’s retail sales increased by 18.9% to R856 million, while cash generated from profits picked up by 37.9% to R240 million. Headline earnings per share increased by 14.7% to 250 cents and an interim dividend of 95 cents has been declared, up 15.9%.

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