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Five things making headlines in South Africa today

State capture inquiry day 5, RCL Foods, Cashbuild and Masterdrilling results, MultiChoice to announce bidder for black owned news channel.

Here’s what caught our attention on Tuesday:

1. State capture inquiry day 5

ANC MP Vytjie Mentor will be taking to the stands for the second day on day five of the state capture inquiry. On Monday, Mentor testified that the Gupta family were first in line to become the main supplier of uranium to South Africa’s nuclear build programme and how the family was using then president, Jacob Zuma to catalyse the plan. Moneyweb is reporting that if South Africa had gone ahead with the nuclear deal, the Gupta family would have profited immensely.

An update on today’s revelations will follow.

Read: The Gupta’s attempt to hijack SA’s R1trn nuke programme

2. RCL Foods results

RCL Foods, one of South Africa’s main poultry producers, under the name Rainbow Chickens will be releasing its results for the year ended June 2018 on Tuesday. Rainbow Chickens was one of the companies implicated in the listeriosis outbreak early this year. In a trading statement published earlier, the company said it expects headline earnings per share to increase between 41.7% and 57.5% to 90 cents or 100 cents.

Update to follow.  

3. Cashbuild financial results

Building materials retail company, Cashbuild is reporting a 5% increase in revenue to R10 million for the year ended June 30, 2018. The company’s headline earnings decreased by 9% to R424 million from R464 million, while headline earnings per share fell to 1 867.2 cents from 2 045.2 cents. The board is declaring a total dividend of 346 cents, down 9%.

4. Masterdrilling group financial results

Masterdrilling, a firm that specialises in boring and drilling solutions is reporting an 11.3% increase in revenue to $67.4 million for the six months ended June 30, 2018. The company’s headline earnings decreased by 16.6% to 72.6 cents, while earnings per share decreased by 10.9% to 77.5 cents. The board has not announced a dividend for the period and plans to declare a dividend only at year-end.

5. MultiChoice to announce bidder

The CEO of MultiChoice, Calvo Mawela will be announcing the successful bidder of the new black-owned 24 hours news channel on DStv at a press briefing on Tuesday. This follows MultiChoice’s termination of the contract with Afro Worldview, formerly known as ANN7, which said to be owned by the Gupta family.

Update to follow.

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