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Five things making headlines in South Africa today

AVI and Afrox results, Transnet CEO to learn fate regarding suspension, Bain & Co to repay Sars, rand update.

Here’s what caught our attention on Monday:

1. AVI results

Packaged foods company AVI is reporting a 7% increase in headline earnings per share to 543.1 cents for the year ended June 30, 2018. The company says that despite the challenging trading environment, revenue increased to R13.44 billion, up 1.9%. The company is declaring a final dividend of 260 cents per share, bringing the total normal dividend of 435 cents per share up 7.4% along with a special dividend of 250 cents per share.

2. African Oxygen results

Industrial gases company Afrox’s headline earnings per share rose to 104 cents for the six months ended June 30, 2018, up 11.5% from 2017. The company’s earnings per share also increased by 11.2% to 105 cents, while revenue increased by 3.9% to R2.904 billion as a result of an increase in liquified petroleum gas, the company says in a statement. A dividend of 52 cents per share has been declared, up 13% from 2017.

3. Transnet CEO to learn fate

Transnet CEO, Siyabonga Gama, will be hearing his fate on Monday regarding his potential suspension by the Transnet board. Gama and two other executives were served with an order of suspension by the Transnet board in August after allegations surfaced that they had practiced misconduct at the parastatal. Thamsanqa Jiyane and Lindiwe Mdletshe have already been suspended by the board.

4. Bain & Co issues statement regarding Sars

Bain & Company, which was implicated in the recent Nugent Commission Inquiry into tax and administration at Sars, issued a statement on Monday apologising for its interference in matters relating to Sars and its employees. Furthermore, the board of the company has resolved to set aside all of the R164 million of fees plus Vat and interest from its work with Sars and says the money can otherwise be used by the Nugent Commission of Inquiry or for the benefit of South Africa.

5. Rand update

We’re all concerned over what our local currency has been doing. Over the past week it suffered massive losses following the release of the latest GDP data, but managed to rebound following the release of South Africa’s current account deficit. On Monday, at 8:15 am, the rand was at R15.24 to the dollar.

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