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Five things making headlines in South Africa today

Afrocentric, Tawana Resources results, Tax Indaba, Investec to list asset management unit separately, High Court ruling in home repo practices case.

Here’s what caught our attention on Friday:

1. Afrocentric results

Afrocentric Investment Corporation is reporting a 110.7% increase in headline earnings to R260 million, while fully diluted headline earnings per share is at 46.70 cents for the year ended June 30, 2018. The investment corporation is declaring a final gross dividend of 16 cents per ordinary share, up 14.3% for the period.

2. Tax Indaba

Friday sees the final day of the Tax Indaba with many revelations having come to the fore. On Thursday, the issue of zero-rated Vat items was the topic of discussion. Tax experts say the items will only provide partial relief to the poverty stricken, recommending that other alternatives be considered. The question relates to how South Africa can provide relief to the poor, through means other than the Vat system.

Read: Vat zero-rating: ‘Alternatives should be considered’

3. Investec to demerge asset management unit

Financial services provider, Investec, announced on Friday its decision to separately list its asset management unit. ‘It is now the right time to demerge and list our asset management business to support it in the next phase of its development,’ the bank’s outgoing CEO, Stephen Koseff says. 

Read: Investec to hive off asset management unit

4. Tawana Resources interims 

Tawana Resources is reporting losses for the six months ended June 30, 2018. The group says it recorded a loss of $7 253 000 and had cash outflows from operating and investing activities of $29 692 000. Tawana Resources’ basic/diluted losses per share is at 1.41 cents from 2.78 cents in 2017. No dividend is being declared. 

5. High Court rules against banks in home repo practices case

The Johannesburg High Court ruled on Wednesday that repossessed homes must be sold with a reserved price in all but exceptional circumstances, in effect putting an end to bid-rigging by syndicates. Moneyweb is reporting that the ruling further states that repossessed properties must be sold close to market price.

Read: Banks slapped down over home repossessions in Joburg court case

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