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Five things making headlines in South Africa today

The looting of VBS Mutual Bank, Mondi reports 30% profit increase, Vunani results, Sanlam acquires Saham shares, manufacturing production data.

Here’s what caught our attention on Thursday:

1. VBS Mutual Bank ‘heist’ 

The failure of VBS Mutual Bank was penned down in a report called ‘The Great Bank Heist’, and found that at least 53 people and companies benefitted from the plundering of R1.9 billion. Some notable names mentioned in the report include VBS Bank’s former CEO, Andile Ramavhunga, deputy president of the EFF Floyd Shivambu and his brother Brian Shivambu, among others. They are said to have benefited R16 million from the bank’s failure.

Read: Probe finds R1.9bn looted from VBS Mutual Bank 

2. Mondi issues profit rise of 30%

Paper packaging company, Mondi is reporting a 30% increase in underlying core profit, with ebitda increasing to 466 million euros for the third quarter ended September 30 2018, from 359 million euros reported in the previous comparable period. The company says its performance was benefitted the higher average selling prices across Fibre Packaging and Uncoated Fine Paper, ‘a very strong operational performance, good cost containment and contributions from recent acquisitions’.

3. Vunani results

Fund Management company Vunani Capital is reporting an increase in basic earnings per share to 15.7 cents for the six months ended August 31 2018, compared with the 8.5 cents delivered in 2017. The company’s revenue from continuing operations is at R233.7 million, compared to R160.1 million in 2017. An ordinary dividend of 6.2 cents per share was paid to shareholders on July 30, 2018.

4. Sanlam seals deal with Saham

Regulators gave Sanlam the green light in going ahead with its $1.1 billion purchase of the remaining shares in Morocco’s Saham Finances. According to Bloomberg, this gives Sanlam footing in 33 markets across North Africa, the Middle East, southern, East and West Africa. The acquisition brings Sanlam’s total investment in the company to almost $1.7 billion since February 2016.

5. Manufacturing production data

South Africa‘s manufacturing output rose by 1.3% year-on-year in August, following a revised 2.8% expansion in July, the statistics agency said on Thursday.

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Wanna quick way of telling if a low-paid politician is crooked..? Google their images and look at their wrist watches…

Zweli Mkhize: (rose gold) Patek Phillipe
Floyd Shivambu: Breitling

It’s that watch shop in the Michaelangelo Towers. It’s just too tempting. Let’s go watch watching!

End of comments.


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