Five things making headlines in South Africa today

Adcorp and Balwin Properties results, Tsogo Sun disposes casino precinct, Steinhoff requests extension for LUA, Discovery divulges client information.
Tsogo Sun proposes unbundling of shares to Hospitality Property Fund. Picture: Supplied

Here’s what caught our attention on Monday:

1. Adcorp results

Recruitment company, Adcorp is reporting a 3% increase in revenue to R8 billion for the six months ended August 31, 2018. The company delivered 90 cents in earnings per share compared to the loss of 120.7 cents reported in the previous year. Adcorp’s underlying Ebitda for the period increased by 33% to R231 million, while cash generated from operations increased to R358 million, from R122 million. The company says no dividend will be paid for the period under review.

2. Balwin Properties results

Balwin Properties top-line growth increased by 33% for the six months ended August 31, 2018, after a total of 1 058 apartments were handed over. The company says demand for its product remained strong during the period. The company’s earnings per share and headline earnings per share increased by 9% to 38 cents for the period. The board has resolved that no dividend will be paid for the period, but will reconsider the dividend position at the end of the year.

3. Tsogo Sun sells casino precinct properties

Tsogo Sun issued an announcement via Sens on Monday, saying that it will dispose seven premium casino precincts to Hospitality Property Fund (HPF), namely, Montecasino, Gold Reef City, Silverstar, Suncoast, Blackrock and others, while HPF will lease the casino precincts to Tsogo under triple-net leases. Tsogo Sun has also resolved that it will distribute its entire shareholding (87%) in HPF to its shareholders following the implementation of the transaction.

Read the full report here.

4. Steinhoff requests extension on LUA

Embattled retailer, Steinhoff has requested that creditors extend the period for the lock-up agreement by one month, therefore delaying it to November 20, 2018. Steinhoff said via statements on Sens that creditors have thus far given them support in terms of the LUA and restructuring. The sale of Kika-Leiner and the restructuring of Hemisphere International Properties’ indebtedness was completed, while the indebtedness of Greenlit Brands was implemented.

5. Discovery Life divulged client information

The case relating to an ex-Discovery broker, Devan de Meyer, lodged at the Johannesburg High Court, has resulted in Discovery Life divulging personal information of its clients, which can be accessed through the court papers. According to Moneyweb, around 1 000 clients’ information is now in the public domain. Discovery, however, denies wrongdoing, saying the conduct of its former broker prompted it to approach the courts with proof.

Read: Discovery Life divulges personal details of around 1 000 clients

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