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Five things making headlines in South Africa today

Barbara Hogan appears for a second day at state capture inquiry, Telkom, Investec Property Fund and Wescoal Holdings results, Torre Industries to delist from JSE.

Here’s what caught our attention on Tuesday:

1. Barbara Hogan testifies at state capture commission

Former Minister of Public Enterprieses, Barbara Hogan will make a second appearance at the state capture inquiry on Tuesday. Hogan told the commission on Monday of times when then president, Jacob Zuma interfered with her duties and pressed her to appoint Siyabonga Gama as Transnet’s CEO even though he was being investigated. Hogan added that during her tenure, the ANC had over-stepped its role when appointing CEOs at SOEs. Zondo said the process will be investigated.

Read: Zuma insisted on Gama for Transnet job, Hogan says 

2. Telkom results

Telkom is reporting a 5.2% increase in revenue from operations and a 2.9% increase in ebitda for the six months ended September 30, 2018. Revenue from mobile services increased by 53.8% to R3.6 billion, supported by strong customer growth of 50% to 6.5 million. Headline earnings per share fell by 3.3% to 288.6 cents, while earnings per share fell to 276 cents from 316.6 cents in 2017. The Telkom board has declared a dividend of 112 cents, down 5.1%.

3. Investec Property fund results

Investec Property Fund delivered 1.7% year-on-year growth in base net property income for the six months ended September 30 2018. The company’s net asset value per share grew by 2.9% while vacancy reduced to 3.1% from 4% in March. Investec Property Fund has declared an interim distribution of 68.81 cents per share for the period.

4. Wescoal Holdings results

Mining company Wescoal Holdings is reporting a 28% increase in revenue to R2 064 million and a 22% increase in operating profit to R197 million for the six months ended September 30 2018. The company’s headline earnings per share increased by 16% to 23.5 cents while headline earnings increased by 30% to R103 million. A final dividend of R35 million was declared and paid for the year ended March 30 2018.

5. Torre industries to delist

Small-cap company, Torre Industries, which deals with engineering and equipment is to delist from the JSE, subject to regulatory and shareholder approval. Moneyweb is reporting that investors from Ethos Capital Investments and Apex have offered to buyout 100% of the struggling company. If the offer is accepted, shareholders will receive 35 cents per share, R1.05 cents per share and a deferred top-payment of 10 cents per share.

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