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Five things making headlines in South Africa today

EOH results, Zedar Investments results, Steinhoff litigation case update, Maboneng buildings auction, McBride continues testimony.

Here’s what caught our attention on Tuesday:

1. EOH results

Under the leadership of the new CEO, Stephen van Coller, EOH is reporting a drop in normalised Ebitda to R387 million, during the six months ended January 31, 2019, from R1.08 billion in the previous period. The company says the ‘combination of a continued stressed macro-environment and close out of discontinuing projects as well as the poor performance from Africa and the Middle East Enterprise Resource Planning businesses negatively impacted the results during the period’. EOH is reporting a headline loss per share of 973 cents and a loss per share of 2 073 cents. The company says management’s expectation is that dividends are not likely to be paid in the medium to short term.

Read: EOH shares surge higher ahead of results

2. Zeder Investments results expected

Investment holding company, Zedar Investments is expected to release its results for the year ended February 2019 on Tuesday. In a trading statement dated April 11, 2019 the company said it expects headline earnings per share to be between 44.7 cents and 45.5 cents, reflecting an increase of between 80.2 and 83.5% on the 24.8 cents previously reported. This is being attributed to the upward fair value adjustment reflecting the disposal value of Capespan’s investment in Joy Wing Mau, the company says. Attributable earnings per share is expected to be between 4.7 cents and 5.7 cents, reflecting a decrease of between 61.5 and 68.2% on the 14.8 cents previously reported.

3. Steinhoff litigation claims update

An update on Steinhoff’s litigation claims was released on Sens on Tuesday, in which it requests that representatives of claimants disclose details of relevant information, i.e identity of claimants (that they represent) and the size of their shareholding to the retailer. In the statement, Steinhoff says the request does not mean that negotiated settlements will eventually be agreed upon or that they are imminent. Shareholders have also been asked to exercise caution when trading.

4. Maboneng buildings auction

Almost 20 buildings in Maboneng were up for auction on Monday, in which the highest offer made was for Hallmark House at R32 million, followed by Market Up at R12 million. Moneyweb is reporting that the revamp of the trendy, inner city location was kick-started by Propertuity in 2009. The company now holds a property portfolio of over R1 billion, but was put into liquidation after facing financial, operational and management challenges, thus prompting the massive liquidation sale.

Read: Sold: Trendy Maboneng designer buildings

5. McBride continues testimony on Tuesday

Former Independent Police Investigative Directorate (Ipid) head, Robert McBride will continue his testimony at the state capture inquiry on Tuesday. This will be McBride’s third appearance. On Monday, the commission heard how senior investigators in Ipid were approached and offered jobs on at least two occasions by the Crime Intelligence Division and the Hawks, in exchange for providing incriminating statements against him. EWN is reporting that McBride said soon after Ipid investigator, Innocent Khuba was fired, he was approached by the Hawks to fabricate statements to implicate McBride in matters concerning the Zimbabwean rendition report.

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