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Five things making headlines in South Africa today

Steinhoff’s financial restructuring, Curro results, Moyo builds his case, retail sales and MMI makes chief executive appointments.

Here’s what caught our attention on Wednesday:

1. Steinhoff’s Europe subsidiaries implement financial restructuring

Embattled retailer Steinhoff has announced that its European units, Steinhoff Europe and Steinhoff Finance Holdings, have completed the implementation of financial restructuring, and have issued a notice of the effective date to parties.

The announcement on Sens follows Steinhoff’s first investor presentation on Tuesday, in which CEO Louis du Preez spelled out forward-looking plans for the retailer. According to Reuters, Du Preez says the company is looking to slim down into a retail-focused investment holding company and is seeking to sell assets as well as cut jobs at its French retail store Conforama.

Read: Steinhoff’s ‘only way to survive’: slim down, sell assets

Stay for the Steinhoff ride?

2. Curro results

For the six months ended June 30, 2019, independent school operator Curro is reporting a 44% increase in headline earnings per share to 50 cents, while earnings per share increased by 64% to 56.9 cents. The company says that during the period its learner numbers increased by 13% to 57 173 from 50 691, contributing to a 19% increase in revenue to R1.48 billion for the period. Curro says it will invest R223 million towards the establishment of four new campuses. Other major expansion projects are also underway. No dividend has been declared for the period.

3. Old Mutual’s Moyo further fuels his case

Reinstated Old Mutual CEO Peter Moyo continues to build his case against the insurer. Moyo is once again approaching the courts, asking for an order to declare Old Mutual and its board of directors in contempt of court. This comes after the insurer failed to comply with the court’s July 30 ruling to reinstate Moyo as CEO. Old Mutual says it is appealing the judgment and therefore does not need to comply with it.

Read: Peter Moyo puts new screws on Old Mutual’s board

4. Retail sales data due

South Africa’s June retail sales figures are due on Wednesday. In May, retail sales increased by 2.2% following an upwardly revised 2.7% increase in April. The main contributors to the increase were general dealers, retailers in household furniture, appliances and equipment, retailers in pharmaceuticals and medical goods, cosmetics and toiletries and retailers in food, beverages and tobacco in specialised stores.

Update to follow.  

5. MMI Holdings appoints new execs

Momentum Metropolitan Holdings announced appointments to its group executive committee on Wednesday. The financial services provider names Dumo Mbethe as the chief executive of Momentum Corporate, with effect from September 16. Mbethe was previously the chief executive of the Africa business. The company also names Hannes Viljoen as the chief executive of Momentum Metropolitan Health, effective September 1, 2019.

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