Here’s what caught our attention on Monday:
1. Post Office takes CPS gig
The Sassa tale took us back and forth and back again, but now things seem to be on track. The South African Post Office (Sapo) is said to be ready to take over the administration of social grant payment from Net1’s Cash Paymaster Services (CPS), whose contract will see its end in September. Moneyweb is reporting that the Minister of Social Development, Susan Shabangu says the Post Office will hand out Sapo cards that will enable beneficiaries to withdraw grants over the counter.
2. Novus CEO resigns
Keith Vroon, the CEO of printing company Novus Holdings, announced his resignation via Sens on Monday. Vroon’s resignation will take effect from June 15, he will however leave the company at the end of June to ensure a smooth transition. Vroon’s position will be taken over by the current executive chairman of the board, Neil Birch.
3. Delta Property annual results
Delta Property, which has a property portfolio worth R11.5 billion, is reporting a net operating profit of R1 billion for the year ended February 28. It is declaring a full year distribution of R 691.6 million or flat growth of 97.24 cents per share, a 2.1% increase. The company says it also managed to successfully refinance R941 million in debt.
4. Changes to fees in FNB accounts
First National Bank confirms increasing the monthly fee account on its Premier bundle and Fusion Account, a change it made for the first time in four years. Moneyweb is reporting that from July 1, the cheque account and credit card facilities will cost R209. It was previously R199. In addition, fees on the Easy Bundle jumped 9%, while the base fee on the entry level Easy Account is up to R5.75. Gold accounts will remain at R105.
5. AME annual results
African Media Entertainment (AME) is expected to release it annual results on Monday. The media company owns various stations including Algoa FM, Radio Heads, United Stations and Moneyweb.
Update to follow.