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Five things making headlines in South Africa today

Sagarmatha Technologies not listing on the JSE, Group Five reports losses, mining production increases in February, Kaap Agri provides update and Burgh Holdings to keep Optimum coal mine afloat.
Group Five construction company releases results. Picture: Supplied

Here’s what caught our attention on Thursday:

1. Sagarmartha Technologies fails at listing

Sagarmatha Technologies won’t be making an appearance on the JSE, after its initial approval was rescinded by the JSE. The technology company was eyeing a listing, however it did not submit annual financial statements to the Companies and Intellectual Properties Commission ahead of its pre-listing , which was a contravention of the exchange’s listing requirements, Moneyweb reported.

2. Group Five interim results

Construction company Group Five reported losses for the half-year ended December 31, 2017. Revenue fell to R4.9 billion, compared with R5.8 billion the previous year. It reported a headline loss per share of 781 cents per share (2016: a loss of 310 cents per share) and, according to its Sens statement, no dividend will be declared.

3. Gold production results

South Africa’s mining production for February increased 3.1% year-on-year. Gold production fell 7.1% and platinum group metals is 8.8% lower. Gold production in January was 7.7% lower, while mining production was 2.4% higher year-on-year, according to data by Trading Economics.

Update to follow. 

4. Kaap Agri interim trading update 

Kaap Agri, which has a footprint in retail and trade in the agricultural sector, reported an increase in revenue – despite the impact of the drought for the six months ended March 31 2018. According to a trading update, revenue was recorded at about R3.4 billion. Sales growth also increased by 2.9% and product inflation is estimated at 3.7%.

5. Burgh picks up struggling Gupta mine

Burgh Holdings, a South African mining investments company, has won a temporary bid to keep the Gupta-linked Optimum coal mine afloat. Burgh offered financing without conditions – unlike other parties – to ‘save’ the mine. According to Bloomberg, several Gupta-linked companies are in hot water. Several Gupta-linked companies were placed in administration in February and couldn’t operate because the Bank of Baroda (the only SA bank they have registered accounts with), is preparing to leave South Africa.

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Corporate shenanigans don’t pay. Corporate hiding places eventually get exposed. In the long run it always results in ruin and personal disgrace, even for the Zupta’s. Few corporates with short-cut attitudes however learn this lesson or are changing their ways, even when others fall beside them due to similar unscrupulous behavior, criminality and unnecessary tricks. People prone to defiance just do not change.

End of comments.

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