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Five things making headlines in South Africa today

Steinhoff discusses plans for change, two directors resign from Acsa, Octodec interim results, national minimum wage delay, and Stats to look out for on Monday.

Here’s what caught our attention on Monday:

1. Steinhoff restructuring plans not final 

During the company’s AGM on Friday, the Steinhoff team disclosed that it had outstanding debt of €10.4 billion (R 15.6 billion) at March 31, against a market cap under €1 billion. The company is to reveal restructuring plans to shareholders next month. It’s speculated that it could include the further sale of assets, Moneyweb reported. Nothing has been finalised yet.

2. Directors quit Acsa board

Two directors resigned from the board of Airports Company South Africa (Acsa), after corporate governance issues and what they saw as political interference by transport minister Blade Nzimande. Business Day reported that due to this, only two board members remain, which deems the Acsa board ineffectual.

3. Octodec interim results

Octodec Investments declared a distribution of 101 .7 cents per share, as total property assets value and net asset value per share increased to R12.9 billion and R29.62 respectively in its 2018 interim results ended February 28 2018.  The company said the results were impacted by pressure on rental income growth.

4. Introduction to minimum wage delayed, again

Parliament is yet to approve the national minimum wage draft legislation, which declares that South Africans will receive a minimum wage of R20 an hour. This was meant to be implemented on May 1, in an effort to reduce financial inequality in South Africa, however Reuters reported that it may be delayed by up to two months.

5. Stats to look out for today

Statistics SA will be releasing the following data on Monday for February 2018.

Tourist accommodation, land transport survey, food and beverages and statistics for liquidations and insolvencies for March 2018.

Update to follow.

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