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Five things making headlines in South Africa today

MTN’s Nigerian unit reports growth, Redefine Properties declares a higher distribution, Sibanye-Stillwater miners recovered, RAC and Astoria’s stake dealings and Raubex results.

Here’s what caught our attention on Monday:

1. MTN releases first-quarter results for Nigeria unit

The Nigerian unit of mobile operating company MTN has performed positively for the first quarter of 2018. In a Sens statement issued on Monday, the company said its subscriber additions increased to 2.3 million. Naira service revenue increased by 14.5% and data revenue increased by 73.2%. The unit also invested 17.9 billion Nigerian naira in capex during the period.

2. Redefine Properties releases interim results

Redefine Properties has indicated that for the six months ended February 28 2018, it will declare a distribution of 47.30 cents per share, a 5.5% increase compared with last year. The group revenue and gross distributable income increased by 9.6%, while operating costs remained at 33.9%.

3. Sibanye-Stillwater report on 13 trapped miners

Sibanye-Stillwater reported over the weekend that 13 of its miners who had been trapped in its Masakhane mine in the Driefontein operations, have been brought to the surface. The miners were trapped due to seismic activity in the mine.  Seven of the employees were confirmed dead and six employees have been hospitalised as a result of injuries. Trade union Solidarity said there is a going concern about seismic activity in deep-level mines that needs to be investigated. 

4. RAC says it plans to buy major shares in Astoria

Investment company RECM and Calibre (RAC) has communicated its intentions to purchase a major stake in offshore investment fund Astoria. It has offered R13.50 per share. RAC already owns 28.72% in Astoria, and Moneyweb reported that Astoria will release its response in a Sens statement on Monday.

5. Raubex Group releases results for 2018

Construction company Raubex group has indicated in its full-year results for 2018 that challenges in the construction sector have compelled it to find new opportunities to maintain and growth. The company’s revenue fell 5.1% to R8.54 billion, operating costs increased 1.5% and headline earnings per share are up 13.3% to 228.6 cents per share. A dividend of 33 cents per share has been declared.

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