Five things making headlines in South Africa today

Long4Life maiden results, SACCI business confidence for April, Steinhoff knew of irregularities, North West premier resigns, and Sun International makes a generous share offering.
Picture: Supplied

Here’s what caught our attention on Wednesday:

1. Long4Life maiden results

Since its listing on the JSE in April 2017, investment firm Long4Life has reported a revenue of R730. 66 million and declared a maiden dividend of 5.40 cents. The firm’s revenue was generated from assets it acquired, and since its listing, 450 million shares were issued with R2 billion capital raised- it reported for the 11-months ending February 28 2018.

2. Sacci business confidence

The South African Chamber of Commerce and Industry (Sacci) business confidence index for April decreased to 96 index points on Wednesday. In March business confidence fell to 97.6% compared with February’s 98.9.

3. Steinhoff shambles dates back to September

Moneyweb reported that Steinhoff knew about accounting irregularities ahead of the 2017 year-end audit. According to the chair of the audit committee, Steve Booysen, auditing firm Deloitte expressed concern over entries in the ‘group’s drafts accounts’ in September 2017. Booysen said the committee and the supervisory board were informed at the time, however the CEO refused to answer questions posed by the supervisory board.

4. North West premier resigns

Following a spate of violent protests calling for his resignation, Supra Mahumapelo said he will quit as the premier of the North West on Tuesday. According to Bloomberg, speculation was mounting over Mahumapelo’s resignation as senior ANC members were in discussion over his removal. A press conference regarding this is due to take place on Wednesday.

 5. Sun International’s offering millions in shares

Hotel and casino operator Sun International said it plans to offer R25.9 million in shares in a rights offer, in a bid to raise R1.5 billion to repay debt. According to Reuters, Sun International will offer the shares at R57.82 per rights offer share, in the ratio of 25.34 rights offer shares for every 100 existing Sun International ordinary shares.

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